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BitMax.io & Lambda Joint AMA

BitMax.io & Lambda Joint AMA
George Cao :Let’s welcome lambda team . Xiaoyang and Lucy
Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019
George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :)
Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs.
And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc.
Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do
Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network.
In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain.
After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M.

https://preview.redd.it/ynaos7rps2721.png?width=1267&format=png&auto=webp&s=77360b7cdf06c288e8c25675f94f5fb9d3d02137
n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession )
George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda
Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary
File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment.
File-coin is our main competitor, here is a chart shows the progress comparison FYI

https://preview.redd.it/ewmyh9tqs2721.png?width=1267&format=png&auto=webp&s=cddc52a6d613196f6c0cbf870da42a5b82a8aaa6
For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI
1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system.
2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm.
3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges.
4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification.
on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain.
In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners.
Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly.
The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network.
There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world.
The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr.
Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage.
In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology.
Q: Will the rest of the code be open sourced? If so when ?
Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github
Q: What can Lamb tokens be used for?
Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios:
A. Users of services in the Lambda ecosystem have to pay with Lambda tokens.
B. Providers of storage services in the system have to pledge a certain number of tokens.
C. Verification nodes in the system have to pledge a certain number of tokens.
D. Verification nodes can obtain a certain number of tokens as accounting rewards.
E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs).
F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions.
Q: What more incentives does miner gets to mine or rent storage on Lambda?
Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system.
Q: how are the 1024 miners selected? Doesn't this become more centralised?
Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet
Q: How much is initial supply?
Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made
Q: What partnership will lambda and bitmax have in the future?
Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community
George: We have great chemistry with lambda team.
Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi?
Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi.
Q: what about the time of primary list?
Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi
George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi.
Q: We get reward to mine ? Any incentive? For testnet
Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda
Q: What are the implications if a miners rig goes offline or they decide to stop?
Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned
Q: Lambda planning to have own FS?
Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System.
Q: Is Lambda GDPR friendly?
Lambda: yes, we are
Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ...
Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already
Q: Why suddenly launched on Huobi
George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road
Lambda: thx for the answer
Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new
coins and their site in general with good PR, marketing and reward/airdrop promotions
Lambda: strongly agree with you
Q: GDPR has taken over the EU and the UK so that is very important
Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin
Q: Being GDPR friendly , European market is a go for lambda
Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning.
George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ?
Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ?
Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned
George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community
Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day.
George Cao: Hello everyone, Merry Christmas:)
Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax
George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us.
Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :)
Q: Haha nice platform.
George Cao: Thanks. We are young as a platform but we are working to deliver the best
Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works?
George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders
Q: The BTMX used in reverse mining are locked forever?
George Cao: Yes so the total number of tokens are always reducing your
Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future?
George Cao: Yes we will have margin and futures trading
Q: It was supposed to December right ?
George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections.
Q: Margin trading and futures is important for BTMX price to drive up
George Cao: Totally agree
Q: Does BitMax have any activities on New Year's Day?
George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned
Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ?
George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually
Q: Oh I see, so the dividends will be smooth, great idea.
George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve
Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future?
George Cao: Almost done. Beta version is in testing
Q: What about the north American, will it be available in the future?
George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us
Q: Great news I think this will bring a big volume.
George Cao: Yes agree. Our team is excited as well
Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken?
George Cao: Yes we will take that into account
Q: When will be the private sale tokens be released ?
George Cao: As soon as we mined 90m we will start to release
Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data
George Cao: Free usdt btc eth
Q: Wow. In a bear market, Free btc is the best thing ever
George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:)
Q: also consider adding coins like ADA and few from top 30. People need more coins
George Cao: We are adding stellar and zcash soon
Q: I heard they are insured Unless we give password to someone hehe
George Cao: Yes we are using custodian service
Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange
George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors
Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer
George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining
Q: Will margin allow reverse mining instead of normal mining?
George Cao: Not initially
Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this
George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process
Q: Binance is developing DEX any plans for BitMax ?
George Cao: Not anytime soon we have a looong to do:)
Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex
George Cao: Agree
Q: Retail investors are important , George knows it haha
George Cao: We care most of retails
Q: It would help if they also burned or locked tokens up
George Cao: Yes we permanently locked
Q: Seems you have everything thought of.. but how about moving to Malta?
George Cao: We priority US. Once us is clear pretty much everywhere is clear
Q: Doesn’t any exchange cover US right now?
George Cao: Coinbase but they have 0 international coverage and 0 client service
Q: What sort of systems are in place for abnormal/suspicious activity on the exchange?
George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account
Q: can we get a glimpse of mobile application ?
George Cao: There is a beta version you can use but we are keep improving
Q: What are the precautions taken to prevent wash trading ?
George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account
Q: Will market orders and stop-loss orders be available in the future?
George Cao: Yes we are working on it
Q: what do you think of lambda project and community
George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction
Q: So the trading starts at 8 pm ETC?
George Cao: It’s postponed. Please stay tuned for announcements
Lambda: We will make announcement giving out time and new date.
Q: when please? It's also more professional to be able to give dates and respect them
Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you
George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball
Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement
Lambda: we will try everything to protect retails interest
Q: Can’t let houbi just arrive late to the party?
Lambda: in the long run we may need Huobi to help us better protect us all
George Cao: We trust lambda team can make the best decision for all investors
Q: Have you been busy with listing recently? Anything else?
George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements
Q: Why would we need huobi with bitmax on our side.
George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda
Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex
George Cao: Yes but still bitmex is the best place to trade future compare with okex
Q: Slap that Hayes fool when bitmax start margin and futures..
George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :)
Q: Could bitmax handle That volume and not system overload
George Cao: We are 100% confident
George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all!
Lambda: thank you for participation, have a nice day!
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Exchange KuCoin, a comprehensive analysis of KuCoin Exchange. And KuCoin Shares

If you'll find this helpful, please sign up using my invitation link: https://www.kucoin.com/#/?r=E3sJ60
Quick disclosure, nothing in this article should be considered as financial advice, this is purely my opinion and my research alone, take it with a grain of salt.
It’s an up-and-coming cryptoexchange that is like an integration of COSS and Binance. The problem with COSS is that there is little incentive for investors to use it, the UI is lackluster, it lacks proper charting tools, the previous CEO was known to be part of pyramid schemes. Binance, a similar Hongkong exchange is something that we can also compare KCS to, the BNB token offers the utility to reduce fees, but again there’s little incentive to actually have BNB tokens are use the Binanance exchange. I elaborate further on the advantages the Kucoin will have over other exchanges.
Kucoin has similarities to COSS in that 50% of fees that they charge are returned to the holders of KCS everyday at 12am. Holders of KCS get access to other perks such as trading fee discounts similar to BNB, customer-service fast passes and more. I also need to highlight that the 100m that is being with-held for 4 years and 30m of which is locked up for 2 years belonging to the founders/investors respectively ARE NOT subject to the 50% re-compensation of fees which normal traders/investors earn. Which means that only the current 100m supply for the next 4 years is eligible to receive the dividends from KCS.
Kucoin has a long-term goal of becoming a decentralized exchange(DEX) or integrating as much of it as they possibly can within their ecosystem, a point that I’d really like to highlight is that recently there has been a lot of news/FUD around exchanges like Bittrex and Bitfinex banning users, Finex have already disabled US citizens access to trading on their platform, and Bittrex is a US exchange, so who knows when they’ll have to close their doors to US citizens, they’ve even gone so far as to ban people from middle-eastern nations, however decentralized exchanges are on-chain and there is no governance or need to store funds on centralized exchanges to risk being hacked, as well as lawmaking bodies having no jurisdiction over them. There are currently withdrawal limits on accounts but the developers will be removing those very shortly, Kucoin has extremely fast transfer times with lower amounts of confirmations for speedy deposit/withdrawal, low transaction fees of 0.1% with special events where some coins are free to trade, such as WTC/HSR as of now.
The user interface is amazing compared to most exchanges out there, they enable trading view charting which is much better for traders to use compared to charts such as on Bittrex or Binance which have a very limited selection of charting tools, there are some kinks on the website such as the orderbook, however I have had a talk with the developers and they said that they were looking for “more elegant ways” to display the orderbook than just a scrollbar, they were also looking into producing a nightmode which is a god-send for night-dwelling (night-traders).
The Kucoin team are extremely active and have nearly 24/7 support, you can go into their telegram and ask them any question and they’ll answer you hastily and earnestly.
They also have an invitation bonus which is as a referral compensation program, basically for every person that YOU invite, you get 20% of the trading fees of the person you invited as an INCOME, and then 12% of the trading fees of the people that they invite. (I know you think that this reeks of a pyramid-scheme, however, I need to highlight that the KCS team do NOT benefit at all from this referral program as they actually LOSE money if OTHER people/users are using these referrals.) It is an attempt to bring more volume and traffic, but traders/investors only stand to gain from this, we have absolutely nothing to lose, the more friends you invite the more income you can have. (Some people are calling this a pyramid scheme, however it’s simply a marketing tool, I brush up on this in the second half of the article)
Right now, KCS is flying under the radar, it hasn’t even been added to CMC yet (they are getting it added very soon) and once it does we do expect to see a lot of hype, there will be a very huge in-flux of traders who would come to the exchange, I see this as the death of COSS, no one will go back once they try out KCS.
Let’s talk about the valuation of KCS, currently there is 200m supply cap, eventually over a long period of time the KCS team will buyback KCS (optional to sell to them) with the profits made from trading fees to the burn the supply until there is only 100m left, don’t be alarmed by this, there won’t be a sudden supply restriction of 100m over one night, its something that will probably take a decade to achieve, if not even longer. Who knows for sure, right so moving on; KCS is currently valued at approximately $0.6USD at 200m supply thats around $54m USD market cap. It’s only been out for under a month and the ICO price was $0.3USD(5000 satoshis) or around there, so it has doubled and a medium-high marketcap of $54m but lets compare the price to Binance, which is currently $1.27 through all of the FUD/FOMO on Bitcoin/bitcoin gold/2x. Token supply of 200m like, similar to KCS, was valued at its peak approximately $2.58 per BNB reaching a total market cap of around $270m, and it doesn’t even have the same features as KCS. So, KCS is currently valued at $0.6USD, with all of its amazing features, team, dividend payout, referral program; I believe has the potential to grow even larger and maintain its price. If not more. I do see this as a huge long-term project, it’s the mainstream exchange killer, it’s like the oneplus versus Apple and Samsung, if we actually evaluate the coin and the Kucoin exchange itself within its ecosystem it has nearly unlimited potential.
One of the common misconceptions and concerns is that traders have is, is Kucoin a MLM/Pyramid scheme?
What we have here is one of the posters on their website promoting an invitation/referral compensation program. The initial impact of the image makes one think that it is a pyramid scheme, but if you actually look closely you’ll understand that in actual fact Kucoin themselves don’t really benefit at all, they’re giving 90% of all of their fees to the referee as compensation while they only take 10%. This isn’t a pyramid scheme or some shady MLM, it’s a marketing tool to attract more traders and liquidity to the market. The only people who really benefit are the traders.
Getting straight to the point, it has a picture of a pyramid, but it isn’t a pyramid scheme. I need to highlight that the referral system is completely optional, you don’t need to invite anyone or spam your link, I understand that it does get annoying for people. It is a marketing plan aimed at being a liquidity attraction tool to try to hook more traders into using the exchange, but people are so stigmatized to the shape of pyramids that they fail to see the truth behind the curtains.
I’d like to go through the business model and ecosystem of exchanges, and as objectively as I can compare the difference between each exchange.
So for this example I’ll use 3 exchanges:
A. Bittrex
B. Kucoin
C. GDAX
I’d like to make a fair evaluation of these exchanges based on three things.
  1. Trading fees
  2. User friendliness
  3. Trading tools.
First, some more assumptions Kucoin is still in its early stages of launching as an exchange, I’ve talked to the developers and they will be adding in “more elegant ways to see the orderbook” and stoploss/take profit systems.
5-point evaluation: very good, good, mediocre, bad, very bad.
A. 1. Mediocre-Bad (0.25%) 2. Good 3. Mediocre-good.
B. 1. Very good (0.1%) 2. Good 3. Good
C. 1. Mediocre-Bad (0.25%) 2. Good. 3. Mediocre
Some other underlying assumptions are that each exchange has the same amount of trading volume daily; $100m. Each have the same variety of coins listed.
Given that information, which exchange would you personally as a trader gravitate towards; try to be as subjective as possible. If my evaluations are wrong, let me know and I will amend them.
You would inherently choose B. Correct? There is a recurring argument that the token offers no utility, the truth in the fact is that very few tokens offers anything at all, BTC is simply a speculative asset with no intrinsic value, and that’s it. I haven’t introduced the token dynamic just yet, so hold up.
Going back to the MLM/Pyramid scheme aspect of it. For something to be a pyramid scheme it has to have an initial buy-in where the grunts at the bottom purchase a product, and it has to directly benefit the upper echelons id est the developers/the exchange.
Does Kucoin meet any of those requirements? Not really. The referral program doesn’t require anything, you don’t need to hold Kucoin to be eligible for the 20% of fees that you’re earning from people you invite. It’s completely optional with no buy in, no product to sell. You can just use the exchange, or even invite people to get the referral bonus, then forget about it, and as they trade on the exchange you earn a % of those transaction fees passively. In fact, the Kucoin team loses from this marketing. Because they’re essentially giving a cut of the fees which they should earn back to its traders. Bittrex/GDAX don’t offer anything at all, they simply take 100% of all fees they have and put it in their pockets.
To summarize:
A. Bittrex pockets all transaction fees it earns from traders on its exchange without any compensation to traders.
B. Kucoin offers an optional referral promotion whereby referees earn a % of fees that are incurred by the referred to the referee as compensation to help bring more liquidity to the exchange. This is actually detrimental to kucoin as they earn less income from transaction fees by giving it to the referees.
C. GDAX pockets all transaction fees it earns from traders on its exchange without any compensation to its traders.
If you believe that this statement is incorrect, or overly subjective please speak out.
Now, the issue with the token. Some people are saying that it has no utility; I’m going to prove that it does have utility.
A. Bittrex does not offer a utility token which reduces fees, or returns any portion of their income to traders. Of $100m trading volume they pocket $250K a day.
B. Of all Kucoin token holders, 50% of all transaction fees earned by the exchange are transferred nightly at 12AM to Kucoin token holders. Of $100m daily trading volume they pocket $50k, while the other $50k is transferred to its token holders.
C. GDAX does not offer a utility token which reduces fees, or returns any portion of their income to traders. Of $100m trading volume they pocket up to $250K a day.
If there’s a problem with my calculations, please let me know.
Now I need to ask, is there value in holding the token? It is a speculative asset, which provides utility in generating returns for the holders of the token on the exchange. As far as tokens/coins go I’m fairly certain that this token has utility, it doesn’t just offer a cut of the 50% of daily trading volume as income but can also act eventually as fee discounts similar to BNB, as well as simply holding it will grant you support-fast access(Give that their support team is already very fast, that’s something to consider).
There is also no inherent need for the token, Bittrex/GDAX are already largely successful even without utility tokens, so why is Kucoin going out of their way to even lose up to 50% of their income?
The answer lies in liquidity, and competition; the utility token, the referral compensation system, they are all liquidity attraction tools. Exchanges make money based off how much transaction fees they can incur through the amount of daily trading. How does a new exchange compete with big wigs like Bittrex/GDAX? These are huge giants who have been in the game for a long time, but they’re some-what obsolete. They’re greedy and only care about themselves, have horrible customer-service and poor communication within their community. Kucoin offers more than that, you can go talk to its active development team in their telegram, bombard them with any stupid question you like, and they will respond.
The token, the referral system are liquidity attraction tools, even if they only get 50% of all trading fees as income, if they can attract more liquidity than other exchanges and become competitive they can also be big, furthermore we as investors holding the token don’t lose anything at all, in fact we get a cut of the 50% of the trading fees they earn. I’ve already received my first dividend last night at 12am, it was basically nothing but that is considering that they only have a trading volume of $1.1m a day approximately, if not less. If that was $300m, the number of dividends anyone would get would be 3-fold.
What to take away from this; it seems like an MLM/Pyramid scheme on the surface, but the developers do not directly benefit from giving traders a huge cut of their profits, their main goal is liquidity and competition. The token value is also a long-term goal, I should reiterate that there is currently only a total supply of 200m which will over a course of a very long time will be reduced to 100m, but that will be a very long time from now, 100m of the current supply is locked up for 4 years for the team/2 for advisors. As well as, being locked up they aren’t eligible to receive any of the 50% cut of the trading fees until AFTER they are released.
I see this as potential big opportunity, purely because in the future I can see the possibility of this becoming a very competitive exchange within crypto-space. This is without a doubt a shill, I’m not partnered with them or anything, but I felt like I needed to clarify what a pyramid scheme is and the distinction between Kucoin’s marketing model and an actual MLM like Amway.
The dividend model (50% of trading fees are given to the KCS holders)
I’d like to also go through the dividend model, every night at UTC+8 12AM, they deposit directly into your wallet address your share of the 50% trading fees that they earned from transactions during the day. The current daily trading volume is around $1.1m, if Kucoin can achieve competitiveness and run up next to some of the biggest names; Bittrex with $350m daily trading volume, you can expect that all of the dividends you earn will go up 350x as well. I’d like to also point out that the more popular the coin is the more transactions there are thus; you are always earning income in the most popular coin, no matter what it may be.
More on the utility of Kucoin (White paper abstract)
To improve user involvement and exchange vitality, Kucoin is going to award incentive bonus, which equals to 50% of the total trading fees charged by the platform, to users who hold KCS in their accounts. Please note that this award proportion could be adjusted based on the actual situation in the future. The initial amount of KCS is 200 million among which 100 million owned by the team and angel investors would not be taken into account when calculating the bonus. In addition, we guarantee that at most 100 million KCS be calculated in the bonus plan during official buy-back and destruction. To obtain the daily bonus, users would need to deposit their KCS into Kucoin Platform. Then the platform will conduct accounting and award bonus based on to the KCS holdings in user’s account at 0:00 (UTC+8) that day and all the trading fees charged to the platform on the previous day.Then the bonus gained by users will directly put to their Kucoin accounts in the corresponding currency. For instance, If ETH-BTC cryptocurrency pair rate is 0.063 on the platform and the daily exchange volume is 30,000 BTC; based on the 0.1% rate from each side, the platform shall charge 30 BTC and 476 ETH as trading fees. The bonus for every 10,000 holdings would be 10,000 by 100,000,000 (0.01%). So that the daily bonus from this very cryptocurrency pair is 0.003 BTC and 0.0476 ETH (1 BTC and 17 ETH annually). Please note that this is ONLY the ETH-BTC exchange pair BONUS. Other than ETH-BTC, there are still various cryptocurrency pairs on the platform, which creates the trading fees in the corresponding currency and bonus based on the description above.
TRADING FEE DISCOUNT When placing orders to trade, holding a certain amount of KCS in Kucoin account can lower the trading fee. Details will be published through announcements. OTHER EXCLUSIVE RIGHTS When KCS holding reaches certain levels, users can enjoy special services like one-on-one investment consultation, customer service Fast-Pass, etc. 
Full transcript of my Q&A with the Operation Director Kent Li
Two concerns were put fourth by some of my readers;
How do we know that we are actually receiving the 50% that you are guaranteeing us? In the whitepaper it is stated that the 50% of trading fees traders on the platform will earn is subject to change, what is the reasoning behind this? Kent Li — Kucoin — Operation Director, [22.10.17 00:35] Firstly, the users are actually getting 50%. The trading volume of each pair is transparent, people can get the data from the web page or through our public API endpoints. So there’s nowhere to hide if we cheated on this, people can easily calculate their Kucoin Bonus based on the formula we described in the whitepaper. Kent Li — Kucoin — Operation Director, [22.10.17 00:39] Secondly, many people have discussed our referral system. The reason why we design is like what you have said, to attract more people to come trade on Kucoin. Because we’re new comers in this industry even in China, we have to do everything to attract new users and become competitive in the space, that’s why we share 90% of our trading fees to the users. We want to survive. And we are working our asses off to achieve this. USER, [22.10.17 01:15] Thanks for that clarification! I’d also like to inquire about the rate of dividends that investors earn, currently it is at 50% and in the whitepaper has been stated that it will be subject to change, how long is the 50% bonus going to last? Some of my readers had told me that it will only be for around 6 months, you intend on reducing the income as your exchange becomes more popular correct? USER, [22.10.17 01:16] Also, what is the purpose of the income page in the “Assets” menu, currently all fields are blank, what are your plans for that? Kent Li — Kucoin — Operation Director, [22.10.17 01:18] Hi, we do have a plan to reduce the ratio of Kucoin Bonus. It will stay at 50% for at least 6 months, and it will be adjusted gradually, eventually it will be 15% after two or three years. As you know building and maintaining a high volume exchange will cost a lot of money. “Income” currently contains the GAS reward if you hold NEO on Kucoin, Income is also passive revenue if users hold certain kind of asset on Kucoin. USER, [22.10.17 01:19] In regards to the calculation in the white paper, it may also be beneficial to have a dividends tab in the assets page to show users how their dividends are being earned and the calculation behind. (I understand that this is a lot of work, and you guys are extremely busy, these things definitely do not get done overnight so do not feel pressured at all) Kent Li — Kucoin — Operation Director, [22.10.17 01:20] Ah, actually we have a better plan Kent Li — Kucoin — Operation Director, [22.10.17 01:21] There will be a dashboard or report page for users, it will display their profolio on Kucoin, their daily gains & losses, sort of this kind of things USER, [22.10.17 01:21] Thank you for that clarification! I’d know like to move onto some suggestions from my readers on the exchange, talking to a great many traders, they all agree that the exchange is better than up to 80% of the exchanges available. It’s intuitive, innovative and user friendly. Some points that were brought up were; the non-existence of a “scroll bar” for the order book, which one of your other developers already said you were after more elegant solutions. Others would be including the placement of the chart, some people were saying that it was a little too small. USER, [22.10.17 01:22] If you would like to share any plans with me, I would love to include it in my article, and if you could retweet it or pin it on your twitter. I’m sure it will bring a lot of people piece of mind. USER, [22.10.17 01:24] It’s definitely understandable that making sudden changes to the UI of the exchange isn’t something to be done over a night, so I’ll definitely highlight that, I think this is just an important step in gaining the trust of the community. Kent Li — Kucoin — Operation Director, [22.10.17 01:25] Yeah, things have to done step by step 
If you found this helpful, please sign up using my invitation link: https://www.kucoin.com/#/?r=E3sJ60
submitted by aIe22 to CryptoCurrencies [link] [comments]

Jim Preissler, CEO AMA Session On Telegram, Friday 13 July 2018 - Everything!

For those of you who like to go through everything in their correct order to get context, here is the full AMA from beginning to end. Knock yourself out.

Jim Preissler, [14.07.18 00:01]
Hi everyone
Scarlet ~ trade.io Admin, [14.07.18 00:01]
[In reply to Henry]
The first 1000 will receive email either on 16 or 17, but before exchange actually launch.
Dustin McDaniel, [14.07.18 00:01]
Jim in the house! ??
Crypto Bling, [14.07.18 00:01]
Hi jim
trade.io, [14.07.18 00:01]
Hello Jim!
Scarlet ~ trade.io Admin, [14.07.18 00:01]
[ GIF ]
TSas, [14.07.18 00:01]
Hello Jim
S Aggarwal, [14.07.18 00:02]
Hello jim
Satish, [14.07.18 00:02]
Wassup man!
Jim Preissler, [14.07.18 00:02]
Been busy getting ready for the launch and signing some more partnerships for us
Hiro S, [14.07.18 00:02]
Hi Jim
Jim Preissler, [14.07.18 00:02]
Good morning / afternoon / evening / go to bed to all of you!
Dustin McDaniel, [14.07.18 00:03]
[In reply to Jim Preissler]
[ GIF ]
Le Tai, [14.07.18 00:03]
Hi Jim
Jim Preissler, [14.07.18 00:03]
[In reply to Dustin McDaniel]
yeah, thats exactly how I feel
Ro$€, [14.07.18 00:04]
Nice to hear the new partnerships
S Aggarwal, [14.07.18 00:05]
Hey
S Aggarwal, [14.07.18 00:05]
Jim can u tell me which all coins will be listed intialy??
Jim Preissler, [14.07.18 00:06]
[In reply to S Aggarwal]
Initial will be the basic, big coins, but then will roll out a ton after, especially ERC20
Jim Preissler, [14.07.18 00:06]
Have a bunch of listings and ICO clients that will come out quickly as well
trade.io, [14.07.18 00:06]
Hi Jim, here's a question and a suggestion from Phil(@PhilWall10):
  1. When the calculator will be available for the lp pool?
  2. I would like to see a 1% bonus for the first day that the exchange is Trading ,just for investors that held over 25,000 Tio's something like that would be nice.
Zeep, [14.07.18 00:06]
hi Jim
S Aggarwal, [14.07.18 00:07]
[In reply to Jim Preissler]
I am asking for those 10 basis ones
Jim Preissler, [14.07.18 00:07]
[In reply to S Aggarwal]
is there a particular one that you are driving towards?
S Aggarwal, [14.07.18 00:07]
Eos
S Aggarwal, [14.07.18 00:07]
Xrp
Paul Johnson -trade.io, [14.07.18 00:08]
I can help out here, as the list came up a short time ago:
BTC - Bitcoin
BCH - Bitcoin Cash
ETH- Ethereum
LTC - Litecoin
TIO - TradeToken
USDT - May be available right at launch or at the very least within 2-3 days following launch
TSas, [14.07.18 00:08]
Jim, here's a question: What are the plans with FX Primus?
Jim Preissler, [14.07.18 00:08]
[In reply to S Aggarwal]
Both those require testing, ERC20 will be sooner
S Aggarwal, [14.07.18 00:08]
[In reply to Jim Preissler]
K
Dustin McDaniel, [14.07.18 00:09]
Jim, Can you speak any on the progress with regards to regulations in the various jurisdictions? Which jurisdictions is trade.io currently focusing on, or which is top priority at the moment?
S Aggarwal, [14.07.18 00:09]
Also can u please tell me approx figures u have earned out of ico consultantancy..? Just to have a idea about profit in ico
S Aggarwal, [14.07.18 00:10]
Also what is your status for regulatory licences??
Jim Preissler, [14.07.18 00:10]
[In reply to Dustin McDaniel]
Working on HK, Singapore, Switzerland, Malta right now as the bigger ones. Smaller ones as well. We are meeting with regulators in the US as well
HODL Droid, [14.07.18 00:10]
[In reply to Dustin McDaniel]
Same question + will TIO be tradeable with other comodities listed under FX Primus ?
Jimmy Choo, [14.07.18 00:10]
Hello, Jim.
My question is : After the exchange has been launched, how is the price movement of TIO in the future?
S Aggarwal, [14.07.18 00:10]
Are u also acuiring one for india??
Ro$€, [14.07.18 00:10]
I want to ask when can we have the new Roadmap?
S Aggarwal, [14.07.18 00:11]
[In reply to S Aggarwal]
@JimPreissler
Scarlet ~ trade.io Admin, [14.07.18 00:11]
Lets hold until Jim clears these questions.
Jim Preissler, [14.07.18 00:12]
[In reply to Jimmy Choo]
you tell me
Ro$€, [14.07.18 00:12]
[In reply to Jim Preissler]
:))
Jim Preissler, [14.07.18 00:12]
[In reply to S Aggarwal]
India is unclear as to regulations right now
Jim Preissler, [14.07.18 00:12]
[In reply to Ro$€]
After exchange and LP launches
Le Tai, [14.07.18 00:13]
When exchange platform support fiat? Thank you
Jim Preissler, [14.07.18 00:13]
[In reply to HODL Droid]
@biggiepaul will get back to you
S Aggarwal, [14.07.18 00:14]
[In reply to S Aggarwal]
@JimPreissler please answer this as well
Jimmy Choo, [14.07.18 00:14]
[In reply to Jim Preissler]
Do you not have any estimation for it?
Jim Preissler, [14.07.18 00:14]
[In reply to Le Tai]
soon, there is no regulatory issue, just want to scale into features
Paul Johnson -trade.io, [14.07.18 00:14]
[In reply to HODL Droid]
Most likely not, as its a crytpo asset so it will be traded against other cryptos.
Ro$€, [14.07.18 00:15]
[In reply to Jim Preissler]
Can you clearer on that? Will we have connect with bank account, convert directly into fiat?
S Aggarwal, [14.07.18 00:15]
@JimPreissler what is the ETA for decentralised exchange??
Hai Nguyen, [14.07.18 00:15]
Hi Jim, could you tell me when LP will full launch? After 30 days of exchange? And the profit of LP will count from the 1st day of exchange launch?
Morbidus, [14.07.18 00:16]
Will Trade.io move to comply with the SEC and other regulatory bodies worldwide as they ask for information on customer protections, etc?
TSas, [14.07.18 00:16]
[In reply to TSas]
Answer pls Jim
Paul Johnson -trade.io, [14.07.18 00:16]
Guys, kindly hold off on the rapid fire q's, pls let Jim answer one at a time
Jim Preissler, [14.07.18 00:16]
[In reply to Hai Nguyen]
profit starts immediately, LP will launch after 30 days
Hai Nguyen, [14.07.18 00:17]
[In reply to Jim Preissler]
Full launch or Beta launch?
Paul Johnson -trade.io, [14.07.18 00:17]
[In reply to Jimmy Choo]
Impossible to know, however, we are actively exploring moving TIO to exclusively to be traded on trade.io exchange and delist from other exchanges, for more control over price manipulation.
Jim Preissler, [14.07.18 00:17]
[In reply to Morbidus]
Already started, meetings already happening. We will do what we can to eliminate insider trading, wash trading, bots, fake volumes, all the bad things that hurt customers and plague other exchnges
Paul Johnson -trade.io, [14.07.18 00:18]
[In reply to S Aggarwal]
There is no ETA at this time, we're fully focused on making sure we have a flawless centralized exchange and execute on the liquidity pool.
Jim Preissler, [14.07.18 00:18]
[In reply to Hai Nguyen]
there is no more beta, full launch is next week
Dustin McDaniel, [14.07.18 00:18]
[In reply to Jim Preissler]
????
Hai Nguyen, [14.07.18 00:19]
[In reply to Jim Preissler]
I mean the about the LP
Morbidus, [14.07.18 00:19]
[In reply to Jim Preissler]
great thanks
Crypto Bling, [14.07.18 00:19]
[In reply to Jim Preissler]
Sweet????
Tommy Vu, [14.07.18 00:19]
[In reply to Jim Preissler]
??????
Jim Preissler, [14.07.18 00:19]
[In reply to Hai Nguyen]
profits start accumulating next week
Ro$€, [14.07.18 00:19]
[In reply to Paul Johnson -trade.io]
Whats solution in the future to avoid sth like Bitforex?
S Aggarwal, [14.07.18 00:19]
@JimPreissler will Tio offer margin trading??
" Not giving away CS, CAS and TIO", [14.07.18 00:19]
When 1 tio
Zeep, [14.07.18 00:19]
how much coin exchange?
Jim Preissler, [14.07.18 00:19]
[In reply to Ro$€]
they picked us up on their own
S Aggarwal, [14.07.18 00:20]
And What about futures and options (F&O)[email protected]
Jim Preissler, [14.07.18 00:20]
[In reply to S Aggarwal]
We will, working with risk mgmt to get it structured
Paul Johnson -trade.io, [14.07.18 00:20]
[In reply to Ro$€]
Impossible to prevent a supposed decentralized exchange from listing TIO
Jim Preissler, [14.07.18 00:20]
[In reply to S Aggarwal]
Talking to some vendors specifically about this as possible partners
Jimmy Choo, [14.07.18 00:20]
[In reply to Paul Johnson -trade.io]
Thank you, Jim.
Hope exchange is a hit. ??
Paul Johnson -trade.io, [14.07.18 00:21]
[In reply to Hai Nguyen]
LP not sooner than 1 month following exchange launch
Paul Johnson -trade.io, [14.07.18 00:21]
[In reply to Jimmy Choo]
It will be unlike anything anyone has seen yet.
Dustin McDaniel, [14.07.18 00:21]
[In reply to Jim Preissler]
Maybe question is about the launch only being for 1000 people. Is LP being targeted launching 30 days after July 17th? or after it is fully available unlimited>
S Aggarwal, [14.07.18 00:21]
@JimPreissler will Tio have algo trading??
Zeep, [14.07.18 00:21]
jim. how much coin exchange?
Jim Preissler, [14.07.18 00:22]
[In reply to Dustin McDaniel]
the limitation to 1000 is not really for technology reasons, its more to allow customer support to get feet under them before we pummel them
Hiro S, [14.07.18 00:22]
Jim, I know this a tough one, but there is a lot of specuative thoughts around what LP will share when it starts, and I saw way too optimistic, in my view. Today, the expectation of nothing will be distributed on the first month and lots will be distributed that will make TIO moon are two events of equal probability, at least for me. Can give us a better directions that any of this outcome is not a 50/50 probability? Or being more direct, how much can we expect from LP daily payouts in the first month? Nothing at all? Something more than current airdrops program? Or much more than current airdrops? thank you.
Jim Preissler, [14.07.18 00:22]
[In reply to S Aggarwal]
talking to a partner on that currently as well
Hai Nguyen, [14.07.18 00:22]
[In reply to Jim Preissler]
I mean which version of LP will launch after 30 days of exchange full launch? Beta version LP or full version LP? I see the new road map on trade.io website, it has beta LP.
Paul Johnson -trade.io, [14.07.18 00:23]
[In reply to Hai Nguyen]
there is only a full version of LP, there is no beta version of LP
Zeep, [14.07.18 00:23]
jim. how much coin list on exchange?
Dustin McDaniel, [14.07.18 00:23]
[In reply to Jim Preissler]
Fantastic
S Aggarwal, [14.07.18 00:23]
@JimPreissler just a confirmation that u have wavied trading fee but we will get other income like spread in lp for 17 july to 17 aug (30 days after launch)??
Crypto Bling, [14.07.18 00:23]
[In reply to Jim Preissler]
Nice????
Jim Preissler, [14.07.18 00:23]
[In reply to Hiro S]
The exchange needs to ramp and generate volume, then the LP will have meaningful distributions
Grimlock, [14.07.18 00:24]
[In reply to Paul Johnson -trade.io]
not sooner or not later?
Hai Nguyen, [14.07.18 00:24]
[In reply to Paul Johnson -trade.io]
??, thank you.
Paul Johnson -trade.io, [14.07.18 00:24]
[In reply to Dustin McDaniel]
Note, that its 1K on Day 1, looking to open up to many thousands, within only a few days following launch
Jim Preissler, [14.07.18 00:24]
[In reply to Zeep]
depends on volume and user base of the coin. send details to [[email protected]](mailto:[email protected])
TSas, [14.07.18 00:24]
Jim, what are the plans with FX Primus?
Paul Johnson -trade.io, [14.07.18 00:25]
[In reply to TSas]
Hey Tsas, i can help with that one.
Jim Preissler, [14.07.18 00:25]
[In reply to S Aggarwal]
correct, only trading fee waived initially
Paul Johnson -trade.io, [14.07.18 00:25]
[In reply to TSas]
The current initiative with FXP, is to accept TIO as a deposit method, then eventually allow TIO to be traded on the platform.
Ro$€, [14.07.18 00:25]
Which users will have profit from LP in the first 2 months? Only the first 1000? Any new formula to calculate
S Aggarwal, [14.07.18 00:26]
[In reply to Jim Preissler]
Thanks for confirmation
Paul Johnson -trade.io, [14.07.18 00:26]
[In reply to Grimlock]
Definitely not sooner, and might be later.
Dustin McDaniel, [14.07.18 00:26]
[In reply to Paul Johnson -trade.io]
Thank you, now knowing that is is limited release based mainly to help support team, it is a lot clearer.. Gives assurance that team is confident on the technology side
TSas, [14.07.18 00:26]
[In reply to Paul Johnson -trade.io]
?? thanks
Paul Johnson -trade.io, [14.07.18 00:26]
[In reply to Paul Johnson -trade.io]
No worries though, as revenue generated will be calculated from Day 1 of the launch
Jim Preissler, [14.07.18 00:27]
Obviously, the success of the LP is directly tied to success of exchange
Grimlock, [14.07.18 00:27]
[In reply to Jim Preissler]
and vice versa i suppose
Jim Preissler, [14.07.18 00:27]
[In reply to Dustin McDaniel]
People harder to scale then tech
Paul Johnson -trade.io, [14.07.18 00:27]
[In reply to Dustin McDaniel]
Correct, there is no level of training that can prepare support/finance, etc. once live users come through the door. This is not our first rodeo with running brokerages, so we understand its a completely different ballgame once the bright lights are on.
S Aggarwal, [14.07.18 00:28]
@JimPreissler will there be something which tells the days profit with its details for transperancy before lp launch?
Dustin McDaniel, [14.07.18 00:28]
[In reply to Paul Johnson -trade.io]
so, revenue generated to this point, through ICO consultancy, etc... is not included in LP? Only what is generated after exchange launch?
S Aggarwal, [14.07.18 00:28]
[In reply to Dustin McDaniel]
They said eariler it will be included
Ro$€, [14.07.18 00:28]
[In reply to Dustin McDaniel]
As i remember, it is included
Jim Preissler, [14.07.18 00:28]
[In reply to S Aggarwal]
There will be a LP distribution amount widget, but not promising that before LP launch
Paul Johnson -trade.io, [14.07.18 00:29]
[In reply to Dustin McDaniel]
I stand corrected, you're correct, ICO consultancy rev's will be included regardless when exchange launches.
Jim Preissler, [14.07.18 00:29]
[In reply to Dustin McDaniel]
its included
Dustin McDaniel, [14.07.18 00:29]
You guys ROCK!!
Crypto Bling, [14.07.18 00:29]
[In reply to Dustin McDaniel]
+1
Grimlock, [14.07.18 00:29]
????????????????????????????
Ro$€, [14.07.18 00:29]
Which users will get it and how?
Tommy Vu, [14.07.18 00:30]
[In reply to Crypto Bling]
??
Jimmy Choo, [14.07.18 00:30]
[In reply to Dustin McDaniel]
+10
Paul Johnson -trade.io, [14.07.18 00:30]
[In reply to Crypto Bling]
[ Photo ]
S Aggarwal, [14.07.18 00:30]
Is there any hardware wallet also as a gift from selfkey partnership??
S Aggarwal, [14.07.18 00:30]
Like airdrop
Jim Preissler, [14.07.18 00:30]
[In reply to S Aggarwal]
? not sure of Q
Ro$€, [14.07.18 00:31]
My question pls Jim
Hai Nguyen, [14.07.18 00:31]
How is about Blossom wallet?
Ro$€, [14.07.18 00:31]
[In reply to Ro$€]
..
S Aggarwal, [14.07.18 00:32]
Can u please tell security measures taken for exchange... As these days many exchanges are being hacked even the so called best exchange i.e. binance , bancor etc
Jim Preissler, [14.07.18 00:32]
[In reply to Hai Nguyen]
That wallet is under development, which makes it easier to participate in ICOs, have KYC, etc.
Dustin McDaniel, [14.07.18 00:32]
[In reply to S Aggarwal]
And on that note....
Are there plans to provide insurance against hacking? If wallets get hacked is it guaranteed that owners will get all their tokens back? One suggestion is that part of the undistributed funds from the LP (due to tiers with percentages less than 100%) can be used to offer such insurance, If unnecessary...if not, could be retained by the company …Security is obviously of the utmost importance especially if trade.io is targeting institutional investors. This insurance would bring extra peace of mind.
Johnson, [14.07.18 00:33]
Jim, what measures will be taken to boost the trading volume of TIO token after launch of exchange. With liquidity pool, I think the volume might be very low as it is today
DeviLpaL ~ trade.io Moderator, [14.07.18 00:33]
Hold on guys. Let jim answer Q one by one
Hiro S, [14.07.18 00:33]
There was some thoughts that running costs would eat up the revenues that was already generated from consultancy arm that would left very few to be distributed. COuld you tell us this is not the case? And in general, costs to be subracted from LP is only direct costs that affects it, could you confirm that as well? thank you.
Jim Preissler, [14.07.18 00:33]
[In reply to S Aggarwal]
We have inhouse, outside team, cloudflare, fireeye, etc.
S Aggarwal, [14.07.18 00:34]
[In reply to Dustin McDaniel]
I think the undistributed profit (as for those having less than 100%) will add to profit of next day
Grimlock, [14.07.18 00:34]
[In reply to Jim Preissler]
the important question is still: in case of any hacking, are we guaranteed our tokens back?
Paul Johnson -trade.io, [14.07.18 00:34]
[In reply to Jim Preissler]
To elaborate, virtually all client assets are kept in cold storage as well.
Jim Preissler, [14.07.18 00:34]
[In reply to Dustin McDaniel]
We are lookng for ans on that, so I like the suggestion. Nothing definative yet
Dustin McDaniel, [14.07.18 00:35]
[In reply to S Aggarwal]
I believe any undistributed for the day would be retained daily
Ro$€, [14.07.18 00:35]
[In reply to Grimlock]
Agree, noone can say i am unhackable
Dustin McDaniel, [14.07.18 00:36]
[In reply to Jim Preissler]
Thank you
Paul Johnson -trade.io, [14.07.18 00:36]
[In reply to Ro$€]
There is no company in the universe that is "unhackable"
DeviLpaL ~ trade.io Moderator, [14.07.18 00:36]
Ro$€:
Which users will have profit from LP in the first 2 months? Only the first 1000? Any new formula to calculate
Jim Preissler, [14.07.18 00:36]
[In reply to Johnson]
if you look at the token economics of TIO, it is deisgned to be more like a berkshire hathaway than a high volume penny stock. The goal is to drive value, not volume. The more value we create, and with low float, this will be good for price
S Aggarwal, [14.07.18 00:37]
[In reply to Dustin McDaniel]
At the end what to do with it ...it will keep on accumulating .... Better to distribute
Jim Preissler, [14.07.18 00:37]
[In reply to Paul Johnson -trade.io]
We are not skimping in any areas or security, it is a high priority
S Aggarwal, [14.07.18 00:38]
[In reply to S Aggarwal]
I think jim should clarify on this
Ray Zhang, [14.07.18 00:38]
Any news about the license?
Ro$€, [14.07.18 00:38]
[In reply to Grimlock]
I would like to ask what the solution if that ever happens. For sure, i dont want it :) but i want to know
S Aggarwal, [14.07.18 00:38]
Do we have any security feature like bnt had to freeze [email protected]
Jim Preissler, [14.07.18 00:39]
[In reply to S Aggarwal]
what was the orig Q again :)
Hiro S, [14.07.18 00:39]
[In reply to Jim Preissler]
I definitely like that. ;)
S Aggarwal, [14.07.18 00:40]
[In reply to Jim Preissler]
The question is that... What will happen to the undistributed profit due to people having less than 100% profit share in lp??
S Aggarwal, [14.07.18 00:40]
[In reply to S Aggarwal]
@Guitarplyr
Dustin McDaniel, [14.07.18 00:40]
[In reply to Jim Preissler]
concerning undistributed LP profits, they do not roll over, correct? Retained daily by the company?
Soroush, [14.07.18 00:41]
Talking about licenses, Jim, can you tell us which one is your top priority? US, Swiss, FX?
Hiro S, [14.07.18 00:41]
[In reply to Jim Preissler]
I simpatize with this “insurance” would be also a nice promo tool on top of all top security measures and if security play its roles it will be an asset that company will have anyway.
Jim Preissler, [14.07.18 00:41]
[In reply to Ro$€]
We will xplore insurance and other things, but same ans for all of crypto, there is nothing like FDIC yet
Dustin McDaniel, [14.07.18 00:41]
[In reply to Dustin McDaniel]
Or put into seperate fund, to provide insurance, buy back and burn programs, etc... :)
Jim Preissler, [14.07.18 00:42]
[In reply to S Aggarwal]
cover down days is the main use
Jim Preissler, [14.07.18 00:42]
[In reply to Dustin McDaniel]
those can all be considered
Jim Preissler, [14.07.18 00:43]
[In reply to Soroush]
scroll up a bit
S Aggarwal, [14.07.18 00:43]
[In reply to Dustin McDaniel]
This will be nice i think first to set aside 10%profit for buy and burn Tio and to distribute 50-50 (i.e. 45% of total ) to mgt and lp
S Aggarwal, [14.07.18 00:43]
@JimPreissler
Dustin McDaniel, [14.07.18 00:43]
[In reply to Jim Preissler]
Its why I love this company, project, and vision so much
Ro$€, [14.07.18 00:43]
[In reply to Soroush]
U r bit late buddy
Hiro S, [14.07.18 00:45]
[In reply to Hiro S]
@JimPreissler can u comment on this pls. I think if LP is able to share good profits on first days that would be good marketing and this may possible because of accumulated revenues.
samy101, [14.07.18 00:45]
This is promising and time to buy more Tio’s.
Jim Preissler, [14.07.18 00:45]
[In reply to S Aggarwal]
too early to be planning or discussing buybacks at this point, most don't fully understand the long term ramifications of this anyway. Most crypto doing this haven't thought it all the way through, but that is discussion for another day
Den, [14.07.18 00:46]
Hello guys, hi Jim! Got a question about negative days for LP. I don't really understand how it can be, exchange should stop trading and other revenue streams should be off for that day?
Oliver, [14.07.18 00:46]
Are you guys familiar with Ian Balina? He was hinting to an exchange partnership in his last video. The company will sponsor his world tour and meetup. It is not binance so I was hoping it could be TIO haha
Oliver, [14.07.18 00:46]
*that's for Jim or BD
Johnson, [14.07.18 00:46]
Jim, regarding trading TIO on competitors exchange. Are there plan to get TIO de-listed from other centralized exchange? This is necessary to avoid price manipulation. Also, is it possible that these exchange refuse to de-list TIO when you request?
Ro$€, [14.07.18 00:47]
[In reply to Johnson]
Thats answered, up buddy
Jim Preissler, [14.07.18 00:47]
[In reply to Den]
There is risk making markets and providing liquidity
Jim Preissler, [14.07.18 00:48]
[In reply to Johnson]
They could refuse
S Aggarwal, [14.07.18 00:48]
[In reply to Oliver]
+1
S Aggarwal, [14.07.18 00:49]
@JimPreissler is that exchange he is saying TIO
Hugo Cruz, [14.07.18 00:49]
What r the rewards for someone the buys TIO now before launch of exchange?
S Aggarwal, [14.07.18 00:49]
[In reply to Hugo Cruz]
Capital gains
Scarlet ~ trade.io Admin, [14.07.18 00:49]
[In reply to Hugo Cruz]
Capital appreciation.
S Aggarwal, [14.07.18 00:49]
[In reply to Scarlet ~ trade.io Admin]
U are late
S Aggarwal, [14.07.18 00:49]
Haha
Scarlet ~ trade.io Admin, [14.07.18 00:50]
I know..
Hugo Cruz, [14.07.18 00:50]
[In reply to S Aggarwal]
Thats wut they said when bitcoin was 20k.
Ro$€, [14.07.18 00:50]
[In reply to DeviLpaL ~ trade.io Moderator]
One more time Jim :) Q still
Scarlet ~ trade.io Admin, [14.07.18 00:51]
[In reply to Hugo Cruz]
30 cents vs 20k, c'mon man.
Jim Preissler, [14.07.18 00:51]
[In reply to Oliver]
I am going to find that Bitconnect guy! BITTTCOONNNEECTTT!
S Aggarwal, [14.07.18 00:51]
[In reply to Johnson]
@JimPreissler please answer this
Oliver, [14.07.18 00:51]
[In reply to Jim Preissler]
hahahaha
Jim Preissler, [14.07.18 00:51]
[In reply to Ro$€]
We are only limiting to 1000 until customer service, and any other issues are under control
Leo Elias, [14.07.18 00:52]
[In reply to Jim Preissler]
[ ?? Sticker ]
Dmitry K, [14.07.18 00:52]
[In reply to Jim Preissler]
[ GIF ]
Dustin McDaniel, [14.07.18 00:52]
Are MEW or other wallets going to be integrated in such a way as to make it possible to be able to participate in the LP without having them on the exchange? If this is actually possible that is. Will Private Keys be made available to the holders of the wallets in trade.io?
Dustin McDaniel, [14.07.18 00:52]
[In reply to Jim Preissler]
??????
Oliver, [14.07.18 00:52]
[ GIF ]
Jim Preissler, [14.07.18 00:53]
[In reply to Johnson]
yes, we will try to pull down elsewhere. no guarantees they will do it though
S Aggarwal, [14.07.18 00:53]
[In reply to Dustin McDaniel]
It will make no sense for company. To share profit withour using assets
Ro$€, [14.07.18 00:53]
[In reply to Jim Preissler]
That was cleared up, but how to distribute the LP profits from Ico, which custumers? Or we need the formular till LP launched?
Dustin McDaniel, [14.07.18 00:54]
[In reply to S Aggarwal]
Asking mainly for other community members who are looking for answers from managment
S Aggarwal, [14.07.18 00:54]
[In reply to Dustin McDaniel]
Np
Jim Preissler, [14.07.18 00:55]
[In reply to Dustin McDaniel]
yeah, also not sure on security on that as well. May be part of hybrid DEX solution
Jim Preissler, [14.07.18 00:56]
[In reply to S Aggarwal]
And transaction fees would be high, since every transaction would be recorded on BC, cant really use ledger. Not ideal overall
Dustin McDaniel, [14.07.18 00:56]
Couple more questions from community members...
Are there any updates on the Angel Investors Program?
What roles do Kosmos, Plutus VC and Blockway Capital play in the Angels Investors Program?
Dustin McDaniel, [14.07.18 00:56]
[In reply to Jim Preissler]
Thank you for those answers
Jim Preissler, [14.07.18 00:57]
[In reply to Dustin McDaniel]
We are sending them deals to look at where they know we already did KYC, took a first pass, etc. They are also bring us deals to look at as well
Jim Preissler, [14.07.18 00:58]
couple more minutes, then going to lunch!
S Aggarwal, [14.07.18 00:58]
Will Tio place there own buy and sell orders toaintain liquidity??
Grimlock, [14.07.18 00:58]
[In reply to Jim Preissler]
one last question from me,
Grimlock, [14.07.18 00:58]
are you confident that we are all going to the moon?
Grimlock, [14.07.18 00:59]
??
Dustin McDaniel, [14.07.18 00:59]
[In reply to Grimlock]
??????
Satish, [14.07.18 00:59]
????????
S Aggarwal, [14.07.18 00:59]
[In reply to S Aggarwal]
@JimPreissler
Jim Preissler, [14.07.18 00:59]
[In reply to Grimlock]
how much trading are you going to do :)
Hiro S, [14.07.18 01:00]
[In reply to Hiro S]
@JimPreissler can comment on that pls, thank you.
Soroush, [14.07.18 01:00]
Jim, will we have any kind of voting system for new coin listings?
Can you tell us anything about your plans on how new listings will be done? Would TIO owners have any privileges over others?
Jim Preissler, [14.07.18 01:00]
[In reply to S Aggarwal]
We will keep risk low initially, but over time us and outside (insitutional) providers will be doing this
Grimlock, [14.07.18 01:00]
[In reply to Jim Preissler]
am just going to hold. buckle up and sit tight. is that alright with you?
S Aggarwal, [14.07.18 01:00]
[In reply to Jim Preissler]
Very less ... As i am all in in TIO and now dont have any penny to trade
Jim Preissler, [14.07.18 01:01]
[In reply to Hiro S]
You mean operations??? No that is covered from our 50%
Dustin McDaniel, [14.07.18 01:01]
Any fear that the initial 1000 will be doing no trading since they are loyal TIO holders, and all-in already? ??????
S Aggarwal, [14.07.18 01:02]
[In reply to Dustin McDaniel]
Yes????
S Aggarwal, [14.07.18 01:02]
[In reply to S Aggarwal]
.
Hiro S, [14.07.18 01:02]
[In reply to Jim Preissler]
ok, it is clearer now. thank you.
Jim Preissler, [14.07.18 01:02]
[In reply to Dustin McDaniel]
then we add more
Leo Elias, [14.07.18 01:03]
Uscitizen when ?
Jim Preissler, [14.07.18 01:03]
[In reply to Hiro S]
An "expenese" would be an affiliate commission or something like that, not operations
Jim Preissler, [14.07.18 01:04]
[In reply to Soroush]
we are not looking to limit coins by any means, just need a controlled process to roll them out
Hiro S, [14.07.18 01:04]
[In reply to Jim Preissler]
understand even better now. :)
S Aggarwal, [14.07.18 01:04]
[In reply to Jim Preissler]
Good... So approx how many coins before lp launch??
Jim Preissler, [14.07.18 01:04]
[In reply to Leo Elias]
hopefully soon, been talking to FINRA and SEC
Jim Preissler, [14.07.18 01:05]
[In reply to S Aggarwal]
We will get to EOS and XRP pretty soon :)
S Aggarwal, [14.07.18 01:05]
Haha
S Aggarwal, [14.07.18 01:06]
[In reply to Jim Preissler]
I want others too as have economic interest via lp
Jali, [14.07.18 01:06]
[Forwarded from .]
Ok Tnx
Got it
Leo Elias, [14.07.18 01:06]
[In reply to Jim Preissler]
[ ?? Sticker ]
Dustin McDaniel, [14.07.18 01:06]
[In reply to Jim Preissler]
????
Johnson, [14.07.18 01:07]
I Missed response on licenses, can someone please repost?
S Aggarwal, [14.07.18 01:07]
[In reply to S Aggarwal]
@JimPreissler any estimate
Ro$€, [14.07.18 01:08]
Any plan that we can store Tio in hardware wallet like Ledge Nano?
Jim Preissler, [14.07.18 01:08]
[In reply to S Aggarwal]
ERC20 - we are looking at rolling out maybe 200 as soon as possible, but priority is on listing clients and ICO clients
Dustin McDaniel, [14.07.18 01:08]
[In reply to Johnson]
Working on HK, Singapore, Switzerland, Malta right now as the bigger ones. Smaller ones as well. We are meeting with regulators in the US as well
S Aggarwal, [14.07.18 01:08]
[In reply to Jim Preissler]
K
Jim Preissler, [14.07.18 01:08]
[In reply to S Aggarwal]
And for you, EOS and XRP
S Aggarwal, [14.07.18 01:09]
[In reply to Jim Preissler]
Thanks
trade.io, [14.07.18 01:09]
[In reply to Johnson]
I'll PM you
Soroush, [14.07.18 01:09]
[In reply to Jim Preissler]
Consider Tezos too plz, right now they only have two low-key exchanges available with high fees
Jim Preissler, [14.07.18 01:09]
[In reply to Soroush]
sure
Jim Preissler, [14.07.18 01:09]
Maybe they can pay us to list them :)
Jack, [14.07.18 01:10]
hi Jim, which kind of wallet we are using after exchange go live?
Jim Preissler, [14.07.18 01:10]
OK, I have a hot lunch date with my 5 year old. I will be back on here in a bit. Thanks everyone!!!
Jack, [14.07.18 01:10]
cos Blossom is under development
Hiro S, [14.07.18 01:11]
Thank you Jim, very quality AMA!
trade.io, [14.07.18 01:11]
Thanks Jim!
S Aggarwal, [14.07.18 01:11]
Thanks jim for ama @JimPreissler
Johnson, [14.07.18 01:11]
Thanks Jim! Enjoy your lunch
Ro$€, [14.07.18 01:12]
Thank you
Grimlock, [14.07.18 01:12]
ok guys, AMA is over. Time to load up your TIO bags and check in!
Jack, [14.07.18 01:12]
[In reply to Jack]
hi @Trade_IO, could you answer this?
trade.io, [14.07.18 01:13]
For your Q's please drop Admins a PM. We will collect your Q's and forward it to Jim. The AMA with Jim will also be uploaded on our Reddit page. Thank you!
???, [14.07.18 01:13]
Jim,I strongly recommend that you develop app!!
Paul Johnson -trade.io, [14.07.18 01:13]
Thanks Jim, Admin, and of course the TIOnauts...great dialogue as usual

submitted by Scarlet_TIO to u/Scarlet_TIO [link] [comments]

Kucoin exchange / KCS - 90% revenue redistributed to holders!! A comprehensive analysis of KuCoin exchange and Kucoin shares

KUCOIN EXCHANGE / KCS - 90% REVENUE REDISTRIBUITED TO HOLDERS!! A COMPREHNSIVE ANALISYS OF KUCOIN EXCHANGE AND KUCOIN SHARES
If you'll find this helpful, please sign up using my invitation link: https://www.kucoin.com/#/signup?r=E3iEp_!
Quick disclosure, nothing in this article should be considered as financial advice, this is purely my opinion and my research alone, take it with a grain of salt.
It’s an up-and-coming cryptoexchange that is like an integration of COSS and Binance. The problem with COSS is that there is little incentive for investors to use it, the UI is lackluster, it lacks proper charting tools, the previous CEO was known to be part of pyramid schemes. Binance, a similar Hongkong exchange is something that we can also compare KCS to, the BNB token offers the utility to reduce fees, but again there’s little incentive to actually have BNB tokens are use the Binanance exchange. I elaborate further on the advantages the Kucoin will have over other exchanges.
Kucoin has similarities to COSS in that 50% of fees that they charge are returned to the holders of KCS everyday at 12am. Holders of KCS get access to other perks such as trading fee discounts similar to BNB, customer-service fast passes and more. I also need to highlight that the 100m that is being with-held for 4 years and 30m of which is locked up for 2 years belonging to the founders/investors respectively ARE NOT subject to the 50% re-compensation of fees which normal traders/investors earn. Which means that only the current 100m supply for the next 4 years is eligible to receive the dividends from KCS.
Kucoin has a long-term goal of becoming a decentralized exchange(DEX) or integrating as much of it as they possibly can within their ecosystem, a point that I’d really like to highlight is that recently there has been a lot of news/FUD around exchanges like Bittrex and Bitfinex banning users, Finex have already disabled US citizens access to trading on their platform, and Bittrex is a US exchange, so who knows when they’ll have to close their doors to US citizens, they’ve even gone so far as to ban people from middle-eastern nations, however decentralized exchanges are on-chain and there is no governance or need to store funds on centralized exchanges to risk being hacked, as well as lawmaking bodies having no jurisdiction over them. There are currently withdrawal limits on accounts but the developers will be removing those very shortly, Kucoin has extremely fast transfer times with lower amounts of confirmations for speedy deposit/withdrawal, low transaction fees of 0.1% with special events where some coins are free to trade, such as WTC/HSR as of now.
The user interface is amazing compared to most exchanges out there, they enable trading view charting which is much better for traders to use compared to charts such as on Bittrex or Binance which have a very limited selection of charting tools, there are some kinks on the website such as the orderbook, however I have had a talk with the developers and they said that they were looking for “more elegant ways” to display the orderbook than just a scrollbar, they were also looking into producing a nightmode which is a god-send for night-dwelling (night-traders).
The Kucoin team are extremely active and have nearly 24/7 support, you can go into their telegram and ask them any question and they’ll answer you hastily and earnestly.
They also have an invitation bonus which is as a referral compensation program, basically for every person that YOU invite, you get 20% of the trading fees of the person you invited as an INCOME, and then 12% of the trading fees of the people that they invite. (I know you think that this reeks of a pyramid-scheme, however, I need to highlight that the KCS team do NOT benefit at all from this referral program as they actually LOSE money if OTHER people/users are using these referrals.) It is an attempt to bring more volume and traffic, but traders/investors only stand to gain from this, we have absolutely nothing to lose, the more friends you invite the more income you can have. (Some people are calling this a pyramid scheme, however it’s simply a marketing tool, I brush up on this in the second half of the article)
Right now, KCS is flying under the radar, it hasn’t even been added to CMC yet (they are getting it added very soon) and once it does we do expect to see a lot of hype, there will be a very huge in-flux of traders who would come to the exchange, I see this as the death of COSS, no one will go back once they try out KCS.
Let’s talk about the valuation of KCS, currently there is 200m supply cap, eventually over a long period of time the KCS team will buyback KCS (optional to sell to them) with the profits made from trading fees to the burn the supply until there is only 100m left, don’t be alarmed by this, there won’t be a sudden supply restriction of 100m over one night, its something that will probably take a decade to achieve, if not even longer. Who knows for sure, right so moving on; KCS is currently valued at approximately $0.6USD at 200m supply thats around $54m USD market cap. It’s only been out for under a month and the ICO price was $0.3USD(5000 satoshis) or around there, so it has doubled and a medium-high marketcap of $54m but lets compare the price to Binance, which is currently $1.27 through all of the FUD/FOMO on Bitcoin/bitcoin gold/2x. Token supply of 200m like, similar to KCS, was valued at its peak approximately $2.58 per BNB reaching a total market cap of around $270m, and it doesn’t even have the same features as KCS. So, KCS is currently valued at $0.6USD, with all of its amazing features, team, dividend payout, referral program; I believe has the potential to grow even larger and maintain its price. If not more. I do see this as a huge long-term project, it’s the mainstream exchange killer, it’s like the oneplus versus Apple and Samsung, if we actually evaluate the coin and the Kucoin exchange itself within its ecosystem it has nearly unlimited potential.
One of the common misconceptions and concerns is that traders have is, is Kucoin a MLM/Pyramid scheme?
What we have here is one of the posters on their website promoting an invitation/referral compensation program. The initial impact of the image makes one think that it is a pyramid scheme, but if you actually look closely you’ll understand that in actual fact Kucoin themselves don’t really benefit at all, they’re giving 90% of all of their fees to the referee as compensation while they only take 10%. This isn’t a pyramid scheme or some shady MLM, it’s a marketing tool to attract more traders and liquidity to the market. The only people who really benefit are the traders.
Getting straight to the point, it has a picture of a pyramid, but it isn’t a pyramid scheme. I need to highlight that the referral system is completely optional, you don’t need to invite anyone or spam your link, I understand that it does get annoying for people. It is a marketing plan aimed at being a liquidity attraction tool to try to hook more traders into using the exchange, but people are so stigmatized to the shape of pyramids that they fail to see the truth behind the curtains.
I’d like to go through the business model and ecosystem of exchanges, and as objectively as I can compare the difference between each exchange.
So for this example I’ll use 3 exchanges:
A. Bittrex B. Kucoin C. GDAX 
I’d like to make a fair evaluation of these exchanges based on three things.
1. Trading fees 2. User friendliness 3. Trading tools. 
First, some more assumptions Kucoin is still in its early stages of launching as an exchange, I’ve talked to the developers and they will be adding in “more elegant ways to see the orderbook” and stoploss/take profit systems.
5-point evaluation: very good, good, mediocre, bad, very bad.
A. 1. Mediocre-Bad (0.25%) 2. Good 3. Mediocre-good. B. 1. Very good (0.1%) 2. Good 3. Good C. 1. Mediocre-Bad (0.25%) 2. Good. 3. Mediocre 
Some other underlying assumptions are that each exchange has the same amount of trading volume daily; $100m. Each have the same variety of coins listed.
Given that information, which exchange would you personally as a trader gravitate towards; try to be as subjective as possible. If my evaluations are wrong, let me know and I will amend them.
You would inherently choose B. Correct? There is a recurring argument that the token offers no utility, the truth in the fact is that very few tokens offers anything at all, BTC is simply a speculative asset with no intrinsic value, and that’s it. I haven’t introduced the token dynamic just yet, so hold up.
Going back to the MLM/Pyramid scheme aspect of it. For something to be a pyramid scheme it has to have an initial buy-in where the grunts at the bottom purchase a product, and it has to directly benefit the upper echelons id est the developers/the exchange.
Does Kucoin meet any of those requirements? Not really. The referral program doesn’t require anything, you don’t need to hold Kucoin to be eligible for the 20% of fees that you’re earning from people you invite. It’s completely optional with no buy in, no product to sell. You can just use the exchange, or even invite people to get the referral bonus, then forget about it, and as they trade on the exchange you earn a % of those transaction fees passively. In fact, the Kucoin team loses from this marketing. Because they’re essentially giving a cut of the fees which they should earn back to its traders. Bittrex/GDAX don’t offer anything at all, they simply take 100% of all fees they have and put it in their pockets.
To summarize:
A. Bittrex pockets all transaction fees it earns from traders on its exchange without any compensation to traders. B. Kucoin offers an optional referral promotion whereby referees earn a % of fees that are incurred by the referred to the referee as compensation to help bring more liquidity to the exchange. This is actually detrimental to kucoin as they earn less income from transaction fees by giving it to the referees. C. GDAX pockets all transaction fees it earns from traders on its exchange without any compensation to its traders. 
If you believe that this statement is incorrect, or overly subjective please speak out.
Now, the issue with the token. Some people are saying that it has no utility; I’m going to prove that it does have utility.
A. Bittrex does not offer a utility token which reduces fees, or returns any portion of their income to traders. Of $100m trading volume they pocket $250K a day. B. Of all Kucoin token holders, 50% of all transaction fees earned by the exchange are transferred nightly at 12AM to Kucoin token holders. Of $100m daily trading volume they pocket $50k, while the other $50k is transferred to its token holders. C. GDAX does not offer a utility token which reduces fees, or returns any portion of their income to traders. Of $100m trading volume they pocket up to $250K a day. 
If there’s a problem with my calculations, please let me know.
Now I need to ask, is there value in holding the token? It is a speculative asset, which provides utility in generating returns for the holders of the token on the exchange. As far as tokens/coins go I’m fairly certain that this token has utility, it doesn’t just offer a cut of the 50% of daily trading volume as income but can also act eventually as fee discounts similar to BNB, as well as simply holding it will grant you support-fast access(Give that their support team is already very fast, that’s something to consider).
There is also no inherent need for the token, Bittrex/GDAX are already largely successful even without utility tokens, so why is Kucoin going out of their way to even lose up to 50% of their income?
The answer lies in liquidity, and competition; the utility token, the referral compensation system, they are all liquidity attraction tools. Exchanges make money based off how much transaction fees they can incur through the amount of daily trading. How does a new exchange compete with big wigs like Bittrex/GDAX? These are huge giants who have been in the game for a long time, but they’re some-what obsolete. They’re greedy and only care about themselves, have horrible customer-service and poor communication within their community. Kucoin offers more than that, you can go talk to its active development team in their telegram, bombard them with any stupid question you like, and they will respond.
The token, the referral system are liquidity attraction tools, even if they only get 50% of all trading fees as income, if they can attract more liquidity than other exchanges and become competitive they can also be big, furthermore we as investors holding the token don’t lose anything at all, in fact we get a cut of the 50% of the trading fees they earn. I’ve already received my first dividend last night at 12am, it was basically nothing but that is considering that they only have a trading volume of $1.1m a day approximately, if not less. If that was $300m, the number of dividends anyone would get would be 3-fold.
What to take away from this; it seems like an MLM/Pyramid scheme on the surface, but the developers do not directly benefit from giving traders a huge cut of their profits, their main goal is liquidity and competition. The token value is also a long-term goal, I should reiterate that there is currently only a total supply of 200m which will over a course of a very long time will be reduced to 100m, but that will be a very long time from now, 100m of the current supply is locked up for 4 years for the team/2 for advisors. As well as, being locked up they aren’t eligible to receive any of the 50% cut of the trading fees until AFTER they are released.
I see this as potential big opportunity, purely because in the future I can see the possibility of this becoming a very competitive exchange within crypto-space. This is without a doubt a shill, I’m not partnered with them or anything, but I felt like I needed to clarify what a pyramid scheme is and the distinction between Kucoin’s marketing model and an actual MLM like Amway.
The dividend model (50% of trading fees are given to the KCS holders)
I’d like to also go through the dividend model, every night at UTC+8 12AM, they deposit directly into your wallet address your share of the 50% trading fees that they earned from transactions during the day. The current daily trading volume is around $1.1m, if Kucoin can achieve competitiveness and run up next to some of the biggest names; Bittrex with $350m daily trading volume, you can expect that all of the dividends you earn will go up 350x as well. I’d like to also point out that the more popular the coin is the more transactions there are thus; you are always earning income in the most popular coin, no matter what it may be.
More on the utility of Kucoin (White paper abstract)
*To improve user involvement and exchange vitality, Kucoin is going to award incentive bonus, which equals to 50% of the total trading fees charged by the platform, to users who hold KCS in their accounts. Please note that this award proportion could be adjusted based on the actual situation in the future. The initial amount of KCS is 200 million among which 100 million owned by the team and angel investors would not be taken into account when calculating the bonus. In addition, we guarantee that at most 100 million KCS be calculated in the bonus plan during official buy-back and destruction. To obtain the daily bonus, users would need to deposit their KCS into Kucoin Platform. Then the platform will conduct accounting and award bonus based on to the KCS holdings in user’s account at 0:00 (UTC+8) that day and all the trading fees charged to the platform on the previous day.Then the bonus gained by users will directly put to their Kucoin accounts in the corresponding currency. For instance, If ETH-BTC cryptocurrency pair rate is 0.063 on the platform and the daily exchange volume is 30,000 BTC; based on the 0.1% rate from each side, the platform shall charge 30 BTC and 476 ETH as trading fees. The bonus for every 10,000 holdings would be 10,000 by 100,000,000 (0.01%). So that the daily bonus from this very cryptocurrency pair is 0.003 BTC and 0.0476 ETH (1 BTC and 17 ETH annually). Please note that this is ONLY the ETH-BTC exchange pair BONUS. Other than ETH-BTC, there are still various cryptocurrency pairs on the platform, which creates the trading fees in the corresponding currency and bonus based on the description above.
TRADING FEE DISCOUNT When placing orders to trade, holding a certain amount of KCS in Kucoin account can lower the trading fee. Details will be published through announcements.
OTHER EXCLUSIVE RIGHTS When KCS holding reaches certain levels, users can enjoy special services like one-on-one investment consultation, customer service Fast-Pass, etc.*
Full transcript of my Q&A with the Operation Director Kent Li
Two concerns were put fourth by some of my readers:
How do we know that we are actually receiving the 50% that you are guaranteeing us? In the whitepaper it is stated that the 50% of trading fees traders on the platform will earn is subject to change, what is the reasoning behind this? Kent Li — Kucoin — Operation Director, [22.10.17 00:35] Firstly, the users are actually getting 50%. The trading volume of each pair is transparent, people can get the data from the web page or through our public API endpoints. So there’s nowhere to hide if we cheated on this, people can easily calculate their Kucoin Bonus based on the formula we described in the whitepaper. Kent Li — Kucoin — Operation Director, [22.10.17 00:39] Secondly, many people have discussed our referral system. The reason why we design is like what you have said, to attract more people to come trade on Kucoin. Because we’re new comers in this industry even in China, we have to do everything to attract new users and become competitive in the space, that’s why we share 90% of our trading fees to the users. We want to survive. And we are working our asses off to achieve this. USER, [22.10.17 01:15] Thanks for that clarification! I’d also like to inquire about the rate of dividends that investors earn, currently it is at 50% and in the whitepaper has been stated that it will be subject to change, how long is the 50% bonus going to last? Some of my readers had told me that it will only be for around 6 months, you intend on reducing the income as your exchange becomes more popular correct? USER, [22.10.17 01:16] Also, what is the purpose of the income page in the “Assets” menu, currently all fields are blank, what are your plans for that? Kent Li — Kucoin — Operation Director, [22.10.17 01:18] Hi, we do have a plan to reduce the ratio of Kucoin Bonus. It will stay at 50% for at least 6 months, and it will be adjusted gradually, eventually it will be 15% after two or three years. As you know building and maintaining a high volume exchange will cost a lot of money. “Income” currently contains the GAS reward if you hold NEO on Kucoin, Income is also passive revenue if users hold certain kind of asset on Kucoin. USER, [22.10.17 01:19] In regards to the calculation in the white paper, it may also be beneficial to have a dividends tab in the assets page to show users how their dividends are being earned and the calculation behind. (I understand that this is a lot of work, and you guys are extremely busy, these things definitely do not get done overnight so do not feel pressured at all) Kent Li — Kucoin — Operation Director, [22.10.17 01:20] Ah, actually we have a better plan Kent Li — Kucoin — Operation Director, [22.10.17 01:21] There will be a dashboard or report page for users, it will display their profolio on Kucoin, their daily gains & losses, sort of this kind of things USER, [22.10.17 01:21] Thank you for that clarification! I’d know like to move onto some suggestions from my readers on the exchange, talking to a great many traders, they all agree that the exchange is better than up to 80% of the exchanges available. It’s intuitive, innovative and user friendly. Some points that were brought up were; the non-existence of a “scroll bar” for the order book, which one of your other developers already said you were after more elegant solutions. Others would be including the placement of the chart, some people were saying that it was a little too small. USER, [22.10.17 01:22] If you would like to share any plans with me, I would love to include it in my article, and if you could retweet it or pin it on your twitter. I’m sure it will bring a lot of people piece of mind. USER, [22.10.17 01:24] It’s definitely understandable that making sudden changes to the UI of the exchange isn’t something to be done over a night, so I’ll definitely highlight that, I think this is just an important step in gaining the trust of the community. Kent Li — Kucoin — Operation Director, [22.10.17 01:25] Yeah, things have to done step by step 
If you'll find this helpful, please sign up using my invitation link: https://www.kucoin.com/#/signup?r=E3iEp_!
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