AMA Answers: part 1

FOIN Official
Apr 8, 2019 · 6 min read

Greetings everyone!

Last days we announced AMA session and it was a blast! We received an enormous number of questions which made us even more optimistic about our success. We’d like to thank every participator of this AMA session. Today we’re publishing the first part of answers. Because of the huge quantity of received questions we decided to split it into 2 parts.

First one includes the most frequent questions. The second one is planned as a live session via online broadcasting, where our CEO Ruslan Salatov will answer the questions from AMA and comments which the audience will be able to make during the live show.

Now, let’s get straight to AMA.

Q: What to do if in August people will sell FOIN? Will the price fall?

A: Experience in the crypto market shows us that there is always a definite number of panic sellers that make price dive. We took care of it and build a proper strategy to fix this issue. Such users aren’t into long-term investments and don’t want to get good value out of it, they’re interested in short profits and seem to not understand how investments work. For everyone who trusts in crypto, we’re preparing the whole ecosystem for circulation and deposit grow due to this circulation.

It’ll make panic sellers to have losses. Our task with the community is not to let such a scenario happen. Exchange listings aren’t there for speculations, it is some kind of financing instrument and long-term investment strategy for our company and the community. We find it silly to cash out the investments during the first days of trading. We’re coming to exchanges for the exact opposite reason: to create opportunities for users to implement trading strategies and benefit from profits on the highest possible level.

Together, with our community, we’ll build a mechanism to counter speculations. Our team is using its whole experience to prevent the speculation aspect of the price fluctuations.

Q: When FOIN will get listed on major exchanges such as Binance?

A: We’re actively working on it and choosing good opportunities for FOIN, looking for the exchanges with satisfactory functionality. Some user reports show us that there are issues with big functionality of certain exchanges, that is why we’re looking for the most secure solutions with the most comfortable functionality. We’re also working on educational programs to help our users successfully trade on the exchanges.

The first one on the list, we build a relationship with, is p2pb2b.io exchange. We have already reached an agreement and very soon will announce the listing on it. More inspiring announcements are coming soon!

Q: Does FOIN management have any real plan to negotiate with big exchangers like binance to list FOIN? If yes, please let us know, when would it happen?

A: Big exchanges mean uncontrollable speculations with the price. Until we have our internal exchanges released, we keep a course on listing on the exchanges that are mostly functional and protected from the possibility of speculation, that would protect our users from loss. However, several large exchanges will be announced soon. Stay tuned!

Q: What will happen to account that won’t make a wallet migration?

A: Migration will happen automatically, and all tokens will be allocated to the wallets of the owners.

Q: Does KYC need to be passed by participants to get access to their tokens? To migrate tokens to the wallet?

A: Yes, KYC is a mandatory procedure for all clients, in order to follow the international rules and regulations.

Q: When will FOIN Foundation be established?

A: We’re working on it, and we will soon announce success on this part of the project.

Q: What strategy or what makes the company so sure that FOIN will be successful?

A: We’re building an ecosystem that will only work for our community, which owns the FOIN assets. This is a real product, real software, and real tools that are developed for you. All other cryptocurrencies just release their coins in order to raise money for the development of useless products. We have studied the community’s needs and legislation of each country, of which citizens are holding our coins. Now we’re developing a financial system that will work under any laws and will eliminate the borders between the countries.

Q: Why FOIN isn’t on the Coinmarketcap yet?

A: Atm, we’re focused on real work on our products and updating on CMC is only a matter of time when we finish launching of our products.

Q: When will FoPay be launched? When we’ll be able to use the mobile versions? Can we shop in FoPay via FOIN?

A: Since the fact that we’re a financial company, we mostly care about security the system is passing security tests. Now it is being hack-tested by hacken.io.

After it, we will immediately announce the launch of services. So, we beg you to be patient, because it’s all for your safety. Therefore, clear deadlines are not respected, because if we find a problem, we immediately try to fix it, so that everyone could use the most secure wallet in the world. Mobile versions will be delivered in approximately 3 weeks after the launch of the web version, and we will announce it to everyone by sending links for downloading apps from mobile markets. After that, we’re expecting your feedback to improve the product even further.

Q: Will there be a partnership with Amazon, Aliexpress? Please tell us a bit more info on how is it gonna be and when it will happen?

A: In a big business, any partnership isn’t announced beforehand. To go for a big partnership, we have to successfully run FoPay and receive your feedback. As soon as we understand that the system works as it was intended, and everyone is happy with the service — we will determine which of the giants of the business will be the first, and we will inform you.

Q: Why FOIN cannot be traded on Stex?

A: We had got a disagreement with Stex, and we left the exchange. One step back and two steps forward — we have already got agreements with several exchanges that are much larger and more convenient than Stex. As one of the listing has already been announced, others are in a process of final confirmation. However, we don’t want to give false expectations until everything is finalized.

Q: Can FOIN reach the price above 2000 USD until this August?

A: Our business strategy is aimed at improving the price, but still 50% of success depends on our community. So far, we are on the right track to make such forecasts. Little later we will release an article that will describe to you what factors affect the cryptocurrency price, and what factors are included. Make sure to follow our medium and other social media to not miss such good news.

Q: What is the state of FOIN marketing program progress in promoting FOIN to the merchants?

A: We have a strong marketing strategy, which considers being commercial confidentiality. The first thing we will do is an exclusive offer for merchants from our community — those who already have got their shops and business. We’ll give them a unique trading system that will be greatly desirable among their customers. Be the first among your competitors — fill in an application form on the website fopay.io, and we will immediately send you instructions on launching FoPay.

Also, we’re negotiating with the first 50 large merchants, so that you can use the services from different business areas by using just one currency — FOIN.

Again, thanks to everyone for participating in AMA, there remain plenty of questions to answer, and we’ll be happy to do that before too long. Make sure you have joined our social media (Telegram, Twitter, Facebook) to be always informed about other big news about FOIN.

FOIN Official

Written by

FOIN — the decentralized peer to peer cryptocurrency for the finance sector. https://foin.io https://fopay.io

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