BitMax is global Innovative Digital Asset Trading Platform for diverse groups of clients from retail to institutions which is building Future Decentralized Community-based Autonomous Ecosystem and powered by combined PoW and PoS consensus.
Q&A (Question & Answer)
Q: For referral event, can you explain that will the allocation we get, do we have to mine it or will get direct?
A: You will get it directly.
Q: How to get access to API?
A: Api you have to apply for a api key. Just contact our support team.
Q: What’s the advantage of Bitmax that others don’t have ?
A: Advantages
the biggest problem mining exchanges have is tps. Many exchanges suffer from their capabilities of handling large volume due to their lack of experience of designing matching system. This is our area of expertise.
we are actually a combination of 3 exchanges. We target global users. Real global. None of the exchanges serve both us / eu/ Asian based users well. Not Coinbase not Binance .we have the advantage of building the bridge
we care our community most. Coinbase doesn’t have a client service nor do they have a community. We care the most about our community . We believe it’s the key for a good project.
Q: How to you plan to create volume and bring ppl to trade on your exchange?
A: We will enable our api in a day or 2. Meaning institutions and mm will start trading. We will have many marketing events and promotions for individuals. Also when mining starts we expect a huge volume
Q: Will the allocation for referral event, will get it whole amount of tokens at once or is it unlocked in percentage of how many total tokens get mined ?
A: Tokens will start to be unlocked based on mining speed. The first token will be unlocked by the lastest 3 days after mining starts. Rest will unlock tgr with mining tokens. We plan to start mining this month. We did hear people asking us to delay coz the current market condition. We haven’t make a decision yet. I would love to hear everyone’s opinion, do you want to delay or not.
Q: Have 2 referral it give me chance to participate or i will have allocation strongly? and what about my referrals if they can't invite friend will they have chance to participate at the same rules like me?
A: The reason you get referral allocation is because you did work to grow out community by inviting people. It’s benefits the entire community. Your friend doesn’t got allocation unless he invites too :)
Q: What is procedure for coins to get listed on your exchange ? will their be any type of community voting system like fcoin ?
A: Right now we have a committee reviewing the listing candidates. The problem of voting is it adds security feature to our token. We have to design it carefully. The bottom line is we only list quality projects.
Q: why are you not doing genesis mining (mine at pvt sale price for 1-2 day). in my opinion it is great way to bring lot of volume to exchange and very useful to stress test the exchange
A: Genesis mining doesn’t have a success example.We design our token mechanism based on fairness and transparency. Genesis mining has inherited problems.
Q: All who invite one or more friends will have an alocation for investment or there will be a selection of them?
A: They will be automatically qualified. No selection. Before the quota is used up.
Q: Which exchange (tx mining or not tx mine) do you view as your main competitor in terms of similar business model ?
A: Coinex is good
Q: What will the vcs backing do to help bitmax, like bitmain fbg torque and the rest who invested?
A: Vcs help in many ways. Some market making, all of them trading. Many bring us list tokens. Some help pr/marketing. I am so happy we have so many strong vc supporters.
Q: When mining starts ?
A: Start with 1st day of mining. Our plan is this month
Q: How much money was raised in total in the private sale please?
A: We raised about 30k eth
Q: How is the exchanges protected from the volatility of the market now many icos see their funds gone because of the eth price crashing
A: Good question. A simple answer to that is one exchange can’t prevent market from crashing. But there are many things we can do to make things better.
- like I said we list only good project. We don’t want to make money from listing shit coins
- the reason of market crash is because we have too many bad ico in the past, including bad exchanges. It hurts the investors confidence and the eco system.
We want to help redirect the industry to a health, safe, transparent industry. Then in the long run, helps investors, believers and also projects.
Q: Please can you tell us your final trading and withdrawal fee structures?
A: Yes when mining starts it will be 0.1%. Keep in mind you get 100% back by bmax toke n. Plus additional 80% of exchange commissions. So the more you trade, the more benefits you get
Q: How will you source it (coin listing)? Do you have methods? Can you share some of the criteria?
A: We are connected to most good projects across the global. And we don’t charge them listing fees for now. There is no reason they don’t want to list with us. So far nobody said no to us
Q: so from what i understand is i get 100% rebate on my tx fees if i hold bmax , will receive commissions from 80% trading revenue ? how much bmax need to hold to get c omissions?
A: Ok let me explain a bit more are mining features. We have 2 levels of profit sharing with our users. Think of the scenario that you paid 10eth commission fee, while total commission fee collected from all users is 100eth.
- You will get 10eth worth of bmax token in your account
- you will share with other token holders on 100*80% = 80 eth the next day
If you hold more you shared more. I can’t predict the price but we do whatever we are allowed to increase the value of our projects.
Q:Do you consider the successes and failures of other exchanges with mining?
A: We do. We research and analyze other exchanges on daily base
Q: Do you have a plan for how to prevent a token dump by miners?
A: Yes. We have a playbook. Rules and details will be rolled out before mining starts
Q: are you against the automatic BOT trade?
A: From my experience, often times if you place an order at a new level, you find someone put a small order in front of you. That’s a typical front run. It’s sad I’ve seen it on top exchanges. We want to make sure nobody front run our users. I am not against auto trade. I am a quant trader myself. But my bottom line is we have to be fair to all traders. Nobody is allowed to take advantage of others.
Q: When can you list your full partnerships etc please?
A: We will announce additional strong backers hopefully very soon. 99% within this week. We will email you for the details.
Non Question comments
-Exchange cannot manipulate price. That’s the bottom line. That being said, we understand our investors concern. Vc, and you. We will hire 3 party to manage our asset, provide liquidity, reduce volatility. Our interests align.
Websiter: https://twitter.com/BitMax_Official
Whitepaper: https://bitmax.io/static/doc/BitMax_white_paper.pdf
Telegram Group: https://t.me/BitMaxioEnglishOfficial
Telegram Channel: https://t.me/BitMaxOfficialAnnouncement
ICO Drops: https://icodrops.com/bitmax
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