Quote from: toknormal on November 27, 2014, 02:02:24 PM

Quote from: Gizfreak on November 27, 2014, 01:12:48 PM

Welcome to my ignorelist AltcoinUK Cool

Why don't you just make some valid points instead of cowardly ignoring their challenges ?

I also noticed the large number of "newbie" accounts posting in here. The thread is positively littered with them and sparsely populated with any accounts that have a significant history behind them.

The other valid challenge being which warrants attention is this: The proposition of Bitbay is to take an asset that's currently trading at 9 hundredths of 1 cent and somehow "Peg" it to the dollar. in other words achieve a greater than 100,000 % gain (that's a one-hundred-thousand-percent gain in case anyone mistakes a comma for a decimal point).

If you feel so confident about the mechanism behind this alchemistic phenomenon that you can put sceptics on "ignore" in a second (albeit that they express their scepticism somewhat cynically) then I'd suggest you enlighten people instead of dismissing them since it might benefit the rest of us as at the same time.

Not speaking for them, but it's pretty simple... take 995M coins out of circulation at any given time... set walls... done. As has been mentioned literally dozens of times in this thread: The pegging/hedging phase is to occur at a much later time - after the market is operational and proving to be successful. It will require a fork, it has been stated (by David) that this will occur only after community consensus is reached as to what values and under what circumstances this is desirable.

There has never been a 'magical' process - you can think of it (via forced holds) as having an annuity - so anyone could have $10M in their wallet, but would only be able to convert a few thousand dollars at a time to liquid, as the market allows... smart contracts would make this pretty easy actually. The other obvious way would simply be similar to a 'reverse-split' in the stock market. Those are just two of the ways this 'alchemy' could easily be achieved that I came up with in 10 seconds - don't know if it will be either/both/neither... but it's a ridiculous argument regardless, because there's much more basic milestones which have to be reached before it becomes anything other than pie in the sky dreaming.

So to sum up: Pegging/hedging comes after you see a fully functional and most notably active market. Worry about it after you see that.