Kevin talking about licensing, our new website, TRAM, the price of XCM, and many other things.
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Most of the guys that make these recommendations, know as much about blockchain as they do about sending a spaceship to the moon. The bank secrecy act does not work for blockchain-based asset. At some point these things may apply to certain on/off-ramps.
Kevin mentioned 6 months ago that he can’t believe that Binance wasn’t doing more acquisitions. Someone finally got into Binance with some business sense.They’re desperately trying to create a network of regulated counterparties, so that when their main business gets completely destroyed, they will have multiple other entities.
This is expected. The question is what they’re doing with that money. They also have a lot of cash, and gave away millions and millions last year to companies that would use XRP to give it utility.
Kevin thinks they are hoarding money for one big acquisition.
Good on Digibyte. One of the first one we announced we were going to list. We are definitely getting back in touch with them.
IOTA is kinda becoming a “blockchain of use” for car manufacturers. They might be looking at tokenizing usage. Like driving a certain amount of kilometers gives you tokens which can be redeemed for maintenance etc.
Blockchain companies that look to find one niche, probably do much better for themselves.
Letter of Intent sent to Brazil on Monday, and they’ll be sending it back today. Seven weeks from the time of signature of the LOI for cash in hand. During these seven weeks, we’ll have time to sit down and negotiate, putting together documentation, signature of a legally binding agreement etc.
When burn the correct XCM total amount?
We’ve already segmented wallets, but waiting to see more people withdraw tokens to get a better understanding if the totals we have for each wallet is a 100% accurate.
They will be burned, but there’s no specific date.
Any news on TRAM?
Internally, the date is the 15th of September. We have brought on an external QA team, on top of our internal QA team. The date this is supposed to end is the 15th. Internally!
When fix the utility for XCM?
Happening around the same time as the TRAM release.
When new website?
Front-end team is fully working on TRAM. After TRAM is released, then the front-end team will be able to focus on the website, and after that, margin posting. We have mockups done for the website, much better than the old ones that were thrown in the trash. After TRAM, 2-4 weeks to get the landing page up, and every 2-3 weeks we’ll push new pages out. 8-12 pages total.
Any update on Montenegro and the CSD?
We got an official letter yesterday, from the president of the CMA. Professional reference to Kevin and the other co-founder of the CSD and CoinMetro, saying they are more than happy and eager to receive our application into the sandbox.
With that letter, we are now waiting on the full application package, expected next week. By the end of the month, we should be in the sandbox. CoinMetro will be able to list STOs/regulated assets, and do settlements inside CoinMetro.
We’ll start to see what products we’ll list. The CSD had in mind to list 5-10 assets in the sandbox. We’ll limit CoinMetro to 2-3. One equity product, one debt product, probably. This is to show how it works, how the MTF would process orders, how reporting would work. Using basically our same trade and margin capabilities that we have now.
When can I buy a CoinMetro T-shirt?
We’re getting there! And we should get some cooler designs. Maybe a “soon” one, some meme T-shirts.
Why is CoinMarketCap’s circulating supply for XCM only 8 million?
They are using the amount withdrawn to personal wallets, plus the exchanges hot wallet. This will be corrected and we have further separated the wallets and named them also.
Any comments on the price right now?
We’re talking about a token that is available on one platform, that has yet to do (substantial) marketing, and has seen sell pressure on one day of over 1% of the circulating supply, and was able to maintain a value of less than 20% of that day’s high. That’s quite extraordinary.
Once we institute the full utility of pulling XCM off the market, and we start to bring in more users, the value of XCM can only go in one direction. Mechanically. Not talking about speculatively.
Kevin thinks the price makes sense right now, after some sell pressure, after a bounce, that we continue on a slightly downward movement. After people see that sell pressure, they might also sell. This is the opposite of FOMO.
Any updates on the debit cards?
The provider has given us the date October 15th for their 25 currencies and moving the IBANs to the UK for fixed fees. They have been in the progress with Mastercard for 3-4 weeks, and the process was to take 8-12 weeks.
Market makers still due to come online on the 15th?
That’s the day they’ll be ready. We’ve started looking at integration on both sides, but it could definitely get pushed a bit with all these product launches.
If CoinMetro runs into any critical money issues, would you consider selling large chunks of XCM from the liquidity pool outside the book?
Selling outside of the book, is something we would consider whenever we sold. This would definitely make sense, so the answer is yes. IF we would be selling.
Any sneak peak of the next proposed IEO?
Not yet. We have one that’s very interested for a October/November launch, based in the Netherlands. Another one based in the UK, and one in Argentina. No specifics yet, but once we get through with Parsiq, then we’ll be releasing more information.
When tokenized debt on CoinMetro?
One of the products we’re looking to offer in the sandbox. We wouldn’t want to tokenize individual debt, that’s a slippery slope.
Does the LOI with the Brazilians include the full funding or just part of it? Will you get all funds in one swoop?
It’s three phases. The LOI is focused on phase one. For CoinMetro, that’s 500,000 euro.
Phase two is the entire amount that CoinMetro was looking to raise, and a very large portion of what the CSD would need.
Until when do the current funds last?
We’ve been essentially month-to-month since December. Every month we basically pull in funds that last for a month, generally. That hasn’t changed.
What kind of timeframe before the CSD will be a working product?
Development time for MVP, is four months. Launch of production-ready framework, six months. Development will start probably next week. Four months after that, we’ll be able to get into the sandbox with the CSD. Two months after that, we’ll have a product that we can start building out all the functionality for the full production model. Could take a year. The system would be ready to roll in limited production, in 6 months.
How big is the potential market for the CSD?
Well, you have to total up every single regulated market in the world. So, huge. Bond market in the US is a 100 trillion. Generally, we’re talking about 100s of trillions in terms of possibilities.
Realistically, it’s still very large – there’s no system that can do real time settlement and do that cross-border, globally. If that were to exist today, it would completely change the way capital markets work, from many different standpoints. Getting this done, changes the game. It’s massive.
Any update on US residents that participated in the ICO being able to be in the airdrop family?
Right now, with the structure of CoinMetro Direct, being the fact that it’s not an ICO, that the issuer is not the one actually distributing tokens, it’s us based on a sale on the exchange, Kevin would say it’s probably not an issue. Will talk with legal about this.
Companies are using different Pos/PoW consensus mechanisms.
Consensus on a blockchain: in order for data to be confirmed, more than one node, one miner, one stakeholder, is saying that the data is accurate.
PoW is what Bitcoin uses, which is miners, doing mathematical equations to solve the block.
PoS is based on how much of a certain asset you’re holding, how much your stake is, and the more you stake gives you more access rights and you might be next to confirm a block.
Want to know more? Check for more details in the video below.
Get the complete scoop by tuning in to our audio version of last week’s TWiC on SoundCloud. Happy listening!
Well, that’s it for this week’s AMA with CoinMetro Founder Kevin Murcko! Please join us next week on CoinMetro’s Facebook and YouTube Channel at 12:00 (UTC) for another round and make sure you submit your questions to the CoinMetro subReddit!
As always, we’re available to answer any questions you may have on our Telegram Group 24/7.