AMA Summary 27 May, 2022
In case you missed Kevin’s live AMA on Friday, May 27th 2022, here is a summary to get you all caught up.
We had a legal opinion before the platform was launched that XCM is not a security and it passes the Howey Test. If it was a security, we would have to alter the tokenomics in order to be not considered one.
Number one on the list is in-house development, back-end and front-end devs. We have 6 or 7 back-end devs, 2 in-house. Collectively our marketing department needs to be built out, with the focus on growth for example. We also need more legal support as we grow the company into different regions.
We have been growing very fast in the last 6 months. We work with external recruitment and headhunting agencies. Growing fast is easy, but growing with quality is the challenge.
Lots of good news from Dubai. Met with lots of people in Dubai and Abu Dhabi. I met with VARA, the Virtual Asset Regulatory Authority. They were ready to make changes that we wanted to make and are in the process of signing the MOU. Made my way to Abu Dhabi to the investment office and talked with Salvatore there, I think we will be working great together in the future. There seems to be a lot of opportunities to get our business off the ground there. MOU will hopefully be in place next week. I will go back in July to Dubai and probably sit again with VARA and with ADGM, Abu Dhabi Global Market, to speak with the regulators and see if there are any opportunities for us there.
Q4 has been bullish in almost all years since Bitcoin came to the scene, except for 1 year. I do expect we will see a bullish Q4, not necessarily all-time highs. You can tie that in a bit to the election cycles. Equities are tied together to the whole crypto market, so if the elections in November will show a clear majority, you would expect a clear reaction in the market. I would tie it more into Q4 in general and I also think the market needs some time to figure out what it needs to do.
I don’t necessarily see KDA as an ETH competitor as it’s building its own market share. Not a big fan of Solana or Cardano. Cardano has an amazing community that will support them no matter what they do, even if they do nothing and that is amazing. Whether they did it on purpose or not, hats off to them for that community.
We’re gonna get to a point where we will have a protocol war. We have seen base technology wars like for example WIndows or MacOS, or Beta versus VHS, or DVD versus HDD. In many cases, we never got a true standard and we are going to see protocol wars for different industries, and different niches. I don’t think we will see one protocol to serve all.
Ether has a massive advantage because of what they have built already. At the end of the day, we will see titans like Ether, where safety and security have been established, will be preferred by certain parties.
I don’t think that regulation can be used as a commercial advantage. There may be short time windows where there is some advantage. The real advantage of regulation is the long-term aspect. If you are compliant you remain compliant and you have a relationship with regulators, you are not going to be the first one they will harass. They are going to look to you for leadership to have everyone else fall in line and they will ask you for your opinion. The edge specifically with this is that Dubai is the new neutral point in the world. Secondly, understanding how our competitors deal with regulators is a major advantage. If you come in without that process first, you are at a disadvantage.
There is a plan to do it at some point, the main one would probably be XCM to support XCM staking. Right now, it is not yet cemented into our roadmap.
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