Community questions for Lisbon AMA, 19 October

Thank you all for the questions, we will reply a few on the panel today and all on the forum on the next few days.

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We do not discuss regulatory processes. What I can say is that our current focus is not security dealer, but wining market share with exchange product we already have operational. Digital securities trading is a market that still has some significant time to mature, we will revisit this in 2020.

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I don’t know how CMC is filtering legitimate trading, given the plague of wash trading that has hit our industry past year. So that ranking might not be relevant to that. We certainly are on track on our plan to be on the top 50 exchanges when considering legitimate volumes.

Our expectations on what that means in numbers have been shared in the community before, as I known you @sharkie you can probably clip it, but we see TOP50 at about 100m/day. This is not a guarantee but on our roadmap we are consistently hitting the milestones for that.

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replied in lisbon: Operations and Mobile: Quarterly Report Q3 2019 - YouTube

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I think this is a symptom of our success to offer a product that offer same user experience of centralized exchange while being non-custodial, generating this kind of expectations.

I will be clear: is not possible to just get a list of networks and add in Nash for trading, we are non-custodial. The network needs to meet some technical requirements.

That said, current TOP20 are:

Legend:

WIP - Work in progress.
OK - Already in Nash
FUT - To be seen, unknown if it is feasible given its limitations. Future work.
BLK - Not being worked, legal uncertainty.
SEC - Not being worked, current possible security concern in consensus.

  1. Bitcoin - WIP
  2. Ethereum - OK
  3. XRP - FUT
  4. Bitcoin Cash - WIP
  5. Tether - BLK
  6. Litecoin - WIP
  7. EOS - FUT
  8. Binance Coin - BLK
  9. Bitcoin SV - SEC
  10. Stellar - FUT
  11. Cardano - FUT
  12. Tron - BLK
  13. Monero - FUT
  14. Chainlink - WIP
  15. Unis sed Leo - BLK
  16. Huobi Token - BLK
  17. IOTA - FUT
  18. NEO - OK
  19. Dash - WIP
  20. Cosmos - FUT
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This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

  1. We will not offer NEX on fiat ramps. It is the third parties in the marketplace that are in charge of what they buy/sell.

  2. No current plans, way too soon.

  3. Not a product we are currently going after, we already have a big offering we are dedicated to gain market share first.

We believe in decentralization so much that even our team is fully remote. And yes, attracting great talent is a by-product. We are absolutely convinced that great talent comes in every culture, language, color, sex and religion. Decentralization is diversity, that is from where it extracts all its security and economic qualities (you trust more Bitcoin many miners because you expect they to be diverse in how they act, on their goals and on their beliefs).

But like with the networks it self, being fully remote indeed does presents many new challenges, coordinating work and guaranteeing communication has very low latency are the hardest, for this reason we since day-1 have been constantly trying to improve our processes internally - changing both process and tooling whenever it seems to make sense. Due to this we have continued to see better execution and I personally think we can even surpass traditional forms of coordination given how we can make everything async. If you are interested in this topic this is a good write up of how async can help: https://blog.remote.com/why-you-should-be-doing-async-work/

We will continue to be fully remote for the foreseeable future, we do however have “timezone bands” we aim for, and naturally happens to have more than one employee in some cities - that we encourage people to meet and build social bonds.

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

I will ask once again to not couple multiple questions into one entry, it makes virtually impossible to reply on the AMAs.

1/2/3/6 - This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

  1. Nash is non-custodial, it is not in our current plans to offer USDC-EUR market pair, we do plan however offer a USDC-EUR fiat ramp in near future.

  2. That is something for the industry to decide, is not currently in Nash plans to issue a stable coin.

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

I will ask once again to not couple multiple questions into one entry, it makes virtually impossible to reply on the AMAs.

Retail users and individual traders. Yes. Expectations have been repeated to exhaustion at this point. Yes, we do market research.

Online survey, interviews and user tacking/attribution. Currently we are focusing on the two profiles mentioned above.

A lot of people don’t actually know what digital marketing is and how it works. A lot of people think they do because they sell something or watched Mad Men. We fully trust our penetration strategy and have devoted as much time and care to it as the technology. I don’t know exactly what you mean by holistic approach, we do/will use several channels including the product itself.

The Bakkt case is a prime example of people confusing app marketing with paid ads, what is today a classical mistake, as said by Steve Jobs in this interview from 1985

Jobs: First of all, it was too expensive—about ten grand. We had gotten Fortune 500-itis, trying to sell to those huge corporations, when our roots were selling to people. … We decided to hire people we thought were marketing and management experts. Not a bad idea, but unfortunately, this was such a new business that the things the so-called professionals knew were almost detriments to their success in this new way of looking at business.

I believe we have a better chance because we understand better what is to be a crypto user and trader, they will learn however, and as you said they have a cushion to make more mistakes. So time is of the essence.

Liquidity has been demonstrated and will be expanded solved on a market-by-market basis. This quarter we will kickoff our new program to demonstrate volume on the test markets. The community can and should help to educate that liquidity and volume are two different things, you can already get good prices and fast execution on Nash in several markets. We believe to have a few strong costumer acquisition projects, they are mostly tied to features as they should be - so they will be executed as those features are deployed to the live product.

Our marketing budget is adequate to the projects we have planned, based on three main fronts: product, community and social. If it is shown that some funnel is preferential and is scalable (meaning cost per acquisition doesn’t blow up) we will increase its budget. In that case if required we could even raise capital just to pour on that funnel. This question is a bit convoluted, a few of the mentioned examples aren’t modern or have not been shown to work. We will not do several of the mentioned promotion methods.

We have a competitive program to attract liquidity partners. That was developed by hearing their feedback. The program is part of a ongoing effort to bring more partners from the liquidity industry to be part of Nash future.

There is very low cost to maintain a natural market. Every project is actively invited to bring their users to Nash.

We have no personal bias against any project, one of the reasons why we are such a great team to run markets. XRP has limited programming capabilities and needs research, our blockchain engineering team is focused on the Bitcoin protocol. We have been recommended to not start USDT markets due to legal concerns.

We do not discuss regulatory processes. Regarding Nash position on this matter see: Community questions for Lisbon AMA, 19 October - #34 by canesin

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  1. It is on the tracking but not in our 6mo plans, so if we will push it forward will depend on how priorities shift.
  2. Our initial protocol will use Bitcoin main chain, we could in mid/long term.

3/4 - Nash is non-custodial. This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019

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Not on tracking. We are focused on our current products for now.

This has been replied either above or on the Q3 report.
See Operations and Mobile: Quarterly Report Q3 2019 - YouTube or read Operations and Mobile: Quarterly Report Q3 2019