BitBay Pump Scheduled for 22:00 GST

The rolling peg actually sounds like a load of shit to me, but hey maybe he can pull it off in some way that's just not clear to me

provide screenshots

im not buying your shares op

yall niggas buying into his sell orders

Explain to me how rolling peg will keep the price stable?

How can you control price in an exchange? What you see trading on exchange is not actually your real coin, it's only a number on their platform. You don't really do transaction on the blockchain when you trade on exchange until you make deposit/withdraw.

Disclaimer : I own 500K of bay since 250 sat

In all seriousness I believe it is to be achieved by controlling the supply

I know but that doesn't answer my question on how you control how people trading on exchange.

I ask this question multiple time on their slack without any satisfying answer.

By manipulating the market. If you want to pull the price down you increase supply on the exchange, you sell coins, if you want to push the price up you increase the demand by buying coins.

same answer as in slack.

Allright, might sell my stash soon, as much as I want to believe rolling peg will be the best feature bitbay has to offer, I still couldn't grasp on how they will control it.

Well, I'm a stupid fuck I guess.

Actually read a book, nigger. Rolling peg based on freeze/unfreeze and decentralized vote is solid.

It depends on most of the coin being housed in wallets, which makes sense to stake, and because the whole point of the coin is the market client. If 90% of the coin is on exchanges then the peg will become saturated and break until more coin can be frozen.

OK please refer to diagram related. Let's say we want to up the price, or fuck it we don't even want to but it's going to happen anyway.

>REFER ASKS SIDE

we want 1 fucking BTC worth of bay now, the lowest ask is 933 sat but that motherfuckers only got .01 worth left. now I can't be fucked calculating, but i'd say to get a decent chunk at least we're looking at buying up to 952 sats

>WE HAVE MOVED THE MARKET

Opposite on the other side. Now imagine you have a shit ton of bay, you could do this all fucking day with no other purpose but to steady the price as needed

what is the fucking difference between controlling the temperature and controlling the supply

Yeah but what you see there traded on exchange is not actually happening on blockchain, right?

That's just number on their platform, they did the accounting/bookeping later on when user withdraw their money.

Are you saying that if the price on exchange is not synct with the rolling peg's price, the entire wallet will be frozen until it sync with the exchange rate?

If that's the case, people will be discouraged to trade bitbay, dont you think?

What do you mean on the blockchain 1 bay is 1 bay, the 'price' is really just what somebody will give you for it, if they know they can always change it for a dollar, then its as good as a dollar or, as i like to say, as good as gold!

Good point about the exchanges...shit I never thought about that. Now I'm not regretting my sell.

No it's a fucking terrible point it misses the point entirely, do you want me to explain again

The end result is much the same, but you can still move frozen coins between wallets, so using contracts you can trade frozen for unfrozen at whatever rate is determined fair. The peg is a smoothing force, not a hard limit.

Are you starting to understand that BAY isn't meant to be a pump n dump scam? It's meant to be a store of value and a currency for the market. It's meant to have stability like day to day fiat.

I'm still a dumbfuck and don't understand it.

Damn man I'm sorry. It's not even a complex concept. It's like printing/burning money to keep the dollar stable, except coins aren't created or destroyed and the whole process is automated and decentralized.

do they just freeze coins to keep their value consistent, basically?

Lets say you fucken hungry and go to market, you want a steak, lots of people are selling steaks for $20 and they're all identical, but there's one fucken guy there selling at $10 a kilo, so you go to him right? Market price is now $10 and will be for as long as he can keep doing this, nobody can even fucking sell for $11 because this guys doing it cheaper. So now the rest of the shop owners are fucked, they say fuck you I'll sell for $9 - guess who fucking buys them? Now the other customers are fucked, this nigger has bought all the $9 steaks but they still want one bad, so market price is back to fucking $10

That exactly my point, how the fuck you prevent some nigger selling that $9 steak when he sell that steak in an exchange? Where the transaction happened off-chain.

>how the fuck you prevent some nigger selling that $9 steak
Not him, but wouldn't it be irrelevant it the grand scheme of things.