Time: 10:30 a.m., March 19th, 2020 EDT
Host: @CryptoCompare (Official Twitter of www.cryptocompare.com)
Guest: @George_BitMax, Dr. George Cao, Co-founder and CEO of BitMax.io.
Original Link: https://twitter.com/CryptoCompare/status/1240000122903236608?s=20
Note: This is the transcript of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.
Q1: Now that Bithumb Futures opened, it's obvious that the order books are shared with BitMax Futures and that what you built is a cross-platform scalable engine. Do you plan for more exchanges and partners to join? And when will BitMax Futures leave BETA stage?
George: Bithumb futures and BitMax futures' liquidity are aggregated. It’s a novel approach in the industry. Once it is proven to be working, we welcome other market players to join our ecosystem. For the second question, tentatively next Monday or Tuesday.
Q2: Beside Futures and Staking, what can we expect from the team to release in 2020?
George: We have a long list of things to do in 2020, or even in the first half of 2020. For example, Futures, staking, more fiat gateway, auctions, DeFi.. Stay tuned.
Q3: Do you have any plans to create gateway between Turkish lira and BitMax? Turkish local exchanges are selling USDT to Turkish people at a price approximately 10-15 percentage more expensive than its real value.
George: That's a very good question. We are in the process of integrating with several European fiat service providers. Our plan is to provide our users more fiat gateway options this year.
Q4: What is Governance System? If you’re in the Steem-Tron-Binance situation, what would be your take on this?
George: Obviously the Steem case is a very good example to test the concept. All I can say is as an exchange, we would never use clients’ assets for voting.
Q5: When will futures be ready for a mobile application version?
George: Next week we will release our new app. It’s currently being tested as we speak.
Q6: With the upcoming launch of futures on BitMax, can we expect new trading pairs being added in a monthly basis?
George: We will definitely add more trading pairs in the near future. I’m not sure about the “monthly basis” – let’s see how market and users react to it.
Q7: With Bithumb futures being launched, what can we expect from this strategic partnership? Shared order books, liquidity and cross-platform engine maybe?
George: It is a very important partnership for both sides. However, I can only say whatever I'm allowed to say :) There are many areas that we will collaborate in. So far both exchanges are very happy about the relationship.
Q8: Will BitMax team develop a client version of BitMax in the near future ? Maybe some people want to download it to their computer, and they can use it without opening any webpage.
George: We'd love to. However, right now, we have to prioritize things. We have a variety ofongoing projects at this moment and limited development resources. I believe we can consider it maybe towards the end of this year.
Q9: Staking and lending. Now that immanent futures launch is scheduled, can we get more information on staking and lending — will there be any difference compared to other exchanges/platforms which offer those two?
George: Yes, the pain point of staking is that you lock up your asset and oftentimes you lose the chance to trade in the market. Our approach allows you to use staked asset as collateral for our margin product, so that you can earn interest while trading with your asset.
Q10: Is there a plan to introduce custodial services to make it easier for institutions deposit to go through BitMax?
George: Not at this moment. But possibly in the future.
Q11: Are there any other projects that are interested in the not yet mined tokens?
George: We’ve talked to a few projects about this. But it seems like they are less interested in it. On the other hand, the investors of projects showed very strong interests lol.
Q12: What do you think of the halving of Bitcoin?
George: Seems like nobody is talking about it now. The overall financial market is so volatile that it has a much bigger impact on the BTC price versus the halving impact.
Q13: Any plans to do a listing vote in BitMax?
George: I haven't found a mechanism to prevent manipulating. I personally got dozens of messages from different people claiming they can help me win votes on gate.io’s listing contest. I am sure the same thing happens every day to Binance’s voting.
Q14: Recently, most traders want to use leverage in trading. Do you have a plan to place leverage on your exchange?
George: We do. Our margin product is the best among peers – It’s easy to use, and there’s no complicated borrowing and payback process.
Q15: When will the US exchange launch?
George: We are closely watching the US market.
Q16: What is your plan before summer comes?
George: Futures and staking are planned. Our biggest goal is to see a double market share increase on a monthly basis.
Q17: How do you evaluate the innovations and ecosystem that BitMax has made in recent years?
George: We are happy with what we have achieved. Of course, there are things that we can do better on. But overall, I believe we did a great job and we are in the right direction.
Q18: Recently, there was a Market Crash and Ethereum Congestion which causesd some Exchanges like Binance to limit some functionalities. Did that incident affected your performance as a top exchange?
George: I believe we are the only exchange that didn’t have any issue in the past 2 weeks. Lots of credit goes to our dev team. Trading, deposit and withdraw… all functions worked normally while achieving the highest trading volume last week.
Q19: From a startup project to a mainstream exchange, being a Pioneer in the industry, do you anticipate that many new startups will show up and compete?
George: One nice thing I liked about the crypto industry is that it is so dynamic. We see new ideas and business models appear every month, which makes me really excited. We love to see more players emerge and we are never afraid of competition.
Q20: Do you feel that futures trading harms the market?
George: I don't. A healthy market needs both long and short sides. But I do think the current scattered liquidity hurts the market.
Q21: Recently saw the partnership with Bithumb. Curious to know what’s coming next!
George: Thanks for your support! Bithumb and BitMax are natural partners because one specializes in one jurisdiction and the one has a global presence. There are many more partnerships to come but please understand I am not allowed to disclosefuture plans at this moment. Stay tuned.
Q22: In the last AMA you spoke about Staking. Now BitMax here acts as a staking service provider. What will be the fees structure?
George: I believe it will be project based. Also, we will have an innovation approach that if users choose to stake with us, the staking asset can also be used as margin collateral. Therefore, you can trade while earning interest.
Q23: What do you think about the market in these days?
George: BTC price is obviously correlated to the global financial market, which makes lots of sense to me. I view it as a sign that cryptocurrency is starting to integrated into the global financial system.
Q24: What is BitMax's criteria in choosing partners؟
George: There are different types of partners. For the Bithumb partnership, I would say both teams did a thorough due diligence on each other, since it’s very rare in the industry that 2 leading platforms would partner with each other. You don't see Binance partner with Okex -- they fight :)
Q25: Do you think BitMax is in a good shape?
George: Yes, our market share increased more than 50% compare to 6 month ago. Still not as big as the biggest ones but we are getting there.
Q26: What is special about BitMax futures and stakings
George: 1) Futures - you can see we have aggregated liquidity with bithumb futures. 2) Staking - we allow people to use their staking asset as collateral to trade in margin. There are many details that I believe will show that we are more friendly when it comes to serving users.
Q27: Is Bithumb Futures a subsidiary of BitMax or Bithumb Korea?
George: It’s an independent exchange.
Q28: Do you plan to introduce an “auto reinvestment plan” for the data usage rewards? Daily or weekly at random times for every user who enables this feature, so it doesn't affect the markets. This would enable the btmx investment product to *compound*.
George: People have been asking for it, but I'd rather encourage users to log in everyday if they want to re-invest. Our small trick to activate users :)
Q29: Do you think the current market is a threat or opportunity for BitMax? Why? Did you expect its coming? Were you prepared?
George: Yes, volatility is always our friend. We are the only exchange who didn’t have a slowdown in service in the past month, and a lot of clients were drawn to us. We expect volume to keep increasing and that people will figure out who is the best.
Q30: Based on my calculation, the pending release private sale is 840 million, which is not possible. There should be 730 million at most. This means users’ private sale is released fewer than expected?
George: People have been asking about it. Both numbers are correct. For users who have been with us since day 1, they probably would remember we have a referral program that allow users who brought people to our platform to purchase BTMX token at a private sale price. And also there are 100m of referral tokens that are not private sale tokens but we promised they share the same release schedule as private sale tokens. So the total is about 830m private sale equivalent token