CoinMetro 5th October 2018 AMA Notes



AmaZix Team



Today Kevin talks CTFC regulations, covers the weekly news on the crypto sphere, and answers all your questions about CoinMetro!

VIDEO ARCHIVE OF THE AMA (YOUTUBE, FACEBOOK)





IN THE NEWS

#1. Crypto exchange Poloniex removes margin and lending products for US users

I’ve been saying for some time that the CFTC will take over and classify tokens as futures.

Smart on Poloniex.





#2. "Ethereum based ICOs have already sold almost as much they raised", says Bitmex research

Nobody’s buying, and there’s little buying pressure.

Still could see lower lows.





#3. Stellar based zero fee decentralized crypto exchange StellarX fully launched

It’s a nice business!

It’s very US-centric at the moment.

“I like Stellar” - Kevin

CoinMetro’s business model is very holistic, and will cover very many models.

“I think that blockchain assets will become another tool in the tool belt of investors.”





#4. Cryptocurrency exchanges have a bot problem

Trading in general has a bot problem.

Has happened in FX as well.

People create bots to find holes in the market so they can make money, not to provide any value.

It has a lot to do with immaturity in the market, lack of price discovery, wash trading, etc…





#5. Arrington: XRP capital fleeing US in reaction to unfriendly SEC Regulators around the world tend to generally operate very similarly.

US and EU regulatory laws can be a little janky.

The difference is the US prosecutes, and they do so regardless of where you sit.





#6. Tether (USDT) grappling with allegations of Noble Bank insolvency.

It set itself up as an institutional crypto clearing house, over the past few years.

Tether has its own problems.





#7. Recode crypto unicorn Coinbase valued at 8B as Tiger Global is set to invest 500M

We know they’re a behemoth, and they’re one of the first on the block.

The have a lot of first-mover status, specially in the US.

Their valuation shouldn’t be too surprising.





#8. Coming exchange shutdowns: Kraken, Bitmex, Binance all at risk as CFTC and SEC design regulatory actions

Doesn’t seem like it’s based on any hard news, but speculation.

“The US has not yet classified tokens as futures, I think they will.”

Every exchange on the planet has some US exposure, specially companies that don’t do KYC.





#9. Bankex introduces crypto custody for everyone.

“Only” 2.4% a month.

Still extremely expensive.

Bitgo’s been doing that for a while now.





#10. Crypto bots manipulate proudly

This article talks more about spoofing.

These guys that create the bots, are proud, but as regulation starts to come in, they won’t be.





#11. Ameritrade and trading giant Virtu invest in US cryptocurrency exchange ErisX

2019 will be the year of regulation and mergers/acquisitions.

The roadmap is set for this to occur.













REDDIT QUESTIONS





Will you have a system in place for extremely rapid scaling for support staff?

Something we’re actively looking at even since before the token sale.

Once CM is up and running, it becomes a support and marketing company.

While you’re scaling initially, you’re going to have growing pains.





Do you think regulators might come down on Bitcoin?

“I don’t think regulators see Bitcoin as a threat at all, and I don’t think they should, as it doesn’t pose a threat to the traditional monetary system at the moment.”

They’re starting to see the benefits of blockchain.

There are many misconceptions around Bitcoin, but they all agree that blockchain is the future.





Will XCM be burnt at the time of transaction or burned later?

The initial idea is to be burned at the time of transaction, but we’re still tweaking the formulas and it may be better to burn it on a monthly basis, for example. But it’s still being developed.

Burn rates will be shown transparently on the site.

There is a formula, and it will be released publicly, showing the burn mechanism.





What do you think of the current state of the ICO market? Is ICO Express still relevant?

The 2.5- 8 million gap is a difficult place to operate in, especially in the EU, due to licensing.

The ICO model, with some refinement, is a perfect fit for that gap.

There need to be frameworks and rules as to why a company would do an IPO as opposed to an ICO.

The ICO Express was initially conceived as an automated way to create smart contracts, and it’s designed to be blockchain agnostic.





Might regulators argue that token burning serves no purpose other than manipulation?

For burning, we own what we’re burning.

Regulation will probably bring some rules around this.





What fiat currencies will CM support initially?

From day 1: EUR in the SEPA zone. And there are options for EUR outside of the SEPA zone.

Day 1: The five major cryptocurrencies.

USD is a tricky issue, although we do have one provider at the moment.

No PayPal support. Skrill, more than likely.





Would it be possible to be the family airdrop back?

It will come back, but not in the past manner.

It will be tiered.

It does bring in people, but not the best caliber sometimes.





How is everything going on with recruitment?

It’s always ongoing, we’re still looking for Front/Back-end developers, and for a design team.

The latest openings are listed on the Careers page on the website.

The office still has room to grow.





What will happen to Binance when the regulation hammer falls?

They can either conform, and they seem to be doing so by linking up with partners.

You’re still going to see a lot of towers fall, and be either acquired or undergo mergers.





Has CoinMetro overspent the 10% for regulatory licenses?

No.





Token Sales

From the CM standpoint, until the token is minted and distributed- the sale period has not ended.

We can only mint what we’ve sold.





Is CM planning to add Google 2FA?

The QR code you get for Authy, you can use Google for.

CoinMetro may just incorporate their own 2FA in the future.

















AMA QUESTIONS





TAM launch date?

Either Q1 or Q2 2019.





When will Token Minting Occur?

Before the end of this year.





Lockup periods and bonus schedules

From the date of distribution, according to the current plan.

That may change, when models improve.

The bonus is for anyone who contributed during the sales to have a 25% discount on XCM fees on the platform.









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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.















