CoinMetro 4th January 2019 AMA Notes

CoinMetro 4th January 2019 AMA Notes

AmaZix Team


Kevin's back in the New Year with news and good tidings from CoinMetro!

VIDEO ARCHIVE OF THE AMA (YOUTUBE)


IN THE NEWS

#1. Bitcoin on Track to Replace Gold as Dominant Store of Value

  • Yeah. Well, the definition of on track probably can be deviated. We are talking about different markets. The gold market can't expand, but the Bitcoin market can significantly. Gold is still a speculative asset, last time I bought it was in the beginning of 2001. Even gold has some volatile times, the average price always stays at the same level. Yeah, I think bitcoin can become a new gold asset. Can it become now? No. Right now I can't see how anyone gets involved in bitcoin instead of gold.


#2. Court Says Bithumb Doesn’t Have To Compensate User For Crypto Stolen In Exchange Hack

  • So I would agree with them 100%. It's not an electronic payment system. I know how lots of guys are talking about BTC about the payment system. But you are taking a risk by depositing money.


#3. The Crypto Lending Business is Thriving Despite Bear Market

  • Crypto lending seems to me a fad market. It's a substantial risk.
  • I think the lending business is thriving because of people who have large sums of crypto and need cash now.


#4. Nasdaq-Powered Exchange to Launch EU-Regulated Tokenized Stock Trading

  • So, I've read this one. This is a bit misleading, it's nothing to do with Nasdaq. They are basically partnering with the digital stock exchange, a tokenized coupon which provides the rights to that digital stock. It's a few steps from where I would like to see the market.


#5. Bitcoin ETF approval could take 20 years - Reckons the SEC’s commissioner

  • Yeah, this can take a while, bit most likely not 15 years and not exactly 15 days either. Even if you have the ability to launch the ETF, there are not a lot of institutions. It could take years, we can have a small liquid ETF soon, but this won't happen tomorrow and not in 20 years.


#6. Dow Jones and Greater Stock Market Having a ‘Mid-Life Crisis’: Tom Lee

  • Strategist from Fundstrat, Tom Lee.
  • Since 2009, stock markets have seen a rebirth.
  • You can't just keep going higher and higher, and at some point supply is going to outweigh demand, and at that point you'll see a correction.
  • You're seeing a very small correction, to what has been, basically, a bullish reversal.


#7. Trader: Bitcoin May See Long-Lasting Stability Throughout ‘Boring’ 2019

  • I think 2019 is going to be the year of regulation, I'm not sure it will be so boring.
  • As you start seeing some regulation, you'll definitely start seeing some stability.
  • There will always be volatile assets.


#8. On Bitcoin’s 10th Birthday, Crypto Markets See Corrections Across the Board

  • There is a correction across the board. Even the lowest high. Bitcoin has pretty much increased every year.
  • For people that bought in last year, they're probably stressed out.
  • The correction is needed. That's how the market is working. To be honest, I believe that we will be starting to see the true value for the assets.


9/10. Coinbase Has Still Not Issued Bitcoin SV to Customers

  • It's probably the less used fork.
  • It could be a technical issue
  • Not sure how much news this is.



REDDIT & LIVE AMA QUESTIONS


What should we remember about 2018 regarding crypto? We had the bubble-burst, an overload of scams, manipulation, bad actors. Were there any positives in 2018?

  • Sure, more people now know about crypto than before. Even if someone talked about crypto in abad light it's our duty to prove that crypto is promising.


How many top crypto's do you see imploding?

  • You need a proper license before the institutions will enter the market and crypto starts imploding.


Kevin, why the choice to make it harder for new people to join in the exchange at its launch with the KYC for all instead of waiting a few months to implement it? At first, getting people to join the exchange with the minimum hassle should be taken in account, no? I trust you, thanks for the hard work!

  • I fully agree with you. I would be glad to let everyone in without KYC, but there are rules.  I am the CEO of the company and one of the biggest shareholders, and as such I am responsible for this stuff, so I do not want to go to jail and things have to be done properly. I know it might be painful, eventually, everyone will be able to use the platform once they pass KYC.


What happens to CM if it turns out you used funds from people who are not able to complete KYC (terrorists, wanted criminals, deceased people,..)?

  • To be honest, there are a very small amount of users which have still not finished KYC. But if that were to be the reality basically, we would have to file with the government. This would lead to some case of the process, but hopefully, we are good.


What is the minimum amount for fiat and crypto withdrawal?

  • Based on the individual blockchain, and there is no minimum for fiat withdrawal (but keep in mind the 1 euro commission) and no maximum.


What is your target audience when we talk about advertising? These are only crypto interested people or stocks market as well?

  • Our market goes around all boundaries. As the peer-to-peer market expands we will expand our marketing as well.


Where do you plan to launch social media advertising first?

  • Europe will be first.


When can we expect fully-functional app without bugs? (log out button and many others)

  • I would say that there always will be some bugs, but we can expect solid version closer to March.


My credit card issuer has blocked Coinbase so I cannot send funds to them via this method. Would this be the same for CoinMetro? My bank is quite vague and will not give out much info on this.

  • It's probably not your credit card issues, it's most likely MasterCard in general, as they can't classify CoinMetro. The bank will never get you the true info and do not even bother to ask them.


When does advertising campaign start?

  • Somewhere in January. Now we are going through the logistic and then will start to scale up.


When will we see the “market makers” show up with their 500+ BTC sell/buy orders?

  • They are already. You only see the order book.


​Can we send LTC to our wallets or best to wait a while?

  • Good question. Yes, technically it's possible.


Don't be in a hurry to mint.

  • We are in the process of now getting to mint. Minting is important— it's not just the price of XCM. It's part of the ecosystem. We obviously do not want to delay it forever.  
  • It will be announced in advance. We may mint in January, once we are ready to do it, we will announce everywhere.
  • At least one week in advance.


What will be your policy on forks? Will you always list the fork? If not, will you allow your users to withdraw the forked coins? Will CoinMetro offer a wallet service that gives us our private keys?

  • We are creating our own wallet system. You will be able to withdraw forks.


Please list Chainlink

  • We will start active voting soon. I would expect that roughly in March, maybe in February. We do value the feedback from the community.


Hi Kevin - Great to see ETH market going live today, and being announced on twitter to build some hype. Do you have a timeline for other pairings, especially crypto to crypto markets? Be great to see top 5 pairings in both EUR and Crypto trading before XCM goes live so XCM is live in all markets when introduced. P.S. Where's your cap this week?


  • We are working right now with LTC and BCH. What we are trying to have is most of the top 5 coins asap, before we will mint XCM.


Regarding CoinMetro, how long do you think it'll be before you rate it a ten?

  • I think getting in a 10 is a life process. It all depends on how the market moves and the competition. I think we will constantly improving within the year to boost the platform.


As Kevin and CoinMetro's team like to present the value of XCM token in EUR, and totally independent from ETH, will you refund the equivalent in EUR for those who can't pass the KYC?

  • You did not pay us in EUR. The refund contract do not even exist. But if we would have to refund we would not refund in this way, you would be refunded in the currency we have received.


When will I be able to view the exchange in USD instead of EUR? I changed my preferences, and the wallet changed to USD, but the exchange still shows everything in EUR.

  • Right now in EUR because we are EU based company We do not face a lot of USD requests. As soon as we have the banking solution for USD (we are working on it) we will add it for sure.


When will margin trading go live?

  • Working on it right now (the goal is to launch will the end of this month)


When will the credit card be available?

  • Working on it as well. Maybe by the mid of 2019. It may happen sooner.


Do you think there will be an initial XCM price drop and what's your estimated price a few days after minting?

  • Yes, there will be a drop for sure.


Whats your goal for end of 2019/2020?

  • The goal does not really change, it's about expanding the ecosystem and business in general.


I remember you saying somewhere that CoinMetro currently relies on a third party to provide crypto wallets and also money withdrawals/deposits. My question is, are there plans to move away from this third party and let CoinMetro manage both aspects directly?

  • Yes, we are working on our own wallet system, but you will always rely on 3d parties in some parts of the platform.


Also, does relying on a third party mean not all cryptocurrencies are available to be added at this time or do they have most every coin covered?

  • Yes, that's true


​Once XCM is useable for paying fees, have you got a system in place how to implement it in the UI? Specifically, the option whether the client wants to pay fees with his own XCM.

  • Yes, we do have this system already


Is CoinMetro doing KYC itself now? I thought you were using Veriff?

  • We are doing it ourselves.



__________________________________________________________________________

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.