Well, we have reached the mid-point of the summer here. While there has been a little time for fun summer activities, for the most part, we have remained hard at work. The whole team is getting ready for the big changes that we have in store for the fall.
As I always promise, I am going to try to make this letter succinct. This time I think that I am going to be able to do so. There is so much preparation underway for our major improvements coming up that a lot of what is going on is still secret. I wouldn’t dare ruin the surprise, but I can tell you that what we have thus far is amazing. When it all comes together it is going to represent a major upgrade to almost every portion of our exchange and business.
As usual, the huge tasks ahead make me feel like July was sort of quiet, but of course, it was not. We have had several major accomplishments. Including:
- The deployment of a new credit/debit card solution. We received feedback from many TIOnauts that the previous credit card solution was not convenient or accommodating. The new credit card solution should be much easier to use, less expensive and, best of all, it is integrated directly into the exchange. We heard your concerns over the old system and we have replaced it.
- We have added the Stop Limit Order function that so many of you have been asking for. We heard you when you said it was an important trading tool, so now we have it.
- We have changed our account sign up procedure to allow for easier establishment of business accounts. Many of you have asked us for this change, we hope that it helps with your account planning.
- We began our delisting program in earnest. We are getting rid of the tokens that none of you want to trade. They weren’t making us any money anyway and it will make way for new listings in the future.
On the horizon we still have some additional tokens in the listing pipeline, new token listings will conform to our revised listing guidelines as they replace the ones that do not and are being delisted. We are also going to be deploying a new fee structure for basically all portions of the exchange shortly. This new fee structure will put us more in line with the market and will enhance the utility of holding TIOx in the LP. More information about the new fee structure will be provided in due time.
Beyond that, we have our major deployments scheduled for the fall. What is going to change you ask? Everything. We are going to keep the great basis of trade.io, the great team, the great LP product and our ever-improving exchange, but, beyond that, everything is being improved and updated. I have seen some advance copy, and you TIOnauts are going to love it. Be on the lookout for updates and advance information coming out over the next few weeks.
As a final parting thought, I wanted to ramble on a bit about one of my favorite topics, as I am wont to do. A few of our TIOnauts were on our Telegram page the other day asking about a product that one of our competitors (whom I shall not name) has that is in some respects similar to our LP. First, let me say thank you for the suggestions. We are always delighted to hear from you about new features that you might like to see. But second, I wanted to talk a little about an interesting concept that it brings up. Don’t take any of this as a slam against that particular competitor, this is just general discussion and theorizing. One of the core principals in regulated financial markets, pretty much anywhere in the world, is that you never promise a return on an investment or guarantee results.
There are two basic reasons for this. First, is that you never want to mislead an investor. Second, is that you never want to promise something you can’t deliver and be held financially accountable for it. The second one is basic common sense, right? If I guarantee to you that the price of some stock is going to be $100 in 90 days, and it is only $80, you might come to ask me for the difference, right? Not a good way to run a business, even if it were ethical.
So, as I mentioned, I most certainly don’t say this to discourage TIOnauts from offering suggestions, we love to hear from you. I guess I offer this solely as a piece of advice that you didn’t ask for and probably don’t want. The next time you read about something that is “guaranteed” in the financial world, think about it. If a firm is business savvy, they either have a different way to make the money up. For example, they could make you lock your tokens in for 90 days or pay their distributions only in their own token, instead of ETH or another currency. Or, they could just be acting dishonestly and the “guarantee” isn’t worth the paper it is printed on. None of us come into the office everyday and try to figure out ways to lose money after all, right? I’ll throw in one last shameless plug if it looks too good to be true, it probably is, so instead of going somewhere else, how about loading up more TIOx in our LP?
That’s it for this month TIOnauts. Enjoy your August, we’re still here and grinding away. The upcoming months should be monumental, so stay tuned.