CoinMetro 31st August 2018 AMA Notes
AmaZix Team
VIDEO ARCHIVE OF THE AMA (YOUTUBE, FACEBOOK)
IN THE NEWS
#1. Major cryptocurrencies now tradeable on Yahoo Finance, through API's of multiple brokers
- Good news, they cover lots of tradeable assets.
- All this means we’re getting closer to a more mainstream market.
#2. 25% of all smart contracts contain critical bugs “Seems kind of low to me!” — Kevin Murcko
- This is clickbait news for content lulls.
- Sounds like a high number, but doesn’t seem that high.
- Smart contracts aren’t that smart yet.
- “Grandpa’s gonna say ‘I told you so!’”
- Most media is still a little negative on crypto, as is most of the public at this time.
- The media probably gets more readers when they post negative things about crypto.
- Of course more regulations are coming, we have none!
- The way regulators work is that they initially they do nothing, then a little bit of guidance, then litigation leading to precedent from a judicial side, then they roll that into regulation.
- The fact that they’re holding meetings, and inviting people from the industry, is a good thing.
- Apple’s conservative.
- They spend millions per year on legal, and they don’t want to spend more.
- Eventually, they’ll probably be allowed.
- More regulation is needed, as big companies are always going to wait until there’s some kind of precedent.
#5. Crypto Exchange Huobi Is Seeking to Acquire Public Firm in $77 Million Deal
- It’s a common tactic.
- There are people that will be against that.
#6. Hacker Group Lazarus Breached an Asian Crypto Exchange Via Mac Malware
- Just another breach at another crypto exchange.
- Security is important, and it will be important forever- but a lot of these news stories are created because negativity sells.
- A lot of security is in protocols. Behaviors and guidelines that everyone that has contact with sensitive materials will follow.
#7. SEC to review decision rejecting bitcoin ETFs
- There’s a lot of people that want to get into this market, and a lot of salesmen who want to get their clients in this market.
- Security, volatility, and liquidity concerns are among the top issues.
- “I don’t see the SEC moving in their decision right now.” - Kevin
#8. India’s central bank is worried that its crypto crackdown may backfire.
- Yes, it will backfire, 100%.
- If you think that crypto is a gateway to criminality, the worst thing you can do is not regulate it, because you’re just allowing them to do it.
#9. Terra Stablecoin Project Wins Backing from Major Crypto Exchanges.
- "You know how I stand on stable coins: I don’t like them, they’re a bandaid solution."
- If there were proper on-and-off ramps to fiat, we wouldn’t need stable coins.
- Private currencies are legal in many places.
- It’s a technical solution to solve a loophole.
#10. Tallinn headquartered DX.Exchange is Fully EU regulated?
- FIU licenses are local licenses that only apply in Estonia. This means they’re not fully EU regulated.
- CM has the same licenses.
REDDIT QUESTIONS
Clear breakdown of what the Q3 beta entails
- Q3 paper trading begins. From Q3 and Q4 we’ll get the feedback necessary, as there’s no difference between paper trading and live trading, from a technical standpoint.
- Simplex is first, then Intermediate Exchanging, then Trading.
- 2019 Fully Live to the Public.
- Minting XCM is not the first goal.
- The licensing aspects need to come into effect in order for CoinMetro to be able to operate as a full business.
- If the licenses aren’t in place, we can’t launch CoinMetro.
- We’re the regulation guys.
Progress on the backend
- Lots of progress
- Development progress and operational/regulatory progress.
- Market Orders and Limit orders are in, and more complex orders are being prepared and tested.
- We’re actively involved in helping regulators and banks create the regulation necessary.
CoinMetro and Ripple
- CoinMetro has been in touch with Ripple and they’ve been looking to be a partner for the Euro market.
- Liquidity providers are in place already specifically for XRP crosses.
- CM has Euro onboarding for client funds. The only other company that has it is Kraken, and they don’t use retail banks.
- CM is going to be a prime partner for Europe.
- Liquidity is important, and Ripple has liquidity.
XCM HODLING
- When people hold, it helps reduce supply.
- The only other reason they’d buy XCM and hold it, is to get discounts.
- Every single fee that they’ll pay will be in XCM.
- Just the maker fee should be enough to get them in the door.
- No target price.
Jobs At CoinMetro
- Freelance opportunities are available at CM.
Licenses
- Regulators are never going to tell you you’re going to need a license.
- They’re going to wait until you submit a license request.
Margin Trading
- There are no true traders in crypto yet.
- A trader doesn’t want to trade one asset type.
- Everyone wants multi-asset trading for many reasons.
- Very quickly you’ll start seeing multi asset companies providing crypto.
- There may be a pip system in place, it makes sense.
COINMETRO UPDATES
- Progress on the intermediate and simplex exchanges.
- Another 10 days to get the first iteration of the trading exchange for internal evaluation.
- On Monday people start receiving e-mails to begin accessing the beta as well.
- Operational standpoint, a few setbacks, nothing huge.
- Kevin’s got meetings week round to continue regulatory progress.
LIVE AMA
New Mockup images?
- Sometime next week we should have more mockup images.
How to get into Beta Testing?
- Various factors are being inputted on the formula that sends out invites. (Contribution, e-mail open rate, surveys completed, etc.)
When will XCM be tradeable?
- It’ll be some time between the beginning of Q4 and the end of Q4.
What do you think about Binance launching an academy?
- I guess they’re watching our AMAs!
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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.
