Top Binance Trader Thinks This Comes Next for the Bitcoin ...

2018: The year of the DEX

Lately I notice increasing interest from the market in projects that are involved with decentralized exchanges or create one theirselves. Ofcourse at the moment the entire market cap is increasing but prices of for example Kyber network, Bitshares, Loopring, Switcheo and some more (i.e. 0x) are taking a bigger marketshare than before.
I think the increasing popularity of the DEX is because of the fear of centralization in the 'decentralized' environment that is characteristic for the crypto/blockchain space. Also many people start to see the importance of decentralization. Because to get crypto and blockchain mainstream people need to trust it and some of this trust is broken by centralized parties. For example when an exchange gets hacked, some outsiders and the media say: "Bitcoin and other 'internetmoney' doesn't work." the problem is appointed to Bitcoin and the blockchain instead of the exchanges. Take The Mt. Gox hack (2014) and the Bitfinex hack (2016) as an example and the aftermath of these events.
But why aren't decentralized exchanges mainstream already? My answer would be the lack of current technology to create reasonable services. Most decentralized exchanges aren't able to handle the necessary volume the investors and traders demand. Also most UIs don't make it easier than it already is to trade crypto. If you want to experience this struggles yourself, try to complete a trade on the 'pupular' DEXs (i.e. IDEX or EtherDelta). This isn't a complaint to current DEXs, they have done a great job but they simply are an early project in an emerging sector of technology.
But I have faith in the future of the DEX, this is why I made this post. I think 2018 will be a breakthrough year for this particular use case of blockchain technology. Upcoming projects are promising big improvements and accomplishments in the technology of decentralized exchanges. For example NeonExchange (NEX) is working on a DEX that can handle the volumes that are now only done by centralized exchanges, they will be able to do this through an off-chain matching engine, in my opinion they also have one of the best UI I have seen in the entire cryptospace. They are also aiming to make it easy to enter the cryptomarket for newcomers, by enabling easy fiat to crypto pairings and decentralized banking. A great development if you ask me, it means no matter what you do on the platform, your funds are in your own hands. On the 'popular' centralized exchanges the decentralized currencies become centralized currencies and this frustrates me because than in my opinion the entire key function of the blockchain is gone.
The projects that are working on decentralized exchanges are taking big steps forward in 2018, I recommend taking a look on the planned developments of NEX, Kyber network, Switcheo, Loopring and Bitshares. An honorable mention is Binance, the biggest crypto-exchange at the moment, is also showing interest in developing a DEX.
As you can see the trend for mainstream adoption of decentralized exchanges is looking positive. I wonder what your opinion is about this subject. What do you think about the importance of decentralized exchanges? What do you think about the possibilities and barriers for the development of decentralized exchanges?
English is not my native language, so there may be some faults, but you will get the essence of my post I think.
submitted by FrancoisFrancis to NEO [link] [comments]

Sprinklebit AMA

Transcript of the live Sprinklebit AMA on the OneX Discord Server:
Q: Do you see the sprinklebit exchange as a direct competitor to Coinbase and Robinhood? What coins and pairings will be listed? How will you establish a high level of liquidity to accomodate high volume trading?
A: yes we aim to deliver a superior experience to both Coinbase and Robinhood. We will use something called smart-routing to make sure that we have the best liquidity in the world. In simple terms it means that when you place an order for 1 BTC we match that with the lowest price including fees from all exchanges. So if the price is lower on e.g GDAX we automatically route the trade there. As the our orderbook grows the liquidity will stay within the exchange. We will start with top 5 pairings plus SCOI and PDI for the initial launch. Then we will add about 10 coins a month to the tradable. Regarding SCOI, it will be traded on multiple exchanges. It's a win-win. The exchange that adds our coin will be able to participate in our order-flow.
Q: Will there be fiat pairings on the exchange site , if so will it be a USD or USDT pairing ? In what stage are you of completing your platform to trade fiat pairs/altcoins. I know that Blockport comes out with it's alpha testing of a decentralized exchange that has similar features as you are stating within a month. Automatic lowest price exchanges, seem to be a new and upcoming trend. How is your exchange any better than the upcoming ones?
A: Yes, we have unique setup where the SprinkleBit group has a licensed brokerage firm in the US to handle USD pairings and payments. We also have a license to handle Euro in Europe. The key is the international reach and the conversion between a SCOI pairing and other types of securities. E.g you can exchange BTC for SCOI and the next second you can buy shares of AAPL with those SCOI.
Q: if I have btc, and I want to make a speculative investment in Amazon stock, how long would it take that order to settle? Basically what’s the user experience like when swapping a crypto asset for a traditional one?
A: this is instant
Q: You referred to order routing through to exchanges - this makes the website a merchant - therefore the exchange itself will charge a fee against the order placed, in addition to your own fee? Which also brings the question of what the fees will be like?
A: we are going to have tiered fees. Starting at 0.25% down to 0.05% depending on your account size and activity. And the routing will never add fees to your order, it will only make sure that you get the best price including any additional fees.
Q: How do you guys plan to capture some of the market share that has been snatched up by Coinbase and Gemini? What does your guys marketing plan look like? What milestones do you guys have currently set in terms of Marketshare, Concurrent Users, Volume, etc.
A: Coinbase will be the low hanging fruit. 1.49% fees is insane and our user experience will be even better then theirs. Not to mention the funding delays that they have. With us you have your funds within 24 hours of deposit or withdrawal.
Our marketing plan is to use SprinkleBit's social network to get our first 100k accounts and then we incentivize them to invite their friends for SCOI and other tokens.
Gemini is a bit different, that's more institutional and that will be step 2. Here is where the smart-routing comes in, we will reach out to institutional investors and tell them that they can now do crypto trading in a way that they are used to with equities and options. Namely to get the best price execution and reduce arbitrage.
Q: Will all funds be within 24 hours or will any be "instant"?
A: that will depend on account type and verification level. E.g if you are verified and have a margin account we can easily front you the cash until it settles in your account.
Q: Are you registered for the Bitlicense in the state of NY?
A: No, we are registered with FINRA and SEC
Q: One thing that has really hurt exchanges involves customer support. How does your support staff look? How many reps does SprinkleBit currently have, and what is your current plan to adjust to exponential growth in the future?
A: This is where our synergies comes in. We already have a bot we call SprinkleBot that runs for SprinkleBit to help users getting started. This will be applied for managing onboarding new clients. Fun fact 92% of all Customer support questions for a brokerage are repeat questions that can be solved by a FAQ and a bot. The remaining 8% will be handled by two customer support teams, 1 in USA and 1 in Europe.
Q: In the long term (talking 1+ years), how does the ICO play out? Is the intended use the same as BNB for Binance?
A: Let's take a 30,000 feet view. SCOI will evolve into a clearing blockchain for any type of security. Meaning that we don't have to send Stock and Option trades to DTCC for clearing. We can toknize it and run it through a separate blockchain. It would then reduce the cost of trading with over 90%. It will also be used as a pairing mechanism between crypto and other asset classes. The value of such system is tied to the demand and supply. On the supply side we have a hard cap, on the demand side it's the total value of all assets that uses SCOI to trade and settle.
Q: Does/will SprinkleBit provide a 1099 to it's users or do they need to keep track themselves? (not looking for tax advice)
A: Yes, it will be a separate 1099 from your regular brokerage one. But to be clear, there are no reporting requirements set from IRS yet so I cannot comment on that.
Q: Can you comment about the level of security of the SprinkleBit exchange? How resistant will it be to hacks and DDoS attacks? There are many bad actors these days and people are wary of storing their Bitcoin on an exchange for prolonged lengths of time. In case of an incident is there any type of insurance offered for lost funds?
A: The biggest security exploits are inside jobs on exchanges. We will employ same bank-level security as we do for banks. This means that we already have procedures in place for handling sensitive data and employees does not have access to it. We have also constructed a cold/hot wallet solution that will minimize the risk of any hacking attempt. Regarding DDOS we will use Cloudflare to work against that (or CTO has more details on the technical solution)
Q: What is the intended total supply of the token itself, and is it capped? add-on : Is there a possibility of mining those tokens or any other way of accumulating those beyond purchasing them? (P.s. I will be investing in the ICO)
A: we have our goal of 350m tokens to be sold. However, if we do not sell them when the ICO is over we will burn the oversupply.
Q: Can you explain the Cash to Crypto concept and how it will benefit the average user?
A: Cast to Cryoto (C2C ) is something I am really excited about. It's our take on solving the underbanked people around the world. Anyone who has an approved KYC AML account can apply to become a vendor. This means that your local grocery store can become a vendor. You just go there with your bills and exchange them for SCOI. The vendor get a small exchange fee (this will be different based on geografi)
Q: Are there any strategic partnerships in place to add incremental value?
A: The strategic partnerships are all on the SprinkleBit side. It has more to do with increasing the ecosystem. So far we Swedbank (Scandinavian bank with 7.2 million clients), we have a partnership with Samsung that will promote our app, we have several large banks in Asia that is under contract but I will share those details when we can publicly go out with it.
submitted by OneXCapital to OneXCapital [link] [comments]

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