Thanks, BitBay is here to stay  

BitBay is transparent. The only thing we are not 100% transparent about is the pegging. That is partly because it's still in the workshop, and partly because we don't want to see it copied before we have released it ourself.

For the full story you can read this thread and the old thread https://bitcointalk.org/index.php?topic=850267.0
If the good reading is the objective you might want to add https://bitcointalk.org/index.php?topic=896480.0

The short version of it all goes like this:
BitBay made some very unfortunate choices as to whom to involve when it got started. The tech however is real. So is David's commitment to BitBay. We got rid of the unwanted people, and have formed a new team of dedicated people with a variety of talents.

Edit: I just noticed you are from Poloniex. How about you guys adding us to your exchange? Polo has been my favorite the last year. I would love to be able to trade BitBay there.