AMA session on Thursday, December 6th
Our update
Good morning everyone
Sorry I suppose to come yesterday but I was on my flight back to NYC. I know it’s a bad day for most of us.
Let’s start from our update as usual? A few things from us lately
1) We plan to listing ONG/ONT next week.
2) We will launch improvements on deposit / withdraw. User experience will be greatly improved
3) We will change our commission fee by charging quote currency only. Therefore the usage fee pool will only distribute big coins
Also I want to share my views on the most recent price drop, I know this is the thing everyone cares
- Analyzing the above price charts we see the price drop starts from the same day when we enable USDC/USDT pair mining.
Our data suggests this is one of the reasons that we see strong sell pressure.
Cause the cost of mining drops when we enable stable coin mining
2) the second reason, however, we believe it is because we haven’t yet build a complete Eco system.
The only factor supports the token price now is the data usage fee. Obviously it didn’t work well in the most recent week, when the big market is in bear/ panic mood
So what’s the real value of BTMX and why people hold it?
In the longer term I see many reasons why people buy and hold the token.
1) We use BTMX to pay margin trading interests. People can choose to pay by USDT or BTC, but pay by BTMX enjoys a big discount. Any margin traders would go for BTMX
2) Commission fee on margin trading and later derivatives e.g futures and options. Again big discounts applies if you choose to pay by BTMX
3) quota for exclusive listed projects. The only way to share our quota is to hold and consume BTMX
4) usage fee. It’s is non trivial at this price.
So as we gradually roll out our products we will see our token price appreciation in the longer term.
Again it’s not a token for a project that doesn’t have a real world application. It’s backed by a real exchange with hundreds of thousands of users. I understand people are frustrated with price drop but we are so confident in the long term.
Our third party asset management team has bought over 25m BTMX and counting.
Thanks everyone for continues supporting us. Now please ask any questions you may have.
Q&A
- Hi George — hope you are well?
A few questions/comments for you please;
1) One of the main issues that we are experiencing is that the data sharing process, although innovative is difficult for people to understand. Are there plans to make it easier to understand please to attract more investors somewhat easier? Like a simple user guide easily accessible on the platform?
— — — -1) yes we received user feedback on data collections and sharing. We are currently working on it and hopefully will release this month.
So people can query and download any data much easier
2) Communications are not clear and the wording of many aspects is confusing. For example, “Data Usage Fee”. In English, the word “Fee” means that the user is charged for participation — its a cost which is a negative. Perhaps it would be better to term this “Data Usage Reward” or “Data Usage Payment”?
Also, no-one knows what “APY” means, can it be explained in easier wording — even putting “Annual % Yield” in words makes it simpler to understand.
Another example is the recent communication on BitTreasure, the announcement was not clear and did not explain in detail enough about the product causing more confusion, its very formal and unattractive for a user to read — where’s the excitement and energy?
— — — -2) very good point. I will instruct our team to re-phrasing the word and make sure all products are clearly communicated to the community
Thanks for the feedback
3) I see on the exchange landing page that OTC trades are now possible via WeChat app, again people know nothing about this or how to utilize…this lack of communications is very frustrating.
— — — -3) OTC function is in its testing stage. Now it’s only available in CYN. USD we can do a few big instructions. The reason we are moving slow in USD is because we want to make sure we are 100% fine with regulators. We actually send every transaction for them and our attorney to review. We would expect to ramp up our USD and EU OTC in Q1 2019
4) Can we please consider incentivising people who hold BTMX and do not sell with a higher data reward payment? This would encourage people to hold and not dump at every opportunity…
— — — -4) yes we are considering
5) At current mining speed it will take 50 years to mine all 10 billion tokens, I would suggest that you need to increase the reward pool for Data Usage and Miners so as to complete in a reasonable time-frame. Higher rewards = higher volume = higher mining speed. Also, perhaps reintroduce the fun trading lottery and also aim it towards BTMX holders to also reward them for holding the token.
— — — -5) yes and no，The reason we slow down mining speed is because if we mine too past we will see even stronger sell pressure，The speed of mining has to be correlated to the number of users increasing and volume increasing.As we roll out more products and list more projects we will definitely see a faster mining speed
6) Perhaps reverse mining needs to made far more attractive as an option, this again could reduce the significant price depreciation that we have all experienced to date…
Thanks for your consideration!
— — — -6) revere mining ratio now is 15%. I am very happy on the number. It greatly reduced the selling pressure. However it slows down the pressure but can’t completely net it. We need a combination to solve the problem. (A) introduce more scenarios people can use our token like I said. (B) list more projects and attract more users. © develop more business lines like OTC to broaden our user base. All combined will solve the problem.
2. Thanks for all info George…….i have 2 question, 1) liquidity, what happened with it? 2) road-map for end of year and Q1, maybe more detail what you have in plan; also i heard from Korean AMA that you plan to introduce fiat pairs soon, same as allowing us citizens to trade on your platform, is that true?
— — — -Currently Liquidity largely depends on mining speed. We see volume goes up and down because miners are on and off. In the long run, we encourage smart miners but most importantly real users，Fiat pair we are working on it. Hopefully Q1 2019 we can open to us users，Yes we will post a formula. Transparency is what we promised.
3. Hi, George! Thanks for your answers.
Anti dump mechanism, such as reverse mining, is not working, nobody use it. Miners sell BTMX directly on exchange and mining don’t give profit as a result. As far as I know all the miners accounts were blocked for trading 1–2 days ago. So, are you going to improve this? And how?
— — — -We didn’t block miner accounts. We block accounts that violated our user agreement I.e wash sell agreement. Mining is one important feature of our platform. There is no reason we block them，Also there are many people using reverse mining，Almost 30–40% of mining volume
4. Hi George. I have some good ideas to make a demand for BTMX. Margin trading is also good, but we have mining token economic, so we need to do something with this. First of all It would be great to make flexible reverse fee up to 0.1% to make BTMX price stable. There are some great ideas about it. The second thing is to make reverse option in both types for makers and takers, it will burn all supply and stop dropping on some time. Also in such ways you can regulate token price by-self.
— — — -Taker reverse mining I am not sure. Cause it will create arbitrage opportunities for miners
5. i would recommend you get a English native speakers to write your pr/marketing posts for medium/twitter and other social media you use
— — — -Very good point. I will take the screen shot and share with my Pr group who claim they are native speaker :)
also another good idea would be if admin/s would write a short summary of every AMA you have in different speaking TG groups….so people know what is going on, people outside TG groups
— — — -Yes we did do it every times seems we need to better broad casting it
6. Also very small amount of customers understand how your dividend formula works. I mean and understand that your team tried to give good rewards for long terms holders, but it doesn't work because of small burning and huge unlocking through mining
— — — -Thanks for the feedback we will publish a formula
But George, how do you plan to stabilize the price in the meantime before the BitMax.io Ecosystem build is complete? If BTMX keep crashing everyday, I don’t think investors will be that patient.
— — — -This is the single most factor to most of our users. We do have a plan to stabilize our price，
1) our asset management partner will keep purchasing in the secondary market as we believe the current price doesn’t reflect the real value of BTMX.
2) We will introduce locking mechanism for token holders . I.e lock btmx at least 24 Hours to be eligible for dividend. And/or lock longer to get better rate. Details will be rolled out soon.
3) We are actively working on margin trading hopefully we will roll out this month
7. Would it be a good idea to get 50% discount on trading fees for reverse mining? Idk maybe more people would use it. Also would it make sense to select reverse mining for takers as standard option?
— — — -It’s a complicated system. We encourage reverse mining but we also want to be careful on arbitrage opportunity between miner and reverse miners. We will consider improving our mining mechanism. But my feeling is the dump of the prices isn’t necessarily because our mining system. We will analyze our data and come up with a plan
8. I think big miners are trying to make BTMX price low，then they can mine more BTMX coins. reward count=fee/BTMX price
— — — -Yes we notice it. Has to better balance it in the future
9. George is it possible to change 1/180 mechanism? as example to 1/90 or 1/45?
— — — -Sure it is possible but it’s a trade of between longer term incentive and short term. We have to be very careful once it comes to a decision like this
10. Hey George; which do you think cold be some APY target to get some fair price idea for long run ?
— — — -I always think 25% is the fair price. It may takes very long to stabilize at that level though
11. In the side of regular trading, when will be available market orders and stop-loss orders?
— — — -I don’t have a estimate time. It’s on our to do but has lower priority to 1) margin 2) new listing tokens 3) improve user experience like deposit and withdraw 4) derivatives. I may have a answer for you later this month
12.George, is it possible to please have an updated road-map with a list of the great updates yet to come — it could be per month or quarter and be approximate — just so people have something positive to look forwards to?
— — — -We do have weekly update. I will make sure our marketing team post it on time.We are moving very fast. However i feel there is a gap of information between our community and the team
Conclusions
We know peoples expectations on us and we have never stopping working
Thanks everyone. Again we will improve our communication. Transparency is what we care most
