Welcome everyone to our Live Telegram AMA for May 2019! The LocalCoinSwap founders, Nathan Worsley (CTO) and Daniel Worsley (COO) are here tonight to answer any questions that you have about LocalCoinSwap. Thank you for joining us tonight Nathan and Daniel!
Angus, [30.05.19 19:01]
HI :D
Nathan - LocalCoinSwap CTO, [30.05.19 19:01]
Hi everyone, good morning/afternoon/evening!
Daniel - LocalCoinSwap COO, [30.05.19 19:01]
Hi all, It is great to be here for the May AMA. I hope eveyone is doing well today!
Nathan - LocalCoinSwap CTO, [30.05.19 19:02]
We’ll be around for the next hour or so to touch base with you all and answer questions about the project
Penelope - LCS Marketing Manager, [30.05.19 19:02]
Ok guys, I will kick off with some pre-requested questions from the community...
Penelope - LCS Marketing Manager, [30.05.19 19:03]
@brettblue asked "I was curious everyones thoughts on adding steem to the platform. it is a great community and there are alot of big volume hitters I know over there including one of my best friends. it would allow a direct option to withdrawl for them being as they dont have that option"
Aleksandr Zhevlakov, [30.05.19 19:05]
Good day !
1. I got the impression that the team has become less contact with the community. We learn about many decisions and rearrangements after the fact. (And many questions remain hidden in the shadows, such as a financial report on the money spent) Tell me how the work on interaction between the community and the development team will be built in the future.
2. I am very glad that you made the API, many have asked for this, and it is great to hear that this will be added soon. When do you plan to start work on the introduction of c2c? I think this is the second most popular request.
3. In a short period of time, a large number of old, respected community members left the project. The price of the token made -x80. Negative background is growing, the volume of bidding does not increase. Looking for good news!
Nathan - LocalCoinSwap CTO, [30.05.19 19:05]
Great question @Brettblue. Unfortunately we’ve found out through direct experience that adding new coins to the platform is not a volume driver.
The traded volume of certain coins on centralised exchanges doesn’t relate to their traded volume on P2P exchanges.
Primarily 95%+ of trading volume is in BTC, with a smaller amount in ETH, Dash, Monero, and LCS. It seems the P2P market is almost entirely BTC really, especially in developing regions around the world.
For this reason, our focus will be on improving the experience of trading existing coins going forward, unless we see direct evidence that adding a particular token/coin might result in an increase in trading volume on the platform.
Ahmad Jabar, [30.05.19 19:07]
“7 days after a transaction between traders is completed, LocalCoinSwap will no longer have the ability to access any communications between traders” You technically won’t have that ability or is it just a promise? Do you have backdoors for regulators? Can you sign into other user accounts?
Angus, [30.05.19 19:08]
Hey!! I loved the marketing report you guys published recently. I'm a big football and crypto fan too. Will you be sponsoring more clubs and groups like PVFC around the world?
Daniel - LocalCoinSwap COO, [30.05.19 19:10]
[In reply to Aleksandr Zhevlakov]
@Kedr91 1. As the project further develops and transitions into the various stages, the core and higher ranking team members focus is required in various areas. Unfortunately many of us just do not have the time to be spending hours weekly in Telegram chatting to the community (as much as we would like to). We have community managers and feedback forms so that community questions, issues, and sentiment can be disseminated through the team.
Nathan - LocalCoinSwap CTO, [30.05.19 19:14]
[In reply to Aleksandr Zhevlakov]
Hi Aleksandr, to answer your second question: Our API is actually launched and fully available, you can access it at api.localcoinswap.com and there are links to it from the exchange.
Going forward our timeframe for adding C2C is at least 3 months, because before that we have some major improvements to the trading experience we need to add.
We are happy to add C2C on the communities request, however I must be frank that I believe it will add 0 or close to 0 trading volume to the platform. The reason is because it will be a much more expensive, cumbersome, and slower way to trade C2C than a regular exchange, and none our of competitor P2P platforms have experienced significant C2C volume. That said, we will add it on community request.
To answer your third question: Unfortuantely slow volume on the platform has shown us first-hand that actions we were taking in the past were not leading to results. Continuing to do what we were doing would have just lead to the eventual demise of the platform.
Consequently, we’ve made a bunch of stark changes to the company and website lately, and there has been some major changes within the community also.
Some of these have been unpopular, however if you look at the site metrics our recent efforts have led to the largest increases in trading volume since launch.
The only long term driver for token value is volume on the site. No amount of marketing or hype will increase a token value when its intrinsic utility (dividends) is low.
Therefore, no matter how unpopular the decision might be in the short term, we will always do what we feel is best to maximise shareholder value by increasing volume and thus dividend payments to those who hold our tokens.
Daniel - LocalCoinSwap COO, [30.05.19 19:15]
[In reply to Angus]
Hi Angus, Thanks for the support. It’s great to see some more football supports here!
We don’t have any more specific sports sponsorships in the pipeline at the moment, but it is definitely something that we are open to if any more opportunities arise! If you have any contacts in sports organisations, feel free to reach out to the team and we will see if we can work together in any way!
Angus, [30.05.19 19:16]
Awesome !
Nathan - LocalCoinSwap CTO, [30.05.19 19:17]
[In reply to Ahmad Jabar]
Hi @ajrashid, we don’t have any backdoors for governments and so far in operation no government has contacted us for data on any users.
I would personally not operate the site any longer if I was legally required to institute a backdoor for a government to spy on users. My personal ethics and my professional reputation would not allow such a move.
Penelope - LCS Marketing Manager, [30.05.19 19:17]
@Roger_CA asks "Is there a contractual obligation to Hotbit that keeps us on the exchange?"
Aleksandr Zhevlakov, [30.05.19 19:18]
@Daniel_LCS @nathan_LCS thank you for your responses! I wish you good luck and great patience! we will succeed!🙂😉
Nathan - LocalCoinSwap CTO, [30.05.19 19:19]
[In reply to Ahmad Jabar]
We do a different format each AMA, so there are pros/cons to each style of format. I guess this format is frustrating with the typing speed, but the advantage is the questions can be easily asked live. With a professionally produced video the questions all have to be pre-submitted in advance
Ahmad Jabar, [30.05.19 19:19]
What about the 7 day period, Nathan?
Ahmad Jabar, [30.05.19 19:20]
And do you have the ability to login to other users’ accounts?
Daniel - LocalCoinSwap COO, [30.05.19 19:21]
[In reply to Penelope - LCS Marketing Manager]
I am not aware of any condition that commits us to list with them. However, due to the decentralized permissionless nature of the Ethereum blockchain, there is no way we can force them to delist us. Keep in mind that they make profits from allowing people to trade LCS on the site. There is no incentive for them to delist us unless:
- They are legally required to do so
- The costs of maintaining the LCS listing outweigh the revenue they receive
Penelope - LCS Marketing Manager, [30.05.19 19:22]
@Roger_CA asks "What was the date range for Q1 and now for Q2? We are having trouble pinning that down. Sep 10th was the soft launch, but the first dividend was 5 1/2 months later on Feb 26th. Now, we have a dividend scheduled for June 20th, but that is almost 4 months. Also, is the snapshot the end of the quarter or the distribution date? If the snapshot, then snapshot dates should be published with distribution dates."
Nathan - LocalCoinSwap CTO, [30.05.19 19:23]
[In reply to Ahmad Jabar]
Currently it’s a company policy, and not a technical implementation. But going forward we would like to implement end-to-end encryption in the chat system that would make 100% of the chat inaccessible unless there is an escrow dispute.
Like any platform with a userbase and login system we of course have the ability to reset peoples passwords and MFA when needed, to assist people to recover lost accounts.
But currently only 3 staff members have the ability to do this for security reasons.
Ahmad Jabar, [30.05.19 19:24]
Ok, but then end-to-end ecncryption would be useless if you can login to other people’s accounts.
Ahmad Jabar, [30.05.19 19:24]
If regulators ask you to do that I mean.
Nathan - LocalCoinSwap CTO, [30.05.19 19:25]
[In reply to Ahmad Jabar]
The end-to-end encryption would be for the messaging system and the private keys would be hosted in the browser of the user. So even if we logged into someone elses account by resetting a password we wouldn’t have access to chat messages!
Penelope - LCS Marketing Manager, [30.05.19 19:25]
@powerfactor asks "why are tx numbers not available on any transaction through the platform? Can this be made available please?"
Ahmad Jabar, [30.05.19 19:25]
[In reply to Nathan - LocalCoinSwap CTO]
Interesting! Please do that encryption thing before regulation has come 🙂
Nathan - LocalCoinSwap CTO, [30.05.19 19:26]
@powerfactor if you are referring to withdrawal hashes that should be available in next Mondays release 🙂
Penelope - LCS Marketing Manager, [30.05.19 19:27]
@powerfactor asks "when a trade is initiated why does messaging the other person not count as making contact in the trader ratings calculation?"
Daniel - LocalCoinSwap COO, [30.05.19 19:27]
The date range for Q1 was from the date of soft launch, till the Q1 snapshot date. Q2 will be from Q1 snapshot to Q2 snapshot. The dates for Q2 snapshot will be announced soon.
Ahmad Jabar, [30.05.19 19:28]
Who has access to move funds between cold and hot wallets?
Nathan - LocalCoinSwap CTO, [30.05.19 19:29]
Our thinking was that it would be too easy to game the system, especially now that we have an API. A service could easily be set up to just message everyone who makes a trade request using the API. We’d like to look at ways to improve the popularity system of course, and the current implementation is not perfect by any means.
Penelope - LCS Marketing Manager, [30.05.19 19:29]
@Friscoplayrsf asks "When will the teams tokens become unlocked?"
Ahmad Jabar, [30.05.19 19:30]
Non-custodial trades? Is this a thing? I heard of it in the early videos.
Daniel - LocalCoinSwap COO, [30.05.19 19:30]
[In reply to Ahmad Jabar]
For security reasons we can’t name the specific staff members that have access, or that are required to transfer from cold to hot wallet. Unfortunately, there have been many cases of kidnappings of cryptocurrency exchange operators and the safety of our staff members is a high priority!
Andrew-Crypto made easy, [30.05.19 19:31]
[In reply to Nathan - LocalCoinSwap CTO]
Thanks Nathan i find because i ask for ID check when i ask in messages I never get any response and the trade expires damaging my rating even tho i made contact
Ahmad Jabar, [30.05.19 19:31]
[In reply to Daniel - LocalCoinSwap COO]
I’m not asking for names 🙂 I’m asking if this team will be available 24/7 to make sure people’s withdrawals are not stuck when the hot wallet for that particular coin is depleted?
Nathan - LocalCoinSwap CTO, [30.05.19 19:32]
[In reply to Ahmad Jabar]
We are working on it. Our main issue at the moment is just that this has never been achieved in most of the currencies on the platform - so there are some serious technical problems that need to be surmounted. It’s possible in ETH and BTC of course, but no-one has ever done it for XRP, Monero, Dash, etc. At the moment we are looking at a gradual rollout currency by currency
Penelope - LCS Marketing Manager, [30.05.19 19:32]
@Anatoli86 asks "please ask a question to Daniel and Nathan to take a more aggressive promotional action against Iran! What is being done to replace us leaving from there LC? We need to act more decisively and attract Iranian traders to the platform."
Angus, [30.05.19 19:32]
I am trying to get my friends to look more into p2p trading instead of just joining the usual conventional choices, but it's kinda hard to get them to understand the value of p2p exchanges. I can't teach them well enough as I'm learning myself still... Do you think you will do more educational videos or other things like that to help me and others learn about trading p2p???
Nathan - LocalCoinSwap CTO, [30.05.19 19:33]
[In reply to Andrew-Crypto made easy]
Hey @powerfactor perhaps we could implement a clearer way of telling people that ID will be required by you when they initiate a trade?
Daniel - LocalCoinSwap COO, [30.05.19 19:34]
[In reply to Penelope - LCS Marketing Manager]
The team tokens will be unlocked 12 months after the conclusion of the ICO. This will be June 15, 2019 if I am not mistaken. The team has no intention of selling their tokens though as we are in this for the dividends 🙂
Andrew-Crypto made easy, [30.05.19 19:34]
[In reply to Nathan - LocalCoinSwap CTO]
Yeah a badge or something I don’t want to accept every trade and have to open a dispute because the never replied
Ahmad Jabar, [30.05.19 19:34]
[In reply to Andrew-Crypto made easy]
You can reject the trade before it expires 😉
Nathan - LocalCoinSwap CTO, [30.05.19 19:35]
[In reply to Penelope - LCS Marketing Manager]
Hey @Anatoli86 currently we don’t have any traders from Iran on the platform, or any signups from Iran.
The political landscape is complicated and we are still investigating our ability to market and trade various regions of the world. I hope you understand that we want to maximise availability of our platform, but we can’t be in violation of possible global sanctions - and have to therefore tread carefully in some sensitive regions
Andrew-Crypto made easy, [30.05.19 19:36]
[In reply to Ahmad Jabar]
I shouldn’t have to time every trade and reject at the last minute to save my rating really
Ahmad Jabar, [30.05.19 19:37]
Can we have some transparency regarding the ICO funds? How it was spent? Was it converted to fiat or suffered the bear market? How much is remaining? How long can we expect to pay for expenses using any remaining funds if generated revenue is not sufficient?
Nathan - LocalCoinSwap CTO, [30.05.19 19:38]
[In reply to Angus]
Great point, in the coming months we want to work on some more educational content introducing people to P2P trading and explaining how it works
Ahmad Jabar, [30.05.19 19:39]
[In reply to Andrew-Crypto made easy]
If they don’t answer in a few minutes, reject it and let them know they can still message you. If you agree to trade, open new one.
Mickey Love, [30.05.19 19:39]
Hey guys. I've noticed that there has been a lot of community members trolling in this channel lately and it's really disappointing as they are attacking everyone else and it makes me feel uncomfortable to talk. What are you planning on doing to reduce the trolls so that the rest of us who are happy with the progress of Localcoinswap can enjoy the project without being hassled by those who are most vocal?
Penelope - LCS Marketing Manager, [30.05.19 19:39]
@clearintell asks "What is the name of incorporation in Hong Kong?"
Nathan - LocalCoinSwap CTO, [30.05.19 19:42]
[In reply to Mickey Love]
I agree that there has been some unfortunate toxic conversations and interactions which have occurred recently.
We want all members of this community to feel comfortable here, and thus going forward may have to step up some of the moderation a little to ensure there’s no trolling, excessive aggressiveness, or personal attacks.
Also, it’s important that new traders who reach this platform without having been part of the history of LCS don’t feel turned off from trading on the platform
Ahmad Jabar, [30.05.19 19:42]
Do you plan on having third-party financial audits?
Mickey Love, [30.05.19 19:43]
[In reply to Nathan - LocalCoinSwap CTO]
Thanks, that is really reassuring and I agree it will be a positive step forward for welcoming new investors 👍🏼
Nathan - LocalCoinSwap CTO, [30.05.19 19:44]
[In reply to Penelope - LCS Marketing Manager]
We incorperated in 2015 under the name Digital Assets Managements, as stated in the whitepaper, and LocalCoinSwap is a trading psuedonym of this company
Nathan - LocalCoinSwap CTO, [30.05.19 19:44]
Going forward we are considering our options for incorperating elsewhere as well
Ahmad Jabar, [30.05.19 19:44]
Can we set tragets for monthly trade volume? If targets not sufficiently reached repeatedly, actions taken against marketing team?
Daniel - LocalCoinSwap COO, [30.05.19 19:44]
[In reply to Ahmad Jabar]
Unfortunately being a cryptocurrency project means that we, like many other projects, have issues when it comes to fiat banking solutions. This hindered our ability to convert ICO funds to fiat. Of course this means that we suffered from the bear market but we have, and will continue to hold our funds in a mixture of BTC, ETH, stable coins and some fiat. It is a reality that many expenses have to be paid in cryptocurrency too
Ahmad Jabar, [30.05.19 19:45]
[In reply to Daniel - LocalCoinSwap COO]
Can you say how much we have left? How long can we pay for expenses?
Penelope - LCS Marketing Manager, [30.05.19 19:46]
@clearintell asks "Is the Localcoinswap trading name a registered business name in Hong Kong?"
Nathan - LocalCoinSwap CTO, [30.05.19 19:47]
[In reply to Ahmad Jabar]
Unfortunately trade volume is not a direct metric of how good of a job the marketing team has been doing. Although it’s the metric for success of the site it’s the result of market conditions, plus the efforts of the entire team, and not just one department of the team. The developers, financial people, and operations people, are just as much to blame/commend for the success/failure in driving volume.
For this reason we set other metrics for determining the success of marketing efforts, primarily how well current campaigns compare to previous ones. We have to be fair in the way we access performance of all staff members
Ahmad Jabar, [30.05.19 19:48]
Do you plan on having third-party financial audits?
Penelope - LCS Marketing Manager, [30.05.19 19:48]
@Roger_CA asks "Can we consider a minimum dividend distribution per quarter that matches the first distribution? This would seem to be an excellent way to maintain confidence in the dividend model and boost marketing with minimal capital."
Ahmad Jabar, [30.05.19 19:48]
Is the team going to be avaiable 24/7 to make sure people’s withdrawals are not stuck when the hot wallet for that particular coin is depleted?
Daniel - LocalCoinSwap COO, [30.05.19 19:50]
[In reply to Ahmad Jabar]
I can’t give these figures as they are highly dependant on the volatility and current state of the market. They also depend on our staffing, crypto listing, server and infrastructure, and marketing outlays which are variable. But we still have an adequate runway to continue to develop, maintain and market for some time to come.
Ahmad Jabar, [30.05.19 19:50]
Why Hong Kong? I don’t think any staff member resides there.
Nathan - LocalCoinSwap CTO, [30.05.19 19:50]
[In reply to Ahmad Jabar]
Not at this time, it’s expensive to do so, not a legal requirement, nor would it be a contributer to volume of the platform. We aren’t Tether or another company in a situation where third party audits determine whether people should use our services
Nathan - LocalCoinSwap CTO, [30.05.19 19:51]
[In reply to Ahmad Jabar]
At the time it was a great jurisdiction for a cryptocurrency company to incorporate, due to global regulations at the time. Going forward we are accessing our options for better jurisdictions to incorporate in
Nathan - LocalCoinSwap CTO, [30.05.19 19:53]
[In reply to Ahmad Jabar]
We will always have as much staff uptime as possible. However, please keep in mind the more people who can access the system the less secure it is. We always prioritise security over conveniance, as frustrating as that can sometimes be
Ahmad Jabar, [30.05.19 19:53]
Why is @LocalCoinSwap on Twitter suspended?
Ahmad Jabar, [30.05.19 19:53]
[In reply to Nathan - LocalCoinSwap CTO]
On a site-wide level, LocalCoinSwap keeps 95% of funds in offline cold-wallet storage. All outgoing transactions from cold-wallets are manually authorised by our 24/7 support staff after verifying the integrity of the transaction. Additionally, the cold-wallet storage protocol in place utilizes a smart contract to place limits on the size of transactions support staff may engage in without additional verification from the company directors of LocalCoinSwap.
Ahmad Jabar, [30.05.19 19:54]
^If the above is not 100% true, please consider removing it or changing it.
Nathan - LocalCoinSwap CTO, [30.05.19 19:54]
[In reply to Ahmad Jabar]
Our Twitter account is https://twitter.com/Localcoinswap_ From memory (don’t quote me here) the other account already existed when we started the project and was owned by someone else
Ahmad Jabar, [30.05.19 19:55]
[In reply to Nathan - LocalCoinSwap CTO]
Adam was pretty confident that it belonged to us. Can’t you ask to gain that handle?
Daniel - LocalCoinSwap COO, [30.05.19 19:56]
[In reply to Penelope - LCS Marketing Manager]
We will consider this but off the top of my head I see some issues. For example, what if for some unforeseen reason revenue is lower than the last dividend payment. Or if costs are needed to pay expenses that would make it impossible to match the previous dividend. I am not saying that these are likely, but if we make promises about payments, and we cannot honor them for any reason, I feel that would be worse for token holder confidence.
Nathan - LocalCoinSwap CTO, [30.05.19 19:56]
[In reply to Ahmad Jabar]
We can ask, but asking Twitter for things rarely results in anything happening 🙂
Ahmad Jabar, [30.05.19 19:56]
Can we have an idea how the team funds will be distributed? Can team vote with their 10M tokens after released?
Andrew-Crypto made easy, [30.05.19 19:56]
When will the community vote on dividends expiry be?
SEVER 86, [30.05.19 19:56]
Thanks for the reply Nathan!LCS is located in Hong Kong and we do not report to USA!Why can't we fight for Iran's market?LC was there until the last moment and nothing prevented him!
Ahmad Jabar, [30.05.19 19:57]
Can you exclude an address from receiving dividends?
Ahmad Jabar, [30.05.19 19:58]
Community funds received no dividends for Q1?
Ahmad Jabar, [30.05.19 19:59]
Can dividends be redeemed through the blockchain instead of the website?
Nathan - LocalCoinSwap CTO, [30.05.19 19:59]
[In reply to SEVER 86]
I would personally like to offer full services to Iran, and currently we aren’t excluding Iranians from the platform. But please consider that we don’t want to get in trouble by breaking international sanctions, so we have to tread carefully in what we do going forward
Nathan - LocalCoinSwap CTO, [30.05.19 19:59]
Therefore we need to investigate further before we consider doing a marketing campaign focusing on this region
Steve, [30.05.19 20:00]
Is there a way we can track current volume for the active quarter? Or is last 5 days the most we can date range?
Nathan - LocalCoinSwap CTO, [30.05.19 20:01]
[In reply to Steve]
A planned feature is to add a column for volume to date in the quarterly metrics page
Penelope - LCS Marketing Manager, [30.05.19 20:02]
Ok guys, that's an hour. Nathan and Daniel are happy to answer a few more questions if anyone has any?
Andrew-Crypto made easy, [30.05.19 20:02]
[Forwarded from Andrew-Crypto made easy]
When will the community vote on dividends expiry be?
Daniel - LocalCoinSwap COO, [30.05.19 20:02]
[In reply to Ahmad Jabar]
The community fund and team tokens did receive dividend tokens for Q1. However due to the fact that these LCS tokens are currently locked, the dividends were kept in an alternate address so that they can be sent to the platform and redeemed.
The address can be seen here: https://etherscan.io/token/0x6a52b1522ceff5f2dbf3ccb6efd01fd28bf26541?a=0x8456d17ef805e5b75db839275356973e757f5a3e
Ahmad Jabar, [30.05.19 20:03]
Can team vote with their tokens?
Ahmad Jabar, [30.05.19 20:04]
Can you exclude an address from receiving dividends?
Ahmad Jabar, [30.05.19 20:04]
Can you exclude an address from receiving dividends?
Daniel - LocalCoinSwap COO, [30.05.19 20:05]
[In reply to Andrew-Crypto made easy]
We don’t have a roadmap for a vote on dividend expiry as of yet.
Nathan - LocalCoinSwap CTO, [30.05.19 20:05]
[In reply to Ahmad Jabar]
The team can’t vote on the use of the community venture fund with tokens as stated in the whitepaper. Personally I will abstain from voting on anything going forward
Andrew-Crypto made easy, [30.05.19 20:06]
[In reply to Daniel - LocalCoinSwap COO]
Dose that mean the next dividend token will expire like the first will?
Ahmad Jabar, [30.05.19 20:06]
No I mean team’s 10M tokens. Not venture fund tokens.
Ahmad Jabar, [30.05.19 20:08]
“Customers may choose to activate more than one form of 2FA simultaneously. Types of 2FA offered by LocalCoinSwap include email, mobile phone, Google Authenticator & PGP” Is this true?
Ahmad Jabar, [30.05.19 20:08]
And I think you should push for 2FA on login.
Nathan - LocalCoinSwap CTO, [30.05.19 20:09]
[In reply to Ahmad Jabar]
We currently have email, mobile and Google Authenticator implemented into the site in some fashion.
We don’t have mobile for login/withdrawal 2FA as it’s not secure because of SIM-jacking though.
Nathan - LocalCoinSwap CTO, [30.05.19 20:09]
I agree on the 2FA for login, we plan to add that in the future as an optional setting
Daniel - LocalCoinSwap COO, [30.05.19 20:09]
[In reply to Andrew-Crypto made easy]
Yes, at this stage the Q2 dividends will expire just prior to the Q3 dividend date. Keep in mind that this benefits almost everyone in this chat as they are the most likely to have redeemed their dividends. And if others do not redeem, those who do will have a higher return the next quarter.
Ahmad Jabar, [30.05.19 20:10]
I suggest that buyers should be able to reject trades in the “Accepted” and “Paid” phases of their contracts. This decreases the number of disputes.
Andrew-Crypto made easy, [30.05.19 20:11]
[In reply to Daniel - LocalCoinSwap COO]
Yeah that’s right more in the kitty 👍🏻
Ahmad Jabar, [30.05.19 20:12]
Can you exclude an address from receiving dividends? I think you can. Just wanted a confirmation.
Ahmad Jabar, [30.05.19 20:12]
I don’t mean you would want to do that, but what if asked by regulators?
Abdus, [30.05.19 20:13]
I know this question was asked earlier but it was kindof dismmissed in the response because of the metrics part. Can we set specifics targets for BTC and ETH and other tier 1 crypto for next quarter. I think this is important.
Daniel - LocalCoinSwap COO, [30.05.19 20:13]
[In reply to Ahmad Jabar]
Yes it is possible and has been done in the past (for team and community venture fund addresses that have locked tokens in them)
Mickey Love, [30.05.19 20:13]
What countries do you think are most interested in p2p?
Penelope - LCS Marketing Manager, [30.05.19 20:14]
@Roger_CA asks "What is the date range of the first 3-month quarter?"
Ahmad Jabar, [30.05.19 20:14]
Is it possible to redeem dividends through the blockchain?
Nathan - LocalCoinSwap CTO, [30.05.19 20:14]
[In reply to Mickey Love]
Currently Africa is the world’s biggest P2P market, and Asia and the Middle East are also huge emerging markets
Ahmad Jabar, [30.05.19 20:15]
What if regulations force you to deny redemptions from certain jurisdictions?
Abdus, [30.05.19 20:15]
Uhm @Daniel_LCS @nathan_LCS comments on setting targets for BTC, ETH and Tier 1 crypto for next quarter.
Steve, [30.05.19 20:16]
This may be in the marketing report which I haven’t seen, but how many users are we acquiring per day? And how many overall? Do we have targets of user acquisition and converters to traders?
Daniel - LocalCoinSwap COO, [30.05.19 20:16]
[In reply to Abdus]
Thanks for the suggestion! Our current goals are to improve the metrics quarter to quarter. But we will look into setting specific nominal targets.
Nathan - LocalCoinSwap CTO, [30.05.19 20:16]
[In reply to Ahmad Jabar]
To be honest I’m not planning to go to prison @ajrashid. So if we’re left with no choice then we’re left with no choice. But currently we haven’t run into any directions from any government to deny users from any jurisdictions
Abdus, [30.05.19 20:16]
[In reply to Daniel - LocalCoinSwap COO]
Grateful if you could communicate these nominal targets at the earliest to the community.
Mickey Love, [30.05.19 20:17]
[In reply to Nathan - LocalCoinSwap CTO]
Interesting, thanks heaps Nathan!
Ahmad Jabar, [30.05.19 20:17]
[In reply to Nathan - LocalCoinSwap CTO]
If you make redemptions happen through the blockchain, you will have less problems to deal with. That’s what I mean.
Ed, [30.05.19 20:17]
What happens to the divdend that are left of the platform ? Would they be automatically redeemed ?
Adam - LCS Community Manager, [30.05.19 20:17]
[In reply to Steve]
https://blog.localcoinswap.com/marketing-update-pre-quarterly/ if you'd like to check it out later 😃
Nathan - LocalCoinSwap CTO, [30.05.19 20:18]
[In reply to Ahmad Jabar]
Unfortunately this isn’t possible at the moment because of the wide variety of cryptos that we offer. No-one has managed to achieve this kind of smart contract on anything but the ETH blockchain
Ahmad Jabar, [30.05.19 20:19]
[In reply to Nathan - LocalCoinSwap CTO]
It can be circumvented in some way if wanted, like converting all the funds to ETH and sent to their address. I’m just saying. This is something to be considered in the future, not now.
Abdus, [30.05.19 20:19]
@nathan_LCS now that advanced pricing mechanism is out of the way, what is the next big priority item that you guys are working on?
Daniel - LocalCoinSwap COO, [30.05.19 20:20]
[In reply to Steve]
On average at the moment we are acquiring 10-30 users per day. We are actively developing strategies to increase the conversion of users into revenue generating customers!
Daniel - LocalCoinSwap COO, [30.05.19 20:21]
[In reply to Ed]
Yes any dividends kept on the platform will be automatically redeemed and the expiry date. This is an easy way to ensure that you do not miss out on dividends!
Penelope - LCS Marketing Manager, [30.05.19 20:21]
Ok everyone 10 minutes to go for the AMA!
Abdus, [30.05.19 20:22]
@Daniel_LCS why aren't these signups not being translated into active traders. We have more or less the same traders who have many advertisements.
Ahmad Jabar, [30.05.19 20:22]
@nathan_LCS I think the trade bot should send a message to the buyer like “Do not make payment now, you can talk to the seller at this time”. Currently, this is written in the trade instructions which no one reads.
Nathan - LocalCoinSwap CTO, [30.05.19 20:22]
[In reply to Abdus]
If you have seen the trading interface page recently, you’ll have noticed we’ve started making some major changes to the way the trading process works, with the timeline and trade assistance bot.
Our next biggest goal is to completely upgrade the trade interface and add support for starting trades without cryptocurrency being on the platform yet. So the first step in the trade will be to fund the escrow.
We hope this will massively increase the number of selling advertisements created on the platform, as currently most of our advertisements are for buying
Andrew-Crypto made easy, [30.05.19 20:22]
Can we do a live YouTube channel for the next AMA that worked well previously?
Abdus, [30.05.19 20:23]
[In reply to Andrew-Crypto made easy]
I second that
Ahmad Jabar, [30.05.19 20:23]
[In reply to Nathan - LocalCoinSwap CTO]
That’s nice to hear 👍
Abdus, [30.05.19 20:24]
[In reply to Nathan - LocalCoinSwap CTO]
Thanks for the answer. Your estimate on delivering these features? WIll this be gradual roll out or a major update?
Pete, [30.05.19 20:24]
In this quarter, considering we are still developing, marketing, building... Where is the line drawn between development costs and running costs? Will the dividend cop a big hit for 'running costs?
Daniel - LocalCoinSwap COO, [30.05.19 20:25]
[In reply to Abdus]
We expect that the majority of these signups will be users that are responding to trades rather than becoming "traders" (ad creators). The increases we are seeing in trading volume would suggest that this is working!
Nathan - LocalCoinSwap CTO, [30.05.19 20:25]
[In reply to Abdus]
Unlike previous features this is a gradual rollout, as we deliver the overall feature in small pieces one at a time - allowing us to better test user experience and detect bugs. We’ve already started doing that with the bot and timeline, so this is well underway!
Penelope - LCS Marketing Manager, [30.05.19 20:26]
5 minutes to go everyone. :) Any last minute questions from Daniel and Nathan?
Pete, [30.05.19 20:26]
Completed a trade today, the step by step instructions and not is awesome improvement
Pete, [30.05.19 20:26]
Bot
Abdus, [30.05.19 20:26]
[In reply to Daniel - LocalCoinSwap COO]
Thanks. I can understand the logic. Are we keeping track of this data?
Abdus, [30.05.19 20:27]
[In reply to Nathan - LocalCoinSwap CTO]
Perferct. Thanks for your answer.
Daniel - LocalCoinSwap COO, [30.05.19 20:27]
[In reply to Andrew-Crypto made easy]
We had a lot of feedback from the community that a pre recorded video format was preferred to the live YouTube AMA as it looks much more professional. So this is the video format we generally plan to stick to in the future.
Nathan - LocalCoinSwap CTO, [30.05.19 20:27]
[In reply to Pete]
Thanks, glad you’re enjoying the updates 🙂 We’ll continue to do everything we can to improve the user experience of making trades - as this is the core revenue point of the site
Andrew-Crypto made easy, [30.05.19 20:28]
[In reply to Daniel - LocalCoinSwap COO]
Agree with the professional look definitely it just kills any in the moment questions that come up thats all
Abdus, [30.05.19 20:30]
[In reply to Andrew-Crypto made easy]
@Daniel_LCS I think we can do the lives ones. They are more interactive. I usually follow Hoskinson's live AMAs and they are pretty decent and ADA has a huge following
Nathan - LocalCoinSwap CTO, [30.05.19 20:30]
[In reply to Pete]
Server costs are high in an exchange but not a major cost compared to human resources and staff.
So when we talk about development costs vs running costs what that boils down to is the amount of developers we hire.
Hiring more developers means increased wage costs but faster feature rollout and a smoother platform experience. Less developers means much lower costs, but of course less improvements to the experience of using the site
Simon Marks, [30.05.19 20:31]
IMHO the AMA was a GIGO event.
Penelope - LCS Marketing Manager, [30.05.19 20:32]
Ok everyone. Thank you so much for a great AMA this month! I am sure you can agree that there were a lot of really pertinent questions and answers covered!
Penelope - LCS Marketing Manager, [30.05.19 20:32]
Thank you so much to @Daniel_LCS and @nathan_LCS for taking the time to join us in the channel for an hour and a half to answer all of the communities questions.
Andrew-Crypto made easy, [30.05.19 20:32]
Thanks for your time guys!
Nathan - LocalCoinSwap CTO, [30.05.19 20:33]
[In reply to Andrew-Crypto made easy]
Glad to chat, thanks everyone!
Adam - LCS Community Manager, [30.05.19 20:33]
Thanks for joining in everyone!
Steve, [30.05.19 20:33]
Good job lads 👍
Steve, [30.05.19 20:34]
And ladettes! @goldiblocks Lasses* 🤦🏻♂️
Aleksandr Zhevlakov, [30.05.19 20:34]
👍
Steve, [30.05.19 20:35]
No it is ladette* 😆
Ahmad Jabar, [30.05.19 20:35]
Thanks @nathan_LCS and @Daniel_LCS for your time! Looking forward to more site developments and trade volume! 👍 Are you guys relatives by the way? You share the same last name. 😀
Aleksandr Zhevlakov, [30.05.19 20:35]
[ 🚀 Sticker ]
Daniel - LocalCoinSwap COO, [30.05.19 20:35]
Thanks everyone. Have a great day and happy trading on the platform 🙂
Penelope - LCS Marketing Manager, [30.05.19 20:35]
Don't forget that the plan moving forward is to do a monthly pre-recorded AMA on YouTube and a quarterly Telegram AMA so that you get as many chances as possible to ask the guys your important questions. We hoping to have a special guest on the AMA next month, so stay tuned and thanks again. :)
Here is a list of Ask Me Anything (AMA) events to read in your spare time:
Thank you fto everyone for your participation in our AMA this month and we look forward to chatting with you further throughout the month.