CoinMetro 21st December 2018 AMA Notes
AmaZix Team
VIDEO ARCHIVE OF THE AMA (YOUTUBE, FACEBOOK)
IN THE NEWS
#1. Coinbase Adds Cash Withdrawals to PayPal
- US company adding PayPal, not worth it? I don’t like PayPal too much, had issues in the past.
- Stopped accepting FX brokers from 2005 to recent. The chargeback risk to a merchant is huge, probably the reason.
- Not sure if I would accept paypal as a business owner - cheaper better options. Having said that, it’s progress for the industry as a whole!
#2. SeedCX Exchange Is Barring Employees from Crypto Trading
- Not surprising. In every other market, you can’t do insider trading (e.g. you can’t trade equities if you work as an equity broker), and insider trading laws are the reason.
- Not in crypto yet, as crypto are legally not yet financial instruments so the laws don’t apply.
- It’s a grey line however. Thinking about the same thing at CoinMetro, of course.
- This makes sense, however, since at some point these rules will apply to crypto businesses.
#3. BTI Claims Only Two of Top 25 Crypto Exchanges (Binance & Bitfinex) Accurately Report Volume
- Who's BTI?
- Read through it, looks like BS. Paid off most likely. No info on where the data was collected or how.
#4. Robinhood is Making Millions Selling Users’ Data to Financial Companies
- So is everyone else! Every generation has their hook, this generation its data.
- Not that it’s not important or not relevant, but it’s been happening forever.
- There is a lot of money in data.
- Robin Hood has to make money. No fees? They just charge you elsewhere.
#5. Pros are ditching the Bitcoin market, JPMorgan says
- Same JP Morgan that said BTC is a joke, hoax, pyramid scheme.
- There weren’t that many pros in BTC anyway. And sure, there are some losing money and getting out.
- There are pros ditching gold, asset backed securities, etc...
#6. Bitcoin "a pyramid scheme" says CFA Institute
- Where is the data that it is a pyramid scheme? Who is the person who comes in and makes all the money and owns the pyramid? Makes no sense.
- They meant to say a scam, most likely.
- What really is a pyramid scheme, insurance! Social security! Pension funds in many countries!
- Finance is built on a whole lotta pyramids.
#7. Pro-Bitcoin Ron Paul: It’s Time to Abolish Federal Reserve, Embrace Tax-Free Crypto
- This guy failed 2 or 3 times running for president. He’s ultra libertarian, hard to win an election with that political stance.
- Worst in world is Switzerland, privately held reserve with shareholders.
- Federal reserve needs to be abolished, but it won’t any time soon. It needs gradual adoption and it needs to show regulators that this can work in slow chunks.
#8. Bitcoin: The Decline Is Fundamental, Unsolvable, And The End Of BTC
- So this is an opinion piece, cool.
- “No intrinsic value”, like the euro or USD, what backs those?
- The intrinsic military backs the USD right, lol.
- “Bitcoin won’t be here in 10 years.” It probably will be, Bitcoin has first mover advantage.
#9. Western Union to Adopt the use of Cryptocurrency
- It will save them money, reduce employees, oversight and mistakes. Of course they will do it. Would not make sense otherwise.
REDDIT QUESTIONS
Deposit/Withdraw Fee Structure
- We use Bitgo, and they charge us .15, and we pass that cost on to users. We're not making any money them. At some point, we'll have our own wallet solution, and fees will revert to whatever mining fees are. We used Bitgo initially, because we didn't want to worry about creating a secure wallet infrastructure as our first step.
- Kraken charges 9 cents because they do a lot of volume.
- Our goal is to grow to charge less, (e.g. like Amazon). Those fees will go down over time.
- Discounts are not in the system yet because XCM hasn't been added to the system, once that happens, they'll happen.
How long do crypto withdrawals take from cold storage? Is it automated?
- It' semi-automated.
- Max will take ~8 hours. Average 1-4 or 5 hours.
- Goal is that hot and warm wallets will have enough to cover withdrawals. This way someone will have to hack multiple wallets to make any significant damage.
- We will beat Coinbase in EU, why. EU business advantage.
Liquidity
- Why little liquidity? Have to test in phases. As deposits come in, will amplify liquidity.
- When will that change? Over time, in short.
Americans KYC
- Get your documents in order, they'll be approved ASAP!
Countries with Restrictions
- Each jurisdiction has specific guidelines on how this is to be done, and doing a blanket ban with no warning, is probably illegal.
- As far as FAFT goes, we do look at it, but we also look at other factors.
- If you reside there, but you're banking in another country, we would look at that differently. It's a different story if you're already a high-risk client banking in a high-risk nation.
- The only blanket countries that are banned are Iran and North Korea, otherwise we use internal risk policies.
When are we seeing more pairs?
- Once we get rid of some of the bugs, and streamline KYC, we'll start adding more liquidity.
- By the end of the year, we hope to add a few more pairs.
- By first week of January, we should have the Top 5 pairs promised.
- Tokens and other assets that may be classified as securities, will have to wait until we have our MTF license.
- Other tokens will have to be vetted by our banking partners and the internal CM team.
What's the mood of the team?
- Yes, everyone is very excited!
- It's not perfect, but we're all looking forward to continuing.
Have you submitted to be listed on CoinMarketCap?
- Not yet, it's not a priority at all.
- We're going to provide our own transparency stats, and you'll be able to see everything you see on CMC with us.
- We're the only place that you can trade XCM, so we'll have all the data.
- The ICO Express was always going to be a tokenization platform. It's about tokenizing anything: hard assets, a portfolio, your jewelry, pretty much anything.
- ICOs in general will still exist, despite the acronym tied to the bullshit and fraud that's happened so far.
- However, it's still a viable way of raising specific amounts of capital.
- At some point, you'll see regulation that basically looks at a generalized ICO regulatory framework, and inside that framework there are licensable and non-licensable instruments. Just like you have securities and securities exemptions.
Old KYC Data
- That data is still on tap with us. Most of that data did not conform with the data that we need to collect under EU law, and the new changes because of the EU law required by our banking partner.
- We tried to negotiate for months to not have to redo the KYC, but unfortunately to stay compliant, we had to.
- The data will stay with us, in accordance to Hong Kong law.
LIVE QUESTIONS
What will happen fees after minting?
- They will go down over time, not at the time of minting though.
Comparing the launch to Binance's launch, why do we need volume to mint?
- It was a different market, firstly, and there was a lot of wash trading, which is something I refuse to do.
- We want to make sure that the tech is fully working. Right now the debate is "Does the 31st of December make sense?"
- Lot of people are on vacation, there will be low trading volumes, thinner liquidity.
- We want to do it as soon as possible though, but it also needs to be the best way.
Why show liquidity provider volume rather than CoinMetro's volume?
- Engine is taking volume as it sees it from all levels of depth.
- The system was made in a way that can differentiate between the two, but we are working on a fix, didn’t think about it when it was being built.
Why aren't you offering 100 trading pairs at start?
- Regulation. Easy as that.
- We could just add anything we wanted, but it would leave us open to risk.
- This market is still at zero. There is lots of time to refine it and make it right.
- We want to get rid of as many glitches as possible before marketing push.
XCM Minting Timeframe
- Between the 31st of December and the first weeks of January
Airdrops
- There will be future airdrops.
US Contributors
- Do your KYC as soon as possible.
- Us contributors will receive their tokens upon minting.
When will ETH be tradable on CoinMetro?
- ETH/EUR is the next pairing to be available.
- It'll be available very soon.
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Well, that's it for this week's AMA with CoinMetro Founder Kevin Murcko! Please join us next week on CoinMetro's Facebook at 2PM GMT for another round and make sure you submit your questions to the CoinMetro Subreddit!
As always, we're available to answer any questions you may have on our Telegram Group 24/7.
