How do you actually sell your BAY?


#1

The experience I have with BAY is frustration and annoyance. Our money is locked in the BAYR format and waiting for the community to vote to inflate is futile given the time it takes to actually transfer all of your BAYR into BAY.

I know this may seem a little redundant but I am trying to grasp the reality of what is happening with BAY right now. The PEG system is a lovely idea and the price of BAY has gone up in a wonderful way, yet I am unable to sell anything and be rewarded for holding BAY. I think the PEG system only works with millions of active people voting, not the current state of BAY.

I bought into BAY as an idea at the beginning and hold more than enough currently. I stopped following the project for a while and when I came back found the PEG system and have been trying to wrap my head around the realities of it - which seem to be different than the thesis of it.
When I came back I found some hurdles to overcome with the RESERVE SYSTEM (BAYR) and sending/receiving it. Tried to sell some coins on the only market open to BAY and that was totally useless given my coins were almost worthless in the BAYR format. Used my coins to vote with the QT wallet for inflation and found that almost nothing changed and they still remained as BAYR.

I don’t see the inflation calculations working to be honest. Having a very tiny fraction of my coins change from BAYR to BAY is not helpful in any way. Then watching them change back a day later is frustrating to say the least.

My question seems simple but from my experience so far it isn’t in practice: How do I actually sell my BAY? All of it, every last coin. I have been here for a long time and want to sell as BAY - not BAYR.

If the answer is you can’t, or that you have to sell in tiny fractions and wait for someone else to vote with you, then I want out. Totally out of this project because a system with no viable exit is a tyrannical system.


#2

Cool, bro, sincere review, I completely agree with you!


#3

Thanks

Still waiting for Support to actually respond. They tend to not respond to many questions here - which is scary for this project.


#4

i am also lost how to sell BAY… there is no exchange how can we sell BAY for $ or BTC?


#5

Totally agree with everything said here. I have a wallet with 83000 coins in it and right now I can send 0.8173 of a single Bitbay!

Ludicrous and actually belies the point of the entire system, a currency that cannot be spent is no longer a currency!


#6

@proteanman @kriptojon @CryptoHODL14 @Pisscat101

Due to the dynamic peg, BAY is now split into two separate assets that each trade at different prices. These two assets are called BAY and BAYR.

You can trade BAY/BTC here:
https://latoken.com/exchange/BAY-BTC

You can trade BAYR here:
https://latoken.com/exchange/BAYR-BTC

Please check out the extensive FAQ page here:
https://forum.bitbay.market/c/dynamic-peg-faq

It should answer most of your questions about both assets and how the peg constantly adjusts the supply ratio between the two, to support the price of BAY.


#8

I don’t see how my selling question was answered. I have read the info, the FAQ, and everything I can find on this site about how Bay works. It doesn’t give me any insight as to why I can’t actually sell all of my Bay at BAY prices instead of the almost worthless BAYR.

What is happening here is now all of the users of Bitbay are stuck. They see the price going up and are unable to sell anything worth while. @Pisscat101 is another example of the massive distance between what we have and what we can actually sell.

I have been voting to inflate for quite a while and have only seen a minuscule amount of my BAYR actually transfer to BAY. It’s honestly ridiculous and borderline criminal. I bought into the BAY idea a long time ago and have the overwhelming sense that this is a scam now.

So let’s try this again - How do I sell ALL of my BAY at BAY prices, not BAYR price?

If I am told to wait for my supply to transfer then at this rate it will be 4 years. I did the math based on how much has transferred since PEG started. How do you explain how slow the transfer is?

Honestly it the system should work on the individual level. The longer you hold your BAY in reserve the more it is valued. If you want to sell then you can transfer within a few days - ALL OF IT - to BAY and be able to sell. I can’t see how this system will benefit it’s users and HODLers if they can’t sell it at the price listed.

Again - this is criminal. I am very angry now and want out. More will want out soon if things don’t change.


#9

@proteanman Your individual vote will never change the ratio between BAY and BAYR. It is only changed through the collective consensus of every voting node on the network. You can’t turn BAYR into BAY on your own. It only happens if that’s what the majority wants. Just like a democracy decides who’s president, not the individual.

As mentioned many times, BAY and BAYR are two different assets now on one blockchain. It is not “just BAY” anymore. It would be comparable to Ethereum and Bitcoin being on the same blockchain… you wouldn’t be able to sell ETH at BTC prices would you? or vice versa. Same goes for BAYR and BAY. They trade at two different prices and always will…the restriction of BAY’s supply is what forces a higher price. Otherwise BAY would trade at an absolute fraction of where it is now. Think about it… if the supply liquidity of BAY was 100%, how would a collective group enforce the $.20+ price that it is at right now?

Also, BAY was trading for less than 40 sats before the peg was implemented. Now BAY is at 2300 sats and BAYR is at 103 sats. The collective price of both BAY and BAYR is substantially higher now after the dynamic peg implementation.

So long story short, nobody is stopping you from selling all your coins… both BAY and BAYR are trading at a higher price than pre-peg days. The peg has been on the roadmap and was in the works for years before this, so you had plenty of time to read the whitepaper and ask questions in Discord about this volunteer driven community project. I suggest you calm down, go back and carefully read the FAQ, because it answers all of this in detail.


#10

@tradersnow

ok i get the idea i have spendable balance i assume this is BAY and reserved this is BAYR?
how to transfer reserved balance?


#11

also will reserved balance turn automatic into Bay (liquidity?)


#12

@CryptoHODL14 Yep, that is correct. To transfer reserve coins (BAYR) simply select “transfer reserve and freeze for 1 month” under the “send” tab. Once you click send, the timelock will be enabled, and the BAYR will be available at the receive address at the end of the 30 day period.


#13

That’s right, the votes are tallied and the change happens “automatically” every 200 blocks (approx. 3.5 hours). However keep in mind that BAYR can turn into BAY (inflation) or vice versa… BAY can turn into BAYR (deflation). It goes both ways, and all depends on what the stakers vote for. Price plays a big role in what the vote consensus is as well. The higher the price, the more likely people will vote for liquidity so they can cash out. The lower the price, the more likely people will vote for deflate to protect the value of BAY.


#14

@tradersnow

thank you for good explanation… so is there a ratio between BAY and BAYR

lets say i have 100 reserved coins BAYR does this equal 100 BAY?


#15

@CryptoHODL14 The ratio is always changing at a discounted rate, and can be seen as the “peg index” located at the top of the QT Wallet.

For example, if 100 BAYR equaled 100 BAY, then that would be a rough peg index of 69-70.

The peg can adjust between a full spectrum of ratios from 0-1200, with a “discounting effect”.
You can see how these ratios are discounted here in this spreadsheet: