BitMax.io Conducted AMA in Explanation for Delay of QCX Lisitng
George: Today I want to explain what happened with qcx on that day and what did we do in the past a few days. I will try to be as objective as possible.
So 75 mins before trading open we notice there are 18 people who deposit qcx, there won’t be enough liquidity to support secondary market trading. To protect users from buy and sell at extreme price level, we decided to postpone trading. It’s a tough decision to made, it does hurt us a bit but we believe it’s the right thing to do at that time.
After the decision has been made we did a data analysis and found 11 of the 18 deposit users they registered with us within an hour and using the similar email address and more importantly visit from the same IP address. Which raise an alarm on our side.
We decided to to a second time due diligence on the project. The project had been very cooperative. For the 11 people they explained that’s because they invite many investors come to their office and teach them how to register and deposit. They send an office picture too.
We also notice in the next a few hours we have hundreds of people deposit. We picked 50–100 and did a manual check. Seems most of them are real investors, we were able to match their deposit record and private sale records. So we decided for the 11 people we will suspend their trading until they finish their kyc3.
Also for private sale record, we were able to verify that Quickx raised at least 10k worth of eth and btc. Quickx also raises 2.2m usd fiat however that’s out of our dd scope. We don’t have the capability to verify it.
On the product side, I personally tried their product a few month ago. A credit card like cold wallet and can connect to my iPhone app. I was able to read balance. For the payment part, I didn’t get a chance to use coz the function wasn’t ready when I test it.
Overall our conclusion is based on the information we collect we believe Quickx is a valid project. Therefore we will proceed with listing on Friday. Thank you for bearing with us.
Q: isnt there usually a % of tokens that team should put on exchange to provide initial liquidity?
George: Yes. But you don’t want a majority part of circulation are projects. Coz it will be too easy to manipulate the prices. Right now we have around 6m qcx deposits from users. Not a huge number but good enough to open trading.
Q: kyc3? Must be whales this 11.
George: They can’t be whales coz the total number of deposit from 11 people are around 100k qcx. That’s a few k usd. Also we have a sell limit of 8000 per day. So last thing I would like to mention is for anyone who wants to trade qcx please read the trading rule first. Daily sell — daily buy shall not exceed 8000. Also our recent visit from
India increased a lot. We believe it’s from
Qcx users. Let’s hope it will be a successful project. We will do our best to make sure listing is smooth.
Q: any updates on bxa, ankr, margin, us branch, MM, you know standard questions
George: Bxa, thanks to mxc exchange who list bxa without getting approved by the project and even before the token was distributed. Korea government postponed the listing coz they think it’s the project who list without asking for government approval. Now the project is talking to government. I will update you as soon as I hear anything.
Ankr, still on track, date is not finalized yet.
Mm, our depth has increased a lot as you may noticed. As we continue to bring more mm on board we will see liquidity and depth keep improving
Cards, I hear community feedback . We will change the way it sells by sell 25% every 6 hours. So global users will get a chance to buy.
Margin, yesterday I heard from my dev we can go testnet tmr. Let me check with them again see if there is any last min changes. If there is we will delay a day or 2 but shouldn’t be more than that.
Us branch, it’s on schedule, still targeting March of this year.
I know some of you worried of we will slow down during lunar new year. Yes everyone of us will have one hour vacation. And then go back to work.
Q: When 200x margin?
George: 200 will be future haha not margin. Future is on our to do list.
Q: Need to update the roadmap.
George: Yes we are working on it
Q: i have a repetitive question, which some people dont like here, but i’ll spam anyway � did you do any team discussion about community voting? if you look at it from a point of pr, its a pure win, it can create a snowball effect of getting bitmax brand out in crypto scene…so it’s more about marketing and brand building , and also atleast few new users from different crypto communities will make a bitmax account, so its a win win situation…and i promise, this is the last time i’ll mention it here, but a lot of people in here support this idea
George: Like i said before. We do like the idea but the timing to implement the idea is tricky. For example if the community overwhelmingly supports us list telegram what if the project doesn’t want to list with us? Also how to prevent voting scam. I would say we need sometime to polish our product first , get more users. Then we can think about implementing. Yes huobi does the same thing. But you can see it’s manipulated by people. The top ranked projects people voted on huobi all came listed with us :)
Q: Daily sell — daily buy shall not exceed 8000. Earlier it was 25000 , so when we can see again this figure
George: Per project request we reduce to 8000. We will make a public announcement
Q: I like the way you use BitTreasure to distribute qcx airdrops
George: Thanks :)
Q: please keep your good work
a much bigger community and market share can help us run the voting system more smoothly
George: Totally agree. We need a bigger users base and a better product to expand further
Q: When can we expect the next airdrop George? Want to put the Airdrop Multiplication Card into use :)
George: Very soon we expect 3–5 airdrop per month. Your card will bring you decent profit
Q: Support Dr. George
George: Thanks guys. Btw I will create a Twitter account soon. Follow your suggestions. I was a bit anti social coz I don’t have any social media account. No Facebook ins or anything. But I think it’s the time to have one. Haha
Q: are there any new buyback from your team or your partners in near future?
George: Everyone loves our progress. People are worried about the bear market but are very happy with our team
Q: maybe you should get some professional assistance about that at the start, to get you up to date with tags and followers :)
George: Yes it’s a must lol. Maybe trump can teach me how to Twitter
Also we will list tezos in a few days and also open usdc trading pairs soon. We will have several primary listing projects in feb in the pipeline. We email CoinMarketCap every single day but we are lucky if we hear back in a week. Their customer services is one second to us government lol.
Q: like primary trading pair? like you have eth, btc and usdt?
Q: This was a good decision made by the exchange being a quickx holder I believe quickx has made a right choice to get listed with bitmax
George: Thanks. More Transparency is always good to both investor and projects
Q: can you disclose more detail about the list standard?
the community, the hardcap, the airdrop plan etc
George: It’s again project by project base. Typical community size, quality of the team, project progress, financial situation are important
Q: Expected reasonable rate of qcx?
George: By rate you mean price ? I can’t predict price, but given the limited circulation supply, i think there is a nontrivial chsnce the project can perform well and I do hope so. Again it’s my personal wishful view. Pls don’t use it as an investment guide or hint
Q: Hi George, how will the allocation be given if ANKR IEO is conducted ? Hoping it’ll be different n community friendly than recent shady launchpad
George: Details are not decided yet.
I will keep you posted
Q: can i excite tezos community on twitter with your tezos listing ann? i know a lot of tezos holders (i dont own any), i just like to annoy them for their bag holding
George: Sure please go ahead. Thanks
Q: Do you trust quickx?
Is it a worthy and long term investment project ?
George: We disclosed all information we can find. Based on the information we believe it’s a valid project and that’s why we move forward to list. However there are things we don’t have the capability to dd, and I can’t personally say trust or not. It’s a very unfortunate thing that this industry lacks transparency. There is no third party authorities we can trust to dd. We do our best and hopefully other players in the eco system can partner with us to improve the integrity and transparency of the whole industry
Q: Any idea about the initial price?
George: Opening price will be decided by the market
Q: George, will there be more IEOs in the future or only limited to ANKR ?
George: It’s not ieo. Ieo I have lots of legal concerns. I would call it a promotional event and I am still working with our legal team on the details
Q: Got it. So there will be an announcement after fixing all, right ?