July 4th financial blockchain platform MBN held an Ask Me Anything session at MBN official telegram chat. From MBN’s side, there was the Co-founder and CEO of mbn.global.io — Yuriy Gerasimov.
Yuriy: Hello! First of all few words must be said before we start the AMA- session!
It’s been a very busy days for us after listing and we would like to share with you some numbers and development progress.
We are glad to announce that we see decent activity in the field of staking the token. Since the end of IEO 108,213 tokens and 510$ in ETH have been distributed as a reward for staking holders.
Keep in mind, that you need to store your MBN tokens on the wallet you are using to log in to the platform. Besides of the staking, this will be required for usage MBN tokens inside the platform.
Regarding the development, we’ve been working on making the contract system more stable, so we can invite investors to join the platform and invest in traders who are presented on a platform. We have come to an agreement with several investors and will start to conclude contracts for assets under managing starting from Monday next week.
Notice to traders who want to participate: make sure you have set a switch in profile to “allow to receive request” and set your preferred contract details!
Our main focus of development right now is to increase the customer base and to provide easier access to all of the available features with different crypto and Fiat currencies. We have gone through a 1st wave of customer development and received a lot of feedback of what you need. This information is a background for our next steps.
Important notice: this month, there will be a big migration to a new server, to provide better performance and scalability. We will inform you in our official group and invite to perform your best trades on MBN platform.
The trading competition will end after round #50.
We have absorbed all the feedback of how it went, what was good and what was not, and come up with a reworked idea of regular based trading tournaments. They will be fast-paced, will have entry tickets and a cash prize pool. The launch of the first tournament will be after the end of the current Global Trading Competition.
Also, I would like to mention the price for MBN token.
We don’t speculate on the price and can’t control the weak hands. All we can do is to increase the usability of MBN token on the platform and invite more customers to join. We see that the price is low, and only real usage of our platform can increase the value of the token. There is a lot to be done on multiple directions, and those who are willing to support are welcomed join. We are always open to feedback and advice. You can contact me directly in telegram or via email
Here are the most interesting questions:
Q: What, in your opinion, is the reason for a MNB price drop of more them 10 times from 2 cents to 0.2 cents in a matter of 2 weeks after listing.
A: The only reason I see for this is the high volatility of Bitcoin. When BTC pumps — alts usually go down, when BTC dumps — alts follow to the bottom.
We face a big rally to 14k and then drop down to 10k. I believe that was the reason for many holders to panic sale their alts. I can’t find any more reasons to sell tokens with a loss when there is a working and developing the platform.
Q: What actions are MBN planning to undertake to stabilize token price and protect itself and investors from manipulators?
A: We now pursue the goals of attracting as many new customers to the platform as we can. That will bring awareness about the MBN token and provide organic growth. We are working on partnerships with several exchange, that is not straight listing, but we hope that through technical integration we can come up to that also.
Q: Judging on a number of staking rewards which are just 46 179 there were only 3 298 500 MBN staked our of 82 million which are available. Why do you think is that? What is MBN going to do to make staking more appealing and understandable for holders?
A: We are not planning to change the rules of staking. We are aiming to work on price, so staking will be more interesting for the community.
Q: Why No listing on IDAX?’
A: Regarding IDAX — we faced serious red flags while working with them. I will be honest with you, we even prepaid the listing, that why we did announce that. But it went out differently. You can read about IDAX manipulations here. This is not our post but worth reading. https://medium.com/@info_85454/idax-pro-scammed-crypto-projects-for-up-to-5-000-000-usd-c2d10a0dd14e
Q: Yuriy, have you applied for some new exchanges?
A: Yes, are working on this. We don’t see any value to list on tier 3–4 exchange right now, but getting on a big scale exchange takes time. I’ve mentioned our plan, it is based on benefits for exchange while using our technology.
Q: When is COF Starting?
A: COF contract is in development. First of all, starting from next week we are starting to trust our assets and assets of investors to active traders. This will create a team of traders that will operate as the core of a COF.
Q: Will presale bonus be given this month 17th?
A: Yes, all presale bonuses will be distributed as scheduled
Q: Any news about Kucoin?
A: Kucoin charged 200k for listing. Going a different way now with technology implementation.
Q: What about Bittrex exchange as promised
A: They require Maltian legal opinion. It will take a while. We are focused more on the Asian market right now — better conditions for listing.
Q: When mainnet launch?
A: Soon there will be a big server update. As for the mainnet — it is scheduled for Q4 2019
Q: Do you really think that the reason for a 10 times price drop in a matter of 2 weeks after listing is a BTC action? BTC is back to over 12 knows and I do not see any other token dropping so dramatically in just two weeks. I am very much sure that the reason for this huge drop is not BTC but manipulation by a few big token holders, free tokens from trading campaigns and restrictions from ABCC exchange that cause uncertainty. I think MBN can do some particular action to stop that. otherwise, it will be harder in the future. Although I do agree that first priority is product development and the second priority is marketing but I do not think that letting few holders manipulate the price like that is a good way to go.
A: Yes, I agree it can be a possibility and we already took your advice into consideration.
The rewards for exchange competitions haven’t been distributed yet, with Kirill we are making an investigation on the exchange. We prepared a smooth vesting schedule so it won’t affect the price. But yeah, it looks totally suspicious with volumes jumping to 50 BTC and all the price thing happening.
Q: Hi, Yuriy I want to ask is there any plan to list MBN to top 10 exchanger? it’s on Q2 2019 since the listing on IDAX is cancel I’m sure the team have a plan to list it on another exchange. thank you!
A: Of course we have this in plans. Believe me, If there was a deal we could sign — we would have already done it! Since we can’t afford straight 200k payment we are going another way, from the technology side.
Q: How much does a Binance listing cost?
A: You should understand — listing its 40–50% of total costs on Binance or Huobi. Other 50–60% is market making. Total costs more than 2 mln.
Q: Are you going to switch in Binance chain?
A: Binance chain is a multi-step procedure with community voting too. Just only creating tokens on Binance Chain don’t allow you to be listed there. Yes, we are trying to find the way to be listed.
Q: So from next week you are starting to trust our assets and assets of investors to active traders. This will create a team of traders that will operate as the core of a COF. What do you expect from that? How will that effect LVL 2 stake rewards in number and how long will it take for holders who stake LVL-2 to feel the impact?
A: Our goal is to show real contracts being concluded on the platform to attract more traders and investors. There are no reliable and safe tools on the market right now, and we need to show everyone that we have one ready.
Q: How can we sure. Our funds are safe once we do some contract on the platform? How can we know the trader won’t run with my funds?
A: Of course not. An investor could limit trading pairs for excluding low liquidity coins. So the trader can not trade coins with capital-n lower than X. 100 BTC for example. Let’s explain one more time what is COF and how investors could benefit from it:
To fully understand user-to-user utility of MBN token, “COF” should be introduced. COF = Community Operated the Fund.
Community operated fund is a pool of digital assets, which is capitalized from
MBN Ltd, community members, and external investors. The purpose of COF is to provide traders with assets for management and to create multiple business opportunities for MBN customers. Absolutely anyone can take part in COF, performing as an investor or as an executor.
Rewards and PoS governance of the community-operated fund
User can stake MBN tokens on the platform to receive the second level of staking and superuser status. This level allows him to freely obtain COF funds for management and
to perform governance of COF choosing traders to trust money for management.
Additionally, it allows the user to create his own Fund, using MBN software. And finally
the user receives not only tokens as a staking reward but also BTC rewards which come
from IEO and COF operations.
Q: Is it possible to have more sophisticated technology than competitors such as genesis vision or cindx?
A: Yes, our technology is more complicated and more secure than the competitor’s
Cindx is a copy-trading platform, that doesn’t provide safety and risk management for your assets. MBN has a different approach with the contract being concluded on Ethereum smart contracts
Yuriy: Guys, thanks for your questions!
I think will we make a good habit to have weekly AMA sessions here in the chat.
Let me conclude the main points discussed today.
1) Our main focus is on the product, still, we do not forget about marketing and ads.
2) We see the token price situation and are working on it.
3) Take a look at competition performance, set up your profile and be ready to receive assets for management!