Globe Exchange SatoshiClub AMA from 09 December
Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Globe Exchange. The AMA took place on 09 December.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: Good evening, dear community!
D. | Satoshi Club: hello Satoshi club!
Gold Rocket | Satoshi Club: We are happy to announce our AMA session with Globe Exchange.Welcome to Satoshi Club, @jawestt!
D. | Satoshi Club: @jawestt what’s up!
James: Hi everyone, nice to meet you
Gold Rocket | Satoshi Club: Thanks for joining.
D. | Satoshi Club: nice to meet you too! how are you?
James: I’ve worked my way through enough coffees today that I’m ready for anything
D. | Satoshi Club: haha great!
Gold Rocket | Satoshi Club: First, tell us a bit about yourself, how you came to crypto, and how did you get to be involved in Globe Exchange
James: So, I’ve had a crazy life journey
My family are part English, part Algerian
fighting oppression against French conquerors
I was born and raised in England, went to university there and did a PhD starting around 2010
I spent a few years trying to cure cancer
you probably noticed I didn’t succed
but I think it helped a lot
I also worked in math, statistical physics, time series analysis that sort of thing
I left to go work at a hedge fund, back when that was a cool thing to do
at the hedge fund we started with about $30m and grew it to maybe $500m in 4 years, where I ran the quant team until the 3rd year
by then I had realized quite how much crypto was going to change thigns and how much of an opportunity there was to go do that
I called up my best friend from university and we started Globe
Gold Rocket | Satoshi Club: you have a really rich biography! you are a strong and intelligent person! we all here believe that crypto will change the world!
Jamesad: it has been a wild ride
so Globe’s first investor was actually Y Combinator in Silicon Valley
the last time they backed a crypto exchange (well, it was something else at the time) was quite a while ago
… a little known project called coinbase
D. | Satoshi Club: yeah a little
James: we explained to them how we could bridge together the divides between East and West
and solve the crazy stuff that was going down in crypto at the time
… and where we thought the market eventually needed to go
Gold Rocket | Satoshi Club: Thanks for the great intro!
Jamesad: eventually we would unlock frictionless market access to everyone for all markets, existing and possible
so things like being able to buy real estate futures, index perpetuals on shitcoins, energy perps
back then you couldn’t even get altcoin futures properly, though fortunately that part at least has changed
Gold Rocket | Satoshi Club: does this mean that this is the goal of your project?
James: yeah, you could say we wanted to GLOBALIZE access to all possible markets
Gold Rocket | Satoshi Club: great goal!
James: I think maybe 10% progress has been made
Gold Rocket | Satoshi Club: now a bit how will you implement this?
if you want we can go to community questions
Jamesa: let’s go to community questions and I’ll tell you more how we do it if there’s time at the end
Q1 from Telegram user @jobel4
According to your website,”Sign up today, and you will automatically be entered in a draw for XBT”. So can you elaborate more about this sign up offer in your platform? Aside from this offer, what other welcoming reward is open to claim in your platform? Do you also have referral program in your platform? If yes, can you explain more about it? Thank you
James: Hi @jobel4, nice to meet you
We run a programme called Globe Rewards
It offers a fun basket of free stuff every week or two, first one will come on launch day
Right now it’s just in testing while we are preparing to go
There are 3 main prizes every draw, and 40% of traders will win something every time
You can earn tickets into the draw by doing various things which will change over time
if you login and check out https://globedx.com/trade/account/rewards/ you’ll see the testnet version at present
D. | Satoshi Club: 40% big number, easy to win something
James: We have a referral programme too, also testnet for now, check out https://globedx.com/trade/account/affiliates/ on a logged-in account
Gold Rocket | Satoshi Club: I want to try my luck
James: payouts come every 15 minutes
D. | Satoshi Club: so i have a question, can we already use your exchange or you are still in kinda testnet and preparing to launch?
James: We’re still in kinda testnet and prepping
We are listening to feedback from everyone trying it out
If you love/hate something just message us, and we’ll talk about it at the end of every day at 6pm UDT
I mean every day
we usually update things 2x/week
Gold Rocket | Satoshi Club: Do your users need to pass KYC?
James: Not for anything right now, we know how annoying that is
We will have some products in the future that will likely require it
Gold Rocket | Satoshi Club: Everything is clear to me
D. | Satoshi Club: yeah, for me too, thank you for answer!
Q2 from Telegram user @magic2crypto
There are only 2 team members as i can see on the site. That isn’t too many as for a such ambitious project. Meanwhile i see also that you are hiring smart & passionate people to join the team and Satoshiclub could become as a good chance to find those. Could you clarify more detailed who exactly you are looking for? What skills, profession, experience, etc must someone have in order to apply joining?
James: So we list the directors on the site, but there are maybe 15 people involved in the project
As an exchange we appreciate all sorts of skillsets
People with amazing product ideas — maybe you really want to do futures on the soccer world cup for example or an index perpetual on soccer player values
The exchange proper benefits from Rust and C++ developers
We use kdb/q for certain types of data, due to its amazing performance and developed one of the best libraries that interfaces rust with q
Gold Rocket | Satoshi Club: Very good.. really the team is not very big… Satoshi Clubbers, join!
James: On the frontend: react has been the best choice around for a while, we especially love people who can see the aesthetic side of it too
Most of the Rust and C++ people have maybe 10 years at a bank or hedge fund / high frequency trading firm each, which is definitely a plus
Gold Rocket | Satoshi Club: Good Chance!
James: We were believers in open source I guess before crypto came along to “open source” finance (and more!) itself, so anyone with open source experience is really appreciated
Gold Rocket | Satoshi Club: Thanks for sharing!
Can we proceed. Or you want to add something?
James: One last thing I guess — hearing amazing ideas for things you’d like to trade, or ways you’d like to manage your crypto (insurance fund staking, community market maker lending, etc.) is a great way to get a job
Q3 from Telegram user @Arisabela
Globe for Business offers microsecond response times using colocation on Equinix London LD4, can you explain what are the benefits of using it? and is there some kind of error that can occur?
James; The benefits of it are that many businesses are already set up in LD4, especially financial businesses that are looking to get into crypto but haven’t started yet
One of the most exciting things we’ve seen in the most recent bull market is the amount of trading happening on the private exchanges like the CME and LMAX
Suddenly there are big institional players who are actually having a real say on where the price goes
(it’s actually pretty amazing to me at least to see which types of institutional guys are long and which are short right now and the tug of war they are having)
Everyone is probably tired of hearing that “the institutions were coming” (TL;DR: they already came in 2017, then another wave in 2019, and now … )
now some new ones are at the door now and somebody needs to let them in
and Globe is kind of amazingly placed to let that happen
Gold Rocket | Satoshi Club: sure
James: The kinds of error that can occur: well, you might start to see, at least briefly the kind of outright arbitrage opportunities that happened in 2017
like back then the prices were so different on some spot exchanges, you could buy low on one, sell higher on the other in spite of huge fees… or days later and print money
similar dislocations happened over the recent ATHs
where you had players on private exchanges pushing things all over the place vs. public exchanges
and you could get trades, say on Globe, that you wouldn’t get anywhere else because of who could access it
Gold Rocket | Satoshi Club: Sounds good!:
James: Why microseconds matter: they will start to
usually it takes a market in regular finance like 100ms to process some kind of economic event and figure out what to do
like the algorithms need time to swirl their tea leaves around and predict price direction when Elon Musk tweets about how he has “funding secured”
being able to respond in faster timescales can start to mean that you’re getting fair liquid prices and one exchange and uh… stale/misleading/… prices on another
I really need to watch that interview
D. | Satoshi Club: that interview was something
Gold Rocket | Satoshi Club:like all of us. this is a classic
James:I guess part of globalizing crypto is also it growing up
Gold Rocket | Satoshi Club: Could you share your roadmap with us?
James: like waiting 15 minutes of lag because the exchange can’t handle 100 matches/s and getting destroyed the whole way down can’t last
yeah — we’ll be shipping new stuff on a regular basis
crypto itself moves so fast that we need to respond to where it is going, and sadly I don’t know fully what it will realize at this point
but here are some things I see coming
Gold Rocket | Satoshi Club: You are a visionary person! Forecasting is very important in this industry
James: * Index perpetuals on e.g. baskets of cryptos split up by correlations
* Perpetuals on higher moments of skew and kurtosis
* Futures on prediction events — esp soccer
* Options on stocks
* Access to fractional real estate markets
* Access to market making itself — AMMs provide a service, but they sort of augment CeFi now and may do for a long time
* Better wealth management: frictionlessly moving your crypto around yield-generating activities
composability rather than competition between CeFi and DeFi I think is the key for some of these
somehow banks have been taking a huge, huge cut of all the interest everyone should have earned on their capital for centuries
I don’t know if that can last
similarly, mutual funds have “robbed” long term investors of a huge chunk (about half) of their investment returns for the last century
Gold Rocket | Satoshi Club: Good question
James: with a perp you can kind of streamline all that stuff to only a tiny entry fee and faithful replication of its index e.g. US stocks, chinese stocks
D. | Satoshi Club: fully agree on this thesis
James: … the the Globe’s top stocks
Gold Rocket | Satoshi Club: Yes! our world is changing. We have to keep up with the changes !!!:rocket:
James: I look at how one generation has sort of robbed the younger one recently over real estate, “mismodelling” pensions, etc.
basically half of society lost its representation then it got trampled
and in parts of the world is being impoverished
crypto is reversing that horrible wealth transfer bit by bit
Gold Rocket | Satoshi Club: you are a true crypto idealist:
Thanks for your position and for your answer! The next question?
James: to move things the right way, someone has to go do it
Yeah it’s a good time for the next question
Q4 from telegram Username @Jonahapagu
In one of your articles you stated that Globe Exchange is “The fastest/fairest exchange, ever”… most of your services are new and your exchange has not been put under the real test of large traffic and handling of millions of request from real users… I could not find any information backing up this claim.. in terms of fairness and speed how does Globe exchanges compare with other top exchanges are their features you are implementing in your platform or evidences from real time tests to back this your claim..
James: I suppose Globe is a very different kind of exchange under-the-hood from binance or bitmex
Instead of running purely in the cloud, the primary exchange servers run in one of the world’s hottest financial data centers
That means that the kinds of hardware it uses is much more sophisticated than what runs in the cloud — it becomes able to store the entire orderbook in “level 2 cache”
that is in a way that the processor can access it perhaps thousands of times faster every trade, it can also store gigantic queues of messages (hundreds of millions, maybe billions) in RAM
The engineering team around it comes from high frequency trading (Getco etc.) and also built exchanges at banks like JP Morgan, BAML and HSBC, so it runs on the same kind of hardware that their exchanges do (and NASDAQ/CME/JPX etc), which just aren’t available to pure cloud-exchanges
Under our own simulations of the test of large traffic, we’ve scaled comfortably to tens of thousands of simultaneous connections as bitmex typically have and right now on our production site I can see most trades clearing in about 2 microseconds, the worst one in the last 10 minutes in 20 microseconds
Gold Rocket | Satoshi Club:very nice interface
James: Performance is nice since dealing with lag and your orders being rejected all the time when the market is rolling can be frustrating and scary
it might be suspiciously similar to those at eFX exchanges that do maybe >1000x what crypto exchange have to handle
The trader stereotype about having lots of screens at all times is 100% true
Doing things in a fair way definitely takes time to show, I think from day 1 one thing that’s quite different is our policy of not trading against our own customers, as other exchanges often do
that’s generally seen as a violation of trust between an exchange and its community in traditional markets, even illegal, and we need to raise standards
Treating people fairly isn’t something you get to stop doing …
Helping to get rid of annoying stuff like lag and dodgy trading practices is important, but what I think is really fun is how much we can broaden the tradeable universe — VIX solves problems for many traders that other products don’t and being able to hedge should there be a DeFi winter, or just profit either way sounds great to me
Gold Rocket | Satoshi Club: And for me too
Thank you very much for the answer! next question?
James: Yeah next question
Q5 from Telegram user @konditer_rolex
The fact that USD will be presented on your platform makes you think about KYC. Will you expand the list of fiat currencies and what will happen with user verification?
James: So the “USD” that’s on the platform is for index pricing only, it’s not a fiat trade
I expect in the next 5 or so years, maybe 20% of the world will be using CBDCs
central bank digital currencies
which will in turns perhaps have their own stablecoin analogues
or perhaps even there will emerge global stablecoins not attached to fiat that get really big
D. | Satoshi Club: it’s very possible
Gold Rocket | Satoshi Club: It doesn’t sound so incredible today!
James: I can see us doing FX stuff with the digital wrappers of these things pretty quickly, or at least making a helpful interface to it via the defi models of the time
that may not require KYC at that time
certainly if we did vanilla FX between USD and JPY for example we’d have to KYC that!
it seems sort of a frustrating price to pay, but it may be the price of getting good price execution/volume vs. not
D. | Satoshi Club: do you have plan to make token for your platform? like BNB analog? and stablecoin?
James: tokens sort of commit you to a certain path as an exchange
they anger some governments, others don’t care
many are still not sure if they consider them securities… or just “digital coffee cards”
We’ve been designing a token for a bit and will announce it on our twitter/telegram if we get to a place where we are happy with it
BNB analog is one of the few good models out there
some of the other ones lately can cause booms, but then completely collapse which isn’t really what you’re trying to do with a token
Gold Rocket | Satoshi Club:Everything is clear to me!
James: stablecoins: there are lots of great projects working on this, I guess exchanges right now are just trying to do everything sometimes
Gold Rocket | Satoshi Club: Ready for the last question in this part, or would you like to add something else?
James: I guess we’ll do it if we think there is a great way to do it that somebody hasn’t already done
D. | Satoshi Club: gotcha! thanks for answers!
Q6 from Telegram user @Cakelov
As I know one of the weakness of CEX (Centralized Exchange) is security. How did Globe Exchange as a new exchange solve this problem? How did you convince us as trader that your platform is safe?
James: I guess CEX had a bad time with security maybe a few years ago, so I see where the reputation comes from
I sort of suspect it actually isn’t that much worse than traditional finance is doing with the kinds of crazy fraud and inside jobs happening there or even coding errors / unforeseen attacks going on elsewhere
We use insured, third party, cold storage, alongside regulated US banking partners so you can sleep safe at night knowing your crypto is as safe as it gets
We also aggressively adopt best practices, run independent penetration tests, etc.
D. | Satoshi Club:yeah, but Kucoin was hacked in this year, top tier exchange…
James: I guess for some crypto exchanges now you have to check your wechat to see how many steps the CEO/CTO has walked today to see if your funds are safe
with insurance and separate entity custodian you get another level of safety
kucoin seemed to me pretty far from best practices around least access principle, but details are still coming out it seems
for the foreseeable future CEX, just as parts of finance were in the past, are well placed to put right such wrongs without it putting too much of a dent in the business
D. | Satoshi Club: for sure. someday we will know the whole story behind that hack
Gold Rocket | Satoshi Club: Thanks for the great answers! you told us a lot of new and interesting things. Before the live chat, would you like to share useful links and information? @jawestt
* Catch us on twitter: https://twitter.com/globedx/
* Check out the billion satoshi challenge here: https://twitter.com/globedx/status/1334225728624238594/ — a retweet gives a big chance to stack a few more sats
* Registration is just 30 seconds away: https://globedx.com/en/register /
* See also our telegram community: t.me/globeofficial/
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Beterror203
Hello @jawestt How much is the maximum Laverage that I can Leverage the crypto as BTC and the alcoint?
James: 100x on everything for now, but you have to really like excitement in your life to use that much
Q2 from Telegram user @rockmorti
Can you talk a little about your relationship with Pantera Capital, is it true that Pantera invested in the project?
James:Yes, Pantera are a big investor. They also have lovely Tiger-style plushies in San Francisco. We talk regularly around where the industry should go
Q3 from Telegram user @csgonub
On twitter puzzle, I think the bitcoins are hidden in the bytes of the picture it is true?
James:There is some python code already in the Globe community trying to answer that exact question. Maybe it can help solve it
Q4 from Telegram user @Cakelov
Globe Exchange will be the 1st that launch UNIUSD, could u pls tell me what is the min depo and withdrawal transaction for Globe Exchange?
James: Limits are very small right now. We will update docs on them shortly. Let us know if you want them
Q5 from Telegram user @testercoin
Do you focus on trading Bitcoin and Ethereum mostly or will we see other coins too after launch?
James: You will see a lot more after launch
Q6 from Telegram user @Brainchest
What do you plan to implement in the near future? Trading with smart orders, new trading pairs, options trading, hybrid trading mining?
James: We have some new order types we’re trying out to help improve ordinary traders price execution, we will be shipping index perpetuals, new pairs, linear vs inverse perps, yield products, futures, options, and maybe spot (at least UI convenience) and predictions markets in some kind of order
Q7 from Telegram user @KeymerS
is the volatility index tool functional only for XBT? or can be used by every existing Globe Exchange marketing pair
James: Altcoin volatility indices are likely to be very close to a XBT volatility index in terms of overall utility due to the correlations between them, as less correlated baskets arise it will make more sense to offer volatility indices on those
Q8 from Telegram user @azrayeni
What are the supported order types? Can you add globedx to support chain limit orders (Limit buy order and limit sell order at the same time)?
James: Order batching is a great efficiency and something we have on our minds
Q9 from Telegram user @SutedjaDian
Why did you left hedge fund?
James: Because they thought crypto was “over” and not going to grow
Q10 from Telegram user @atillayeni
You look like Mark Zuckerberg. Do you think globedx can be the facebook of CEX platforms?
James: I think Mark did a great job of being the *last* social network. Maybe instead of an era where CEX and DEX are so different we are entering an era of them interweaving to be XEX, where I think there will be several winners
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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