Problems I see here they are: you are alone, too much "solo mentality", a team, even if they are not all at the same "capacity level" (guys i'm not English, understand me), it can do a lot more and faster, you don't need only a good project, also time it's important, you can't start today and finish after 4 years, in 4 years the world changes.
Second, the peg idea doesn't convince me too much. Holding people money for some time....i would go crazy if i have 1.000 dollars for example in bitbay coins and i can't use them who knows for how long...
It would be better simply using Bitcoin or Monero for buying and selling inside Bitbay platform and instead of selling Bitbay coins to people, you sell them stocks/shares of Bitbay.
Nowadays are borning too much coins, people cant buy Bitbay coins for using your platform, Siacoin for the storage services, Monero for privacy, Gamecredits for gaming....
People want simple stuff, that's why only two or three coins go very well now.
Hundreds of coins in the mid term will have no success, now they are kind of working but mid and long term less than 1% will survive, but not because 99% of projects are bad, many are very interesting and good, just because can't exists hundreds of crypto coins.
Very good points...
At the very beginning of this project, David, did try to find developers and was unsuccessful. At this point trying to include new devs, probably would make the end product release take even longer.
The rolling peg can be a little complex, but as we get closer to the release a detailed explanation will be included. It has so many positives to it though that need better clarification.
First, if you buy 1,000 dollars worth of Bay (post-peg), all of those will be 100% liquid. The odds that the peg algorithm will all of a sudden decide to freeze 40-50% of total coin supply, is a very very slim possibility.
Sure, at the beginning of the peg implementation the system will be more active in ratio adjustments, but as time goes by it should, in theory, become less frequent as the wealth is distributed out more evenly to more users. So in my opinion, someone who buys 1,000 USD worth of Bay post-peg probably wouldn't see more than a 10 to 20% ratio adjustment. And since that individual is already 100% liquid, it would only freeze their bag around 100 to 200 USD worth of value. The goal of the freeze is to reverse the direction of the market price, so in theory the odds are that the next ratio adjustment would be a 'liquify' adjustment rather than another freeze adjustment.
Second, you've got to realize the potential advantage this feature will have for day traders. Rather than day traders trading back and forth between BTC/USD or BTCNY pairing (which are currently the biggest markets), and rather than just use BTC/Tethered USD on poloniex, now traders will have the option to 'compound' their interest with BitBay hedging! The marketing potential for this is huge!!!!
Since BitBay will be using a rolling peg(price has fluctuation) it will allow traders to risk investing in one in hopes that the market increases and then investing in the other in hopes that the market increases. By timing the markets right they have the ability to make more money rather than just the typical BTC/USD pairing market. The rolling peg will give investors peace of mind knowing that if they missed a 'window of opportunity' they don't have to fret much because the rolling peg will protect their investment capital and, in theory, overtime the value of BitBay will continuously rise as more and more users buy it.
That's what's so cool about the rolling peg. It's not based on pegging to the dollar or gold, but rather, its value is based on supply and demand alone. So it's only weakness is lack of user interest. It doesn't have to worry about whether or not USD dumps 5% in a month, or if BTC dumps 15% in a month, or if gold dumps, etc., it's all based on user interest, and those market's volatility factors just mentioned will help increase interest in BitBay.
So yeah it should be noted that those that currently hold BitBay will be hit the hardest on the initial peg implementation. But that shouldn't be much of an issue in their eyes if the price also increases 200 to 1000% from whence they purchased their pre-pegged BitBay.
One main aspect I like about BitBay is that it forces us out of debt-driven economics. It forces you to save your money and be patient for when the price goes down. It forces you to have enough reserve to buy items on the marketplace as if you could buy it twice over.
And yeah I understand people want simple stuff, but after you see these new videos about to be released on the next update, you'll see that BitBay really isn't that complex. If you want to trade it however, providing complexity for opportunity is not a bad thing, in fact, traders will demand it. It doesn't mean you have to trade like them though. You can still go with the basic buy low and sell high principle.
And as for the marketplace, if you are new to BitBay, and you see an item that's worth 15 USD of Bay and the seller requires a true double deposit escrow, you'd simply be investing and buying at the same time. So for that example a user would simply buy around 32 USD of BitBay. That way they can make their escrow deposit and account for any potential peg algo adjustments, and hopefully make some money off capital gains in the process if they wanted to sell out afterwards. Again, BitBay helps people to learn to save money, which isn't a bad thing!
So hang in there and thanks for being so patient!
