BITTREX 2.0, SingularDTV and $100 ETH
Patience, Vision & ‘The Long Game’
By Zach LeBeau, CEO of SingularDTV
Bittrex 2.0 is coming… In this new phase of the exchange USD trading will become available. No longer will people need to buy ETH or BTC in order to participate in the SingularDTV ecosystem. This is an extraordinary feat for a US based exchange and a testament to the professionalism and determination of Bittrex’s 3 founders — Bill Shihara, Richie Lai and Rami Kawach.
The background of the founders is impressive. Humble and focused on building Bittrex, they pretty much keep a low profile. What people don’t realize is that they all have extensive security backgrounds and resumes from the top tech companies in the world — Microsoft, Blackberry and Amazon to name a few. In fact, Richie and Rami founded Microsoft’s Internet Crimes Division.
If you’re wondering why I’m highlighting Bittrex, you may think it’s to draw attention to the fact that SNGLS reside there. Yes, they do, but that’s not the motivation for writing these words. My motivation is to exemplify something that is often lacking in the crypto-community — patience and a vision for the “long game”. This is especially important since ETH crossed the $100 value line.
The world is taking notice of Ethereum in a new way now. And it’s up to those building platforms and applications on its protocol to be the example of a better way to do business, to take the time to build responsible systems that are secure and scalable and that aren’t rushed into launch or that act as vehicles to pump and dump. For SingularDTV, Bittrex is the example of the right way to do business, and I’ll tell you why… they stuck with SingularDTV after our token launch in October of 2016. And what I mean by that is immediately after our token launch, we went into a “quiet mode”. The exact opposite thing a crypto-exchange is supposed to want from its listings.
As you know, exchanges profit from transaction fees, the more a coin or token trades the more fees they make. But Bittrex didn’t flinch from SingularDTV’s decision to withdraw from public view so that we could focus 100% on our development ladder. We had to get it right. Did it cost Bittrex transaction fees for SNGLS trading? Yes, but only in the short term. We got a lot of heat from the crypto community for going quiet, but we knew what we were doing. We were making sure we’d be in it for the long haul, that our tech stack got off to the right start and that we had the strongest foundation possible to facilitate and endure a fast and massive scaling when the time comes. Yes, we are preparing for one day when we too can earn our unicorn horn and become a multi-billion dollar entertainment economy. Bittrex is not just an exchange, they are an incubator for groundbreaking platforms and technologies.
We’ve taken some notes on how they do what they do. The fact that they are launching Bittrex 2.0 and USD trading is evidence of this. It exemplifies an attention to detail, a determination to navigate the complex regulatory environment with the vision to push the development of their exchange to new heights. It’s operations like Bittrex and SingularDTV — and everything that comes out of ConsenSys and a number of others like First Blood — that take the time to get it right. Too much is at stake. Even if it costs us more time and money, we’ll sacrifice short term gain for our long term goals. I challenge all platforms to do the same. You think $100 for ETH is a milestone? Just wait a year… Platforms laying their foundation now need to make sure they are solid, or they will fall spectacularly as the years progress or be disintermediated by those that do it better and right. Platforms that rush and build on shakey ground can cause an inordinate amount of collateral damage when they collapse.
Watching from the outside as the Bittrex 2.0 process unfolds has been inspiring. SingularDTV is also now becoming more active in engaging policy makers and regulators in Washington DC and we are excited to be setting up a presence there to facilitate the empowering of US artists on our platform.
Pretty soon SingularDTV will be launching its first applications to the world. Our 11 module ecosystem of applications and entities will be realized over the next 2 years. More people are just now waking up to Ethereum and decentralization, but everyone in the cryptosphere needs to wake-up and help build a decentralized world that empowers the individual with liberties and freedoms they didn’t have before. Yes, there’s a lot of money to be made, but we can’t take any of that with us, so the least we can do is to make it more prosperous for those that come after us, by building a better world.
By Zach LeBeau, CEO of SingularDTV