After reading a rather amusing piece of altcoin story, I try to find more information on the BitBay fiasco. Lo and behold, I find this in the BitBay announcement thread (boldface added by me):
After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits. This is all possible because of time locks that allow us to park coins.
and
Q: Please explain how pegging will work. I watched the whiteboard videos and don’t understand.
A: For properly holding a price to a coin such as in NuBits, you need to control some factors of the coin. …
then David Zimbeck, the lead developer of Blackcoin Halo and Bitbay, wrote on reddit,
We will be connected to some major Chinese exchanges and have a good chance at having something to hedge against (you should check NuBits to understand what that is…) this part alone can bring BC to a dollar. We can use hedging techniques to peg BC.
So Nu has a serious imitator already, and a strong one at that (forget what was told in the story above for a moment). This on one hand shows strong competition coming on pegged cryptocurrency but on the other hand confirms that Nu is in the main stream of where the action is in cryoto world.
