Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg
3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.
The price is protected, as this system ties liquidity/demand to supply. It allows decentralized backing of a currency. Say what you want, but this coin will hit 20 cents on the liquid orderbook. If you aren't interested in being a part of this revolutionary thing then go ahead and sell your reserve coins and move on.
If you don't want 99.5% of the coins frozen put up some liquidity and then the users would vote to inflate if price goes above 20 cents. This coin harmonizes supply to liquidity. It shows you the true market value. And once liquidity comes in it becomes many magnitudes more solid.
If you want something artificial go invest in Tether, those alleged "billions" of dollars is a paper tiger waiting to be stolen from an insolvent bank blaming "financial crisis"... not sure who would insure them