CoinMetro 28th September 2018 AMA Notes
AmaZix Team
VIDEO ARCHIVE OF THE AMA (YOUTUBE, FACEBOOK)
IN THE NEWS
#1. Minnesota congressman Tom Emmer announcing his 3 revolutionary pro-blockchain bills
- The main crux about regulation isn’t about “the tech”.
- Do we need licensing when no licensing is required?
- Doesn’t seem all that revolutionary, according to Murcko.
- There does need to be some clearer definitions as to how digital assets are taxed.
#2. Google ends ban on ads for regulated crypto exchanges
- Not really news- it’s good news though!
- Google already has a huge legal team that they keep in retainer.
- They had to do a blanket ban initially, due to fears on regulatory uncertainty.
- It's good that this happened before CM went live!
#3. Coinbase expansion of crypto assets listings
- I think the approach they're taking is a smart one, from a regulatory perspective.
- The way to do it is you get permission from the regulator, before helping them craft laws that aren’t overly onerous for the industry.
- Why do you need three warnings to secure your systems after a hack?
- Obviously the protocols are seriously lacking for Zaif
- They either lied to the FSA, or they told them what the FSA wanted to hear, and didn’t put the proper protocols in place.
#5. Monero bug allows theft from crypto exchanges, will they start delisting it?
- It's pretty bad that a protocol would have a bug that threatens third party applications.
- CoinMetro won't list privacy coins because of regulation and banking laws.
- This is comical.
- Blockchain may be the next innovation, but it’s too small for the regulators to care.
- Regulators only care about consumer protection.
- Coinbase is there, probably because they want the PR.
- You bring in regulations that you think will work for the company and for the consumer, and you help them craft the regulations.
- “Armchair quarterbacking this is not going to work.” - Kevin Murcko on whining about regulation.
#7. Coinbase rolling out new features to help people get started with cryptocurrency
- They probably should have done that before, it's good that they’re doing it now.
- Coinbase only has one revenue model.
- A lot of newbies came into the crypto space, and after getting smacked around in 2017, they've retreated a bit, and now Coinbase needs new revenue.
- How many times has the government been hostile to new technologies? Every time.
- Once adoption happens, everyone will forget about the current attitudes toward bitcoin.
- (22:25 - MUST WATCH. Just, just click. You’re welcome. — Ed.)
#9. Major Indian BTC exchange Zebpay shuts down today
- Why did they set up in India when they knew capital controls exist?
#10. Debit card company Bitnovo now accepting BCH
- Debit cards don't contain crypto, they contain fiat. You just need a vehicle to exchange any digital asset to get it into fiat to put it on the card.
- Astronaut Ice Cream.
- There still isn’t a platform that allows you to do everything that CoinMetro is aiming to do in the marketplace, in a regulated way.
- CoinMetro understands crypto and is offering traditional financial services.
REDDIT QUESTIONS
Is there a rough time for launch? I’m worried about competition.
- Coinbase is not in a bad place.
- “I wouldn’t say that Binance is booming.”
- This is because they’re still not on top of regulation like they should be.
- The Exchange is just a piece of the CoinMetro platform.
- The profit for CoinMetro lies on a lot of traditional banking features that CM will offer that others don’t provide, at least not yet.
- “I’d rather be a Top 5 Fintech platform that covers a whole basket of financial services, is fiat friendly, and has all the bases covered regulation-wise.”
Bonds and Meme Walls
- 2 new additions to the meme wall!
- It’s not a bond, but bond-like.
Q4 FXPig
- Once the exchange is live, it makes it very easy to integrate into FXPig.
- It’s very possible that it can be done in Q4, but it depends on liquidity.
- It’s on track at the moment.
- There are reasons for people to hold XCM.
- Every single transaction on CM, induces more demand for XCM.
- In the short term, it could drive the price down, but over long term it will end up helping XCM.
- CoinMetro will focus priority for HODLers of XCM.
What do you think of the 3rd wave of Crypto?
- Competing blockchains should have already garnered more marketshare if they could compete with Ethereum, despite its flaws.
- We don’t have any perfect protocols yet.
What’s the best use of blockchain today?
- “I haven’t seen it yet”
- The best real-world use case is what’s happened in countries with unrest, (e.g. Venezuela) where people are using crypto to pay for goods and services over national currencies.
- Rewards? It’s a use-case of no use. There’s no need for blockchain here. (See: Any rewards program)
- Coinbase is a one-trick pony, CoinMetro will not be. (BONUS: tell me how many tricks they can do, and I’ll call them a two-trick pony.)
NYT article- “Blockchain is not meant for average users”
- This is a dumb thing to say.
- The guy who wrote that is a moron.
Perks for large XCM hodlers.
- Still working on developing the perks.
- Discounts are definitely in the work, along with Airdrop family.
How will CM cater to advanced traders?
- Kevin goes into great detail in this answer, talking about margin wallets and other advanced features. Check it out on the link above!
"Don't look at the price of Ethereum over the weekend. Spend time with friends and family, instead!" - Kevin Murcko, CEO CoinMetro.
COINMETRO UPDATES
- Getting closer to picking a provider for debit cards, IBAN accounts, etc.
- Afterwards, we'll move to acquire our own licensing.
- Open Beta is LIVE!
- We're looking to come up with new names for the three UIs that are part of the trading platform
- The smart app prototype is ready for both Android and iOS, but we're waiting on APIs to make it work.
AMA Questions
Will CoinMetro be a zero-fee exchange?
- There’s no such thing as a zero-fee exchange
- We have some of the best fee structures in the market.
XCM Trading Update
- Simple version first, then intermediate, and finally the exchange.
- This will happen within Q4
On Elon Musk’s investigation
- Not surprised that there is an investigation.
- Markets are supposed to be open- they’re not- but they’re supposed to be.
How happy are you to move to Estonia?
- It’s good- there’s one-degree of separation here as far as if you need to talk to someone.
- Running a business from a dingy in the middle of the ocean, is probably better than going to Malta.
When is Trade View going to launch?
- It’s live on the open beta now, and will be the last piece of the puzzle to launch during live trading.
Thoughts on blockchain dot io.
- They’re offering a few things that CM is also offering.
- They’re not breaking into larger banking services like Debit Card, remittances, IBAN.
- On the face of it, they look like they may get something done.
- They don’t have CM’s differentiators.
- There’s nobody that’s linking all the banking assets together.
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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.
