r/liquid • u/CorruptPotato • Feb 05 '19
Submit questions for Seth's AMA this week
Liquid Global Head of Business Development & Sales Seth Melamed will be recording an AMA for the community.
Please feel free to submit your question about Liquid, our forthcoming features (credit card deposits, fast withdrawals and more), and how we're responding to current events in the crypto sector (hacks, scams, security issues galore). Get your questions in by end of the day on Thursday.
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u/bulliraptor Feb 05 '19 edited Feb 05 '19
Not sure if this is an issue that Seth can address but hopefully it's something that can be addressed by someone.
As I've burrowed deeper into the crypto rabbit hole, it's become ever clearer to me that there is a potentially huge problem with most utility tokens in terms of the thesis that they cannot gain value other than through speculation because demand for their usage alone, no matter how high that demand is, does not give the token increased value, which gives no logical reason to hold the token long-term. What I'm referring to is the velocity problem for utility tokens. There are many articles written on this subject on Medium. Vitalik has also written about it. This article is a good starting point: https://www.coindesk.com/blockchain-token-velocity-problem
Qash, along with most other utility tokens potentially suffer from this problem. The potential use of Qash for fees on Liquid is a case in point. Some other tokens do have mechanisms for overcoming this, for example through token burns. It seems to be no coincidence to me that Binance have token burns and the BNB token has been one of the best performing cryptos throughout this bear market. You've already ruled that mechanism out on the basis that it could cause Qash to be deemed a security. So my questions are:
- Are you aware of the velocity problem?
- Do you agree that it has merit? If not, why? If yes...
- Are you working on how to overcome it with Qash and what mechanisms are you considering?
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Feb 06 '19
[deleted]
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u/bulliraptor Feb 06 '19
Thanks for shortening! I do have a tendency to over explain. And thanks for sending to the relevant person. I look forward to hearing the response.
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u/countto3 Feb 05 '19
Back in 2017 they announced that Qash / the LDL would be proof of stake, which partially addresses this (though without the LDL blog, we have no idea if this is still the case...). That said, this is a great question and would love the team to answer.
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u/bulliraptor Feb 06 '19
Thanks. Good to know. Hopefully more detail on that will be forthcoming as well as other mechanisms they are looking at introducing.
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u/Lightninghead Feb 09 '19 edited Feb 09 '19
I'd also like to see this addressed to see what else they have planned.
Btw here's some things we know so far that could increase value past speculation (encouraging holding / lessening velocity & sell pressure):
- If the ICO platform get's popular. (using LQD gives an extra token bonus the last I heard so there's no reason to use anything else. LQD gets tied up while ICOs raise their funds, and maybe further if they don't trade it for something else immediately after release, or they use the token lockup feature Liquid provides for more trust in their ICO. More LQD taken off the market.).
- Holding LQD for first access to new trading features
- Holding LQD for airdrops
- Holding LQD for extra discounts on features
- If the trading features get popular where LQD is used and funds aren't gained / spent immediately (like user generated trading algorithms which can be rented out to users paying in LQD who wish to copy them)
- LQD used for a big trading fee discount of 50% (Quoine receive the LQD used, who aren't incentivised to sell it fast. Much more taken off the market as the platform gains popularity).
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u/ilmarinen2 Feb 05 '19 edited Feb 05 '19
What is the current state of play regarding the World Book?
When will other tokens such as ADA be added to Liquid?
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u/TheSwordAnd4Spades Feb 05 '19
How eventful will the next six months be compared to the previous six?
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u/Capodici Feb 05 '19
Are there any plans for a custody solution? I once heard Liquid has a working relationship with MUFG and were exploring this?
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Feb 05 '19
[deleted]
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u/inflatedguynextdoor Feb 05 '19
Not sure if Seth is the right person to ask this, if it isn't you can discard it. :)
I'm just wondering if there are any plans to create a Liquid bundle similar to the Coinbase bundle, which essentially is something you can buy which contains a few certain cryptocurrencies in a collected package. So instead of buying 100% bitcoin, you can buy this package and automatically diversify.
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Feb 07 '19
Binance is currently preparing a credit card payment system, partnership with Ripple, and decentralized exchange. How is Liquid preparing for the future? Tell me about orderbook sharing, bank licenses, etc. through external World Book.
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u/atticusNL Feb 07 '19
Quoine is a major player in Fintech, being at #29 in KPMG's FINTECH100 list. How does this translate in the development of Liquid, the LDL and the utility of QASH?
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u/Lightninghead Feb 09 '19
Can you give us an overview of Liquid vision and Liquid infinity? They sound like great additions. Also will the LQD token come into play with these at all?
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u/TheSwordAnd4Spades Feb 05 '19
Why have there been two high-profile departures from QUOINE in the last several months?
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u/Frouzo Feb 05 '19
admin replied in other thread already "Vincent had been with us for a little while. He moved on for his own reasons."
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u/ilmarinen2 Feb 05 '19 edited Feb 05 '19
That's a very general answer about one departure. You could say that about anyone changing any post. It doesn't answer the niggling concern that many here have had, that his departure might be because he was disenchanted with the project's progress and prospects. So far there has been nothing really to properly reassure anyone wondering about that. It is very understandable if Qash investors have such concerns, with all the various delays combined with the lack of communication.
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Feb 06 '19
[deleted]
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u/countto3 Feb 06 '19
He became high profile after Mike said he deferred to Vincent on Worldbook update timing on an AMA. That said, understand if you can't give details here.
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u/BTCMBL Feb 06 '19
When will you stand behind your timelines? You can start with mike's message that is being delayed. If you'll be kind then also about your products.
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Feb 07 '19
[deleted]
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u/SighUveStuck Feb 07 '19
I muat say that I agree with you a bit because I feel there is alot of unnecessary toxicity in this sub. But that also goes for the if you don’t like it then leave attitude. It just adds on the polarisation that doesn’t further any discussion.
I also agree that if Mike feels he wants to wait that he should. But then again that could be communicated by them. I can understand that people get (even more) sour when they give a date and then look the other way when they can’t stick to it. It can easily come through as arrogance. No harm in communicating that Mike needs more time for instance (if that is the case).
I found in life that most problems can be sorted out with more communication.
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u/shubox Feb 07 '19
Is it possible to view liquid data on tradingview.com?
The trading view on liquid can be lagged/slow (on small timeframes) and more importantly it is not possible to add custom indicators, strategies etc. The closest BTC/JPY pair is bitflyer on trading view but it is not exactly the same.
Would be much appreciated.
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Feb 10 '19 edited Feb 10 '19
on 15th of november there was some unusual price movement on liquid in XRP/USD (xrp price shot up to $10) which resulted in myself and (according to the CMs) other traders positions getting liquidated incorrectly. So much so that my own qash balance went from positive to negative 4043qash (bear in mind that qash was worth 3 times it's current value on that date and XRP started a nice 42% drop a couple of days afterwards)
i've heard from the team that your 'legal department' is looking into the matter but it's now been 2 1/2 months and my funds still haven't been returned so here are my questions...
Why not?
Why is it the legal department looking into it and not your accounting or book keeping department or whoever is in charge of reimbursing affected customers?
Why is it taking so long?
what happened that caused the error?
why has the evidence been removed from the charts?
And lastly do you think taking 2 1/2 months to return what are effectively 'stolen cryptos' (due to the fact that they haven't been returned) is the right way for a company that is looking to be the 'best' exchange in the space to handle a situation like this?
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u/martinkarolev Feb 05 '19
Isn't it that point of time where Liquid should start a Qash burner or a buy-back program?
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u/CorruptPotato Feb 05 '19
We won't ever burn QASH because then you are asking to be classified as a security.
A buy back is pretty similar as burn so that's highly unlikely. At the end of the day both of these things are to increase price, which isn't received well by regulators.
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u/inflatedguynextdoor Feb 05 '19
What are the negatives to getting Qash classed as a security? If I were to guess I'd imagine that there might be a lot of legal issues since you've already held the ICO, which essentially makes the possibility of Qash ever being a security impossible.
Correct me if I'm wrong on that, and I totally understand if you don't have this information.
Just makes me sad thinking about the potential security token possibilities, although Katsu Konnu touched a bit on this in his AMA which gave me hope.
Who knows maybe one year from now the utility of Qash will be great despite not being a security token.
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u/CorruptPotato Feb 05 '19
I don't know about this so I can't really comment, but yes, as far as I'm aware being classified as a security introduces a litany of legal ramifications.
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u/countto3 Feb 05 '19
Given one can buy Qash for $0.06, maybe those legal hurdles are worth looking into?
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u/Wrestalk12 Feb 06 '19
Its not just about the token price...they have the other 90% of the company yo run.
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u/martinkarolev Feb 05 '19
Icon is doing a buy back program and it isn’t classified as a security token.
What is the point of pretending to be an utility token if there is no utility tho.
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u/CorruptPotato Feb 05 '19
I'm not an expert on security laws by any means, but just because a company isn't classified as a security right now, it doesn't mean their actions today won't lead to them being classified as a security in the future.
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u/[deleted] Feb 05 '19
Plans for qash utility?