Question: George, do you have a strategy to benefit from Binance blocking US users from trading on their platform? Are there plans to do more marketing? Binance is so big because they did a lot of aggressive marketing. I talked with so many people and they have not heard of BitMax. What is your strategy to create more volume? Are you planning to do some trading contests? Isn't it an idea to double the transaction fee? It's still cheap compared to other exchanges. It would be great for the pool and the team to get more money to do more marketing.
George: First, we don’t serve US clients for now. Second, we don’t have much of a budget for marketing. We position ourselves as a people’s exchange. We give out 80%, which is a very low commission, and we want to carefully plan our expenses. However, Binance has a much deeper pocket than we do, so they can surely do lots of marketing.
Question: How does the Bitmax.io staff and CEO plan to add more value to the Bitmax.io token over time and create more utility for the token to grow in the exchange and thereby the partner's share of exchange fees?
George: We have already shared major core revenue, trading commission, with our token holders. There isn’t much more room to share at this moment. Of course, as we build more products down the road, we would love to share more. We have always believed that we shall share most of the core revenue with our investors.
Question: Are there any updates you could share in regards to volatility cards, trading, and the launching of BTC/ETH in the future?
George: Yes, we are currently working on it. It will probably take 2 weeks.
Question: I noticed that there is a struggle of keeping the balance between private and retail investors. How do you plan to make this better? I'd be glad to buy BTMXP and hold it, as I don't have intentions to sell it, but having to wait 3 years to receive the tokens just turns me off. 3 years in crypto is a really long time, and it would be nice to have ownership of my tokens and to receive profit shares from the data usage from them as well.
George: It’s difficult to balance. However, BTMXP is tradable, which means you won’t just get benefits from its release to BTMX, you would also benefit from price appreciation.
Question: Since you have a lot of Wall Street connections, can we expect a partnership or a direct line of BTMXP Nasdaq for example?
George: Yes, we do have many connections. However, regulatory uncertainty still plays an important role.
Question: Hi George, what is the plan of re-private sale unreleased tokens. At the rate it has been doing in the last few months, we are looking at a release between 6-13 years. The acceleration plan seemed to work well, but then you introduced BTMXP which is something else and maybe not so successful. Can we expect the acceleration to come back?
George: BTMXP is a huge success in my mind. The price is trading way above private sale price, meaning private sale investors can lock profit right away if they need liquidity, ie. cash.
Like I mentioned several times, if we release it all, the price would be in trouble. You don’t get back what you think you can. Keep in mind that the team never sold any tokens, and we don’t have a plan to sell. We are as incentivized as you to release tokens, but the reality is that we can only do the best within certain limitation.
Question: Reply to “BTMXP is a huge success in my mind. The price is trading way above private sale price, meaning private sale investors can lock profit right away if they need cash.”
That's correct, but the issue is the new buyers. I'd buy them, but honestly, I am worried about this token release which can take a few years according to the current time. Private sale purchasers are in profits, that's right, but what about the people that get them now?
George: New buyers can also enjoy 2 benefits: 1) Everyday, there are part of token releases and you can sell at four times; 2) When the token price appreciates, you can also benefit from trading.
Question: Any update on the US website implementation?
George: We have set aside 40% of our dev resource working on it.
Question: Reply to “BTMXP is a huge success in my mind. The price is trading way above private sale price, meaning private sale investors can lock profit right away if they need cash.”
Well, I tend to disagree. Will you address if you think it's okay to have a release between 6-13 years for private sale tokens, and what's the plan to get to 1-2 years? Thanks.
George: Keep in mind that the team and equity tokens are released at an even longer period. I am happy to release more tokens to the limit where the market can digest.
Question: I have some concern about Covalent, which is listed on BitMax.io. To preface, I understand you are not responsible for specific projects listed on BitMax.io. However, the Covalent community is very on edge since the admins have somewhat abandoned the chat and gone silent as well as on other avenues of communication. This comes at a tenuous time regarding team composition and many previously undisclosed details that are somewhat concerning. Hope you can reach out to the team for clarification. Thank you and apologies.
George: I had a chat with the founder of COVA last month, and he didn’t mention anything unusual. I can certainly catch up with him again.
Question: When is it possible to stop mining?
George: The earliest time to stop mining is later this year
Question: Reply to “New buyers can also enjoy 2 benefits: 1) Everyday, there are part of token releases and you can sell at four times; 2) If the token price appreciates, you can also benefit from trading.”
There is no need to release it all, but at least have a faster release than now, because the pace is ridiculously slow. 4x cheaper is not helpful if you have 0.001% released daily right? The buyers look like fools then... I'd rather see healthy growth and a price that tanks at first for a bit...
George: Well, there are 2 reasons to buy BTMXP: 1) daily release, and 2) price appreciation. BTMXP price is highly correlated with BTMX. If BTMX price goes up, BTMXP buyer can enjoy a profit too. So we need to understand: 1) If BTMXP is released slowly, it helps BTMX price which, in turn, helps BTMXP price as well; 2) If we release too fast, then it hurts BTMX price and the price of BTMXP will be hurt too. It’s a balanced ecosystem; we have to respect the nature of the system. Any decisions we make will have to be based on big data.
Question: Are there any new presales in the pipeline?
George: Yes, coming soon.
Question: Thanks for your reply George, I am certainly aware that you do not want to dump the price, but you also have a responsibility towards those who invested in you. BTMXP was supposed to be time-limited and then back to 4x acceleration. The price held during acceleration so why not go back to that as promised. Also, you do not have to reply as you have not answered the first two times I asked.
George: I understand I have a responsibility on everyone who invested in me. I knew it from day 1, and that’s why we distributed most of our profits and that’s why we work day and night. Again, it’s a balanced system; if we focus on how to divide the pie, then we have lost our vision of growing the pie. For me, accelerating release or not is not the top concern I have. If we grow as big as Binance, if BTMX trades at 1 USDT now, then none of the concerns you have is a problem. As the founder of BitMax.io, I don’t believe you invested in me because you think I am good at dividing the pie: Most people invested in me because people believe we can grow big. Let’s focus on how to grow. Once we are as big as Binance, I am happy to sit down and grab a drink with you to discuss how to divide the pie.
Question: Have you ever thought that unlocking all the private sale tokens would be better and help the BitMax.io tokens find its real price? Right now, many people are scared to buy because they believe everyday tokens are being released. If you unlock all the private sale tokens now, the price will go down, but before we know it, it will start pumping back up because many people like the BitMax.io token because they are speculating it will be BNB 2.0, and the fear of daily inflation has been removed. So, don't you think it will be wise to unlock all the private sale tokens, and the team should simply focus on more important business because if BitMax.io succeeds, every other thing will be fine?
George: It will hurt our secondary investors. We will stop mining sooner or later and BTMX will enter a deflation stage. Once we are there, there won’t be any concerns on the total market cap.
Question: Reply to “We have set aside 40% of our dev resource working on it.”
Is it fine to reveal roughly at what percentage it has completed, or how much longer before it is implemented?
George: It takes longer than we thought. We had some tech issues. We need at least 2 more months.
Question: What is going on with Fiat (USD) trading? Is it possible to be in this year?
George: Absolutely.
Question: When will BitMax.io sell a new project?
George: July.
Question: When is the latest time to stop mining?
George: Probably sometime next year, but I can say very likely this year.
Question: Why have private sales stopped for 2 months now; it brought new users and volume, and BTMX was good in price, so won't it also be for the future? It seems all exchanges are very active now but BitMax.io is not at all.
George: We are focused on public sale. As you can see, many exchanges do IEO weekly or biweekly. However, there aren’t that many good projects in the market. We want to find the right project.
Question: When the mining stops, will BTMX be released on a fixed percentage?
George: No, BTMXP will be released at the rate of 50% of the daily permanently locked tokens. We did have an announcement before. For example, if we permanently lock 10 tokens, we will release 5 BTMXP, meaning that BTMX will enter a deflation stage. Total circulation supply won’t be exceeding beyond the circulation supply at the time we stop mining.
Question: What's the latest for YAP Stone?
George: We delayed listing, and we are waiting for the latest update from project. There are some changes from the project side that we think are necessary for us to rethink its listing strategy.
Question: Do you know what the exact maximum supply is going to be? Think 3 billion is way too much, and it scares people off.
George: Won’t be 3 billion. Not even close.
Question: Will BitMax.io implement lottery tickets to join a public sale with BTMX like Binance, or are there other plans to make public sales more accessible and fairly distributed?
George: Possibly in the future.
Question: Will BTMXP be worthless as soon as you stop mining?
George: That’s not true. We will accelerate permanent lock and accelerate release accordingly.
Question: So, all BTMXP will be converted to BTMX anyways, right?
George: True.
Question: If you stop mining immediately, the dividend will be lowered immediately. When the user's trading volume increases, stop mining to ensure that the dividend will not be reduced a lot. Is that right?
George: True. Once we stop mining, data usage reward will shrink. However, total supply will shrink too. There are pros and cons. Overall, I believe it will have a positive impact on price action, but in the short time, there will be volatility.
Question: Will reverse mining also be stopped in the future?
George: It will be strengthened, meaning that we will permanently lock more tokens and release more BTMXP.
Question: Is there any timeline you can give as to when mining will end?
George: The earliest is later this year and the latest is sometime next year.
Question: What are your personal criteria for listing new projects?
George: I am not in charge of listing. Our listing team is.
Question: Will we get any new margin pairs, and is there any consideration on offering higher leverage than 10x in the near future?
George: Yes, there will be new margin pairs. I don't think it's necessary to be higher than 10x.
Question: The 1-year anniversary is coming soon. Do we have any special events planned?
George: People have been asking for it, but I had difficulties choosing the date of our official anniversary. I am leaning towards November, the first day of transaction mining.
Question: Let's say you stop mining and permanently lockup a part of the supply: That would cause the release of a big part of BTMXP. This would cause a massive deflation of BTMX, right?
George: Yes.
（The transcript was edited in order to ensure comprehensibility and coherency; while the content was not changed.）
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