Coinmetro AMA: January 21, 2022
We will push new XCM tokenomics as soon as we can, it looks like we will be starting that work in early February, with a phased approach. We have some other important releases beforehand which will help support the tokenomics updates. For those new to XCM who may have missed any teasers…this is a massive update which will involve our staking program and the existing vaulting mechanism.
XCM is a utility token and will always remain as such.
“I’ll be the first to say that’s fucking nonsense, there is no way that makes any progress”
If we’re gonna start banning technology that spends electricity, then we should start banning refrigerators and start using ice boxes again. Most people want to save the environment, and that’s a great cause to be behind. However, they never think about how much electricity the current financial sector in general uses, from the cars, the planes, the buildings, etc. It would far outweigh how much electricity Proof of Work can ever consume, no matter how big the network gets.
Should you be taking out loans to buy crypto? Taking out a loan and making an investment is never the best idea. However, dependent upon your ability to pay back that loan, the investment going south and your risk tolerance, you could choose to do so. I myself would never take a loan to invest in crypto. I am willing to take more risks than most, but crypto is volatile enough, you don’t need leverage. What you need is patience and a plan.
Coinmetro Margin platform: Collateral is lent to users who are constantly on different sides of the trades. We do have certain levels of credit and leverage with liquidity providers. We don’t necessarily have to have 100% of funds on hand. As we grow, liquidity becomes thicker, deeper and the need for us to provide the credit lessens.
It fully depends on the chain of the asset. If we already support the chain, such as an ERC20 on Ethereum mainnet, then it is very light work for us technically. If it is a mainnet coin with its own protocol like Kadena or Hathor, it’s a much more technical process.
We will be opening up an official Coinmetro Discord server! You will be able to connect your Discord account to your Coinmetro account so we are able to mitigate the issue with scammers. Our goal is to give everybody access to opportunities. To help the community grow and uplift each other. Keeping the community safe and stopping the narrative going away from a common goal. There are some aspects of Telegram which I like. Others, such as scammers pretending to be Coinmetro and DMing our clients are not so good. On Discord, this can be prevented. We want to make sure people don’t lose their money because they don’t realize it’s a scam. Discord is going to have a lot of integrations. I’m excited to become a Discord user.
XCM Tiers revision
At some point, we will probably revisit the XCM tier limits and potentially add new lower tiers to accommodate new users as price increases, or assess the existing tiers.
We will be looking to replenish our treasury (e.g., buying XCM at markets, or repurchase bonds for example). We do and will be looking to establish a balance in our treasury. We are currently not buying into the XCM market, either automatically or otherwise.
Why did we list WhaleRoom? Have had very good conversations with the founders and see a future in collaboration between WhaleRoom and Coinmetro. It gives you access to a community based on holding a certain token. Communities are becoming and will be becoming big things in different industries. Crypto shows the way to this. They have a niche to fill with tokenization of companies and can venture beyond this with whitelist solutions. We think WhaleRoom has the ability, the know-how and the passion to do this.
Connecting XCM to our equity would make it a security, and that would limit the amount of things we can do. I do think XCM can be tied to in some way shape or form that is potentially tied to another asset or equity. Our goal is to make XCM as intricately tied to our ecosystem as we can. As we grow, you will see more cool stuff that XCM can do.
Jumping from one asset to another is usually not a good idea. You need to be very concise with those type of decisions, don’t just jump into other assets because you are emotional.
Coingecko vs Coinmarketcap
Coingecko. Especially since CMC is owned by Binance.
The team had a call with an AUD provider which went well, hopefully in early summer we potentially see localized AUD payments.
Would love to do something like tip staff from the dashboard. These features can be fun and provide a cool perk for our team.
We are planning to support Kaddex as well.
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See you next week on Friday 28th @ 13:00 UTC