How do you compete against NASDAQ? What areas you need to improve to be more competitive? What is your strategy to win over the major institutional traders such as banks and hedge funds?
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Dear Nash team,
Will community members in the future be able to somehow become sort of consultants or be of any other help growing the Nash fintech company backed by the team through some sort of accreditation from the founders?
Hey guys,
Thanks for all the hard work, it’s appreciated!. Really exciting times ahead, can’t wait to see the MVP in practise. I have a couple of questions for the AMA.
1). The most obvious question is of course if you could shed some light on the tasks that still need to be done before you feel comfortable launching the MVP. With the previous statement Q3 would be the quarter to launch, i’m pretty sure this one is on everyone’s mind.
2). Nash has now a formal proces by which projects can show their interest to be listed on the platform. Can you give us an estimation of the amount of interest you have received from projects so far. Did some of the projects already got through the legal-proces for which they pay the fee of 10.000 dollar? NB: if you can’t talk about this from a NDA perspective, could you give as an estamation of the amount of teammembers you are assigning to this part of the company for the first year?
3). Does Nash have any agreements/understanding with market-makers for specific crypto-projects who will be traded on Nash?
4). Could you provide us an update on the part of the security-trading license? What has been achieved so far, and what needs to be realised still before Nash has their hands on such a license?
5). Could you give us an update on the part of BTC trading on Nash?
6). What kind of marketing plan will Nash utilise to attrack customers?
Well, that’s all i got so far. Sincerely hope you are willing to provide some clarification on these matters.
May the wind blow in our sails for the journey ahead,
Nick
Edit: grammar
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Three questions:
Will there be any projects or services provided by Nash that will be excluded from the profit sharing structure?
A function to automatically reinvest the profits in order to compound would be great. Is there a plan to integrate this function?
Disliked subject by many but nevertheless an important one to mass adoption is tax. Will there be a tax compliance service that would offer an auto generate yearly tax returns?
Thanks
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https://community.nash.io/t/community-questions-for-boston-ama/7177/40?u=canesin
The recordings are with me - just downloading to the computer now, so we will still need to process it and etc. I am planning for the QA to reply in this thread instead + the presentation video will be more productive. This time a lot of people didn’t follow the usual “self-contained” question and wrote wall long series of multiple questions in a single reply so we ended up asking more questions from the audience instead.
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There is a misconception here, Nash will not migrate anything from NEO, our matching is a fair off-chain system, that is a main advantage and pioneered in our initial whitepaper (a concept followed by many today after their on-chain matching systems failed).
Regarding the DAG, about an year ago we did research on what/how a version of Nash in which users run the matching nodes would look like. We came up with a DAG-like structure that used Avalanche-like consensus for the messaging of orders. That was put in the fridge for the future as both regulations constraints and economic incentives don’t justify users running nodes in the foreseeable future. After all our current priorities are fully developed we will revisit this.
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We talked about mobile in the Q2, please see the video. Regarding timelines we shared this slide (edited for clarity and typo):
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It is very hard to talk about this “you don’t know the struggles of the lives you don’t live”.
We learned a lot by shipping the extension and doing the offering platform, at the same time we could have saved the time used to build those. While we were self-funded we also preffered to outsource instead of continuing to hire (we had 10~15 people + consulting), we could have just hired more in that period or raised from equity, at the same time it was uncertain the time we would receive green light for the security, we had already spent more than $800k and now being fully owned by founders we enjoy a lot of freedom on business decisions.
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We are not excluding EU, US and Brazil from the call! We just communicated that we already have partners in those regions. Our focus has been on guaranteeing current integrations are working before on-boarding more, but we received many applications from many different countries. I will restart contacting those during August.
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https://community.nash.io/t/community-questions-for-boston-ama/7177/12?u=canesin
Fee structure of fiat ramps is fully determined by the 3rd party providers themselves, Nash has no control over those. Fiat ramps with 3rd parties are only an interface for and API gateway, Nash doesn’t keep or interfere with that data.
Nash has no rules/guidelines to avoid uncompetitive rates, how would we define what is uncompetitive ? We don’t know the cost basis of local operations.
What Nash will do is be open to have more than one provider per region so users have choice and let market forces decide what is competitive.
Tokens are to be transferred directly to user wallets after fiat process is settle. How each project acquire tokens and secure their operations is up to them, we hope they use Nash Exchange markets for liquidity like Nash will do in its own ramp systems.
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https://community.nash.io/t/community-questions-for-boston-ama/7177/13?u=canesin
Open Banking reflects mostly on API standards for EU, what that means is that integrations we build with our banking partners today are portable as we expand the numbers of banks we partner with in the region, if needed.
US is behind the rest of the world on Open Banking but there is good platform providers there that we plan to use.
Other continents have similar projects, several are variations of Open Banking, specially PSD2.
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That is the list for launch, our goal on the first months of operations is to scale the listings but is better for us to start with a controlled set. We are scaling the compliance team in Liechtenstein and that will go hand in hand.
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To be cross-border and global is absolute core to our mission, the vision for Nash is a new distributed financial platform making use of blockchain technology to allow anyone to pay, trade and invest anywhere in the world.
Same way the internet allowed mail to become e-mail and global providers were able to service regions that were previously serviced only by local players we see blockchain transforming cash and assets into e-cash and e-assets allowing global providers of e-cash and e-assets services.
Blockchain is core to this vision because it is only with open networks this level of freedom will be possible and blockchain has demonstrated to be the most promising technology to implement those networks.
Africa and Asia are financial innovators and very important to us, however we will not provide ramps ourselves on this regions in the near future to solve the problem you referred to. We have a market place for fiat on/off ramp providers, anyone that has an legally operating business to buy/sell crypto can integrate with our systems and we invite those in those regions to apply in: https://nash.io/business/currency-partner
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To have the best community!
We go the extra mile for our community, we first worked more than an year building open source technology then self-funded Nash for almost another year to get a public security offering. We didn’t need it for raising capital. We did it so that people like you could benefit from the success of Nash with certainty, a truly transparent system - a revenue sharing security, not profits after accounting gymnastics or a legally obscure optional fee token for indirect revenue distribution via burning (what is even the percentage of fees paid in tokens vs not ?).
We started bringing members of the team to different locations so that our community could meet the team in person, drink a beer side by side. We had people from New Zealand in London and from India in Boston. We opened this forum. Reality is: we love our community! What we did is no excuse to not do more, we will do more and will continue to do our best to not do steps that could damage the trust and investment people have put into this project.
So with such devotion we hope our community will not only use but also help us promoting and refining the platform for their own benefit. We will continue to do interviews with community users and have feedback threads in this community, always refining our products. We will continue to consult with the great set of entrepreneurs and business leaders we have in our network, always refining our strategy. It is my hope that every Nash product looks a lot different in 2 years than what they are in 23/8 and that every Nash process is evolving. If we fail, we will fail together, but if we succeed it will be also together.
Zero fees, complementary not competitive. Majority of NashPay settlements are expected to indirectly go through the matching engine, we will use our own markets for liquidity.
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https://community.nash.io/t/community-questions-for-boston-ama/7177/17?u=canesin
We are non-custodial, the transactions screen is like a explorer - if you access the wallets outside Nash it will show in the transactions screen.
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We will not disclose this information. We are financially healthy and currently have enough funds for at least a few years of development.
I will not conjecture how to finance a hypothetical situation. We are working hard to be profitable before our current funds are depleted. (PS: Is not I who spend funds - it is the company. The company is directed by a board, not by me unilaterally)
We already contacted CMC, they require an API that is not available on current explorers for circulating supply. NEX total supply is wrong because they are using neotracker as a reference but we already warned that neotracker has issues tracking some NEP-5 tokens (as is well known in NEO community).
You can access the wallets outside of Nash using the keys, you can also interact with the smart contracts using any blockchain client, like neo-python or neo-cli for NEO and geth or parity for ETH. In the long term we plan to provide a desktop application that facilitate this interactions to people with less technical knowledge.
Tokens could be withdraw from the address using any NEO blockchain tool. A smart contract cannot issue a transaction in itself.
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MVP at 23/AGO/2019
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We will not disclose this information, many people have multiple investments and we don’t want to influence nor be influenced in this, all tokens will be subject to the same legal and technical process - when operating the exchange we must be as neutral as possible.
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https://community.nash.io/t/community-questions-for-boston-ama/7177/21?u=canesin
Yes, it is possible. No, we are not disclosing any details in the near future.
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