The Bitrue - XRPCommunity meetup last weekend in Amsterdam was for me the perfect moment to meet the face behind Bitrue - CEO Curis Wang. I had questions, the XRPCommunity had questions:
Who is Bitrue, Why Bitrue, Where Bitrue ......
You cannot open Twitter without reading something about Power Piggy, Bitrue Scam, Fake ......, so IS it or IS it NOT!
Let me clear up something before I go into this blog: NO
NO, I am not getting paid and no there are NO perks whatsoever, I write it, because I WANT to write it. Curis, Bitrue, nobody will read it to change it .... nobody will read it to influence ..... nor will anybody re-write the story, ... this is it, this is me ... this is MY STORY ! !
YES, I have a Bitrue account and YES, I am participating in Power Piggy. I do not do this with my XRP, (yet), as I first want to get my feet wet with this little piggy. It needs to prove itself ... before I trust my XRP with it.
So, during the meetup with Bitrue in Amsterdam, I showed up a little early because I had a meeting with Curis Wang, Bitrue's CEO, that is stiring the market with this "new exchange". Besides the knowledge Curis, I am allowed to call Mr Wang by his first name, was Head of Innovation Business Development, Senior Director Cheetah Mobile, I wondered where the Blockchain step came from?
In the Blockchain a lot of people make money, a lot of money, but in the wrong way, a lot of things are not right, lots of fees are asked, listing fees, buying fees, selling fees, everywhere fees. Curis was already working in the industry, in Silicon Valley, so was able to look around and saw first hand, more than once, how .... NOT to do it! He saw that being in the bear market, treating blockchain this way, he felt we were staying in it longer than we have to stay in. Price dropped in 2018, nobody cares about the blockchain community, so if you say you are not happy with a situation, you need to take some actions, and put your mouth where your money is. How to improve, how to contribute to Fintech, Blockchain, to actually be able to say: ..... hey, I am helping to change the ecosystem, I am doing something positive. Thinking about connecting crypto currency with the traditional market. Starting small, becoming big!
Well, that is always good of course. Having goals. At the moment Bitrue already has 50 people and is growing fast. Offices in San Fransisco, Taipei, Beijing and Jakarta. So, if you thought they were fake, having all these people working at multiple offices..... that is expensive for something that is 'not real'. It started in 2018, so we are talking about a very young exchange.
So, I just wanted to know a little bit about the market. I wanted to know what is worse for the blockchain market .... the SEC not declaring the security issue or NOT security issue or the whales coming buy pump & dump in order to make a lot of money.
My answer would be the latter one. The SEC declaring or not declaring whether XRP is a Security, a Commodity or a Crypro Currency is not as important for the market. Yes, it will make a difference making profits in particular time frames, but it is not why the market suffers; and we all know the real answer already. To me the whales are the real ones paining the industry. Manipulations is killing the prices, so regulation should be key for the industry to prioritize.
Curis thinks that the SEC definitely needs to create definitions for all different crypto currencies, whether they are securities, tokens, currency or commodities. Curis think we need to come up with a scenario to get mass adoption to blockchain. At this moment the market is just too small, power is needed to convince a lot of people that crypto currency is the real deal; at the moment there are only 20 million/ 30 million crypto holders, that needs to become x10 in a short time; how are we doing that?
Adoption is key.
Payment! The credit cards in my pocket, allow me to pay with dollars, but we need to pay with crypto, that is the most important what needs to happen. But not only Payment, Crypto needs to take over the Travel Industry, Real Estate, Financial Services.
Help people to understand crypto to increase penetration.
WoW, like a famous YouTuber would say: COME ON IN ! ! !
The last part of that answer, definitely was a bridge to a question I had, but did not know ....... where to fit it in .... but Curis gave me the opening.....
So, ... Penetration, Adoption, do you think Facebook will play a big role in this part, now they mentioned coming out with a coin in March, 2020?
Facebook, I do not know what their idea is, in the blockchain industry but they have their own power, to get their voice out their, because of the big market share.
Google is starting, having their own lab, a new department; but soon, we will see how Facebook could change the blockchain market. They have the users to to disrupt the market. If big companies like Google, Amazon, Facebook start their own crypto currency, they have the advantage of ..... being big!
So, feeling a little more at ease, I am actually .... not scared to ask Curis a little more difficult question..... Like eh ... the Binance hack .... What is that all about, can that happen with Bitrue?
Everything is hackable, nothing is 100% safe. They were hacked upon their hot wallet! "So, was there a hack"? Yes, there was a hack. So, a lot of people do not know what Bitrue has done! We have built the system ourselves; It has been built from zero, in house and that...... is the MAJOR difference. No third party coding, all done by ourselves; we know what happens, we control it! If you use third party coding over your hot wallet your assets are at risk, so that .... is also why Bitrue build their own cold wallet; 80 to 90% of the assets are stored in cold wallet.
The thing for Bitrue is how to cover the risk of the hot wallet. Bitrue needs to have enough fund in US Dollar and NOT a Crypto Currency, sitting in a bank to cover the risk .... of the hot wallet.
So, brings me to the next questions ... everybody always say: Keep your assets OF the exchange
Well, Curis follows, there are 3 things:
- Control Ratio of the Asset putting the cold wallet in the hot wallet
- The Ratio of the cold wallet should be in your Control!
- You need to have enough dollars in your fund to cover the risk of the hot
The 7.3% Interest, what can we say about that. That is probably the hottest question I will ask you, as many Many MANY people ask about this .... ponzie .... fake ..... that is where OUR money goes to .... what, where, WHY
At that moment we were joined by another Bitrue colleague giving Curis something to eat; I feld awefull, I took his lunch time!!! First question, Curis was wondering how many people were downstairs and there were around 20. Curis said he was going to be here with the young gentleman ..... ME .... and he would come downstairs when I had asked ALL my questions ! !
WOAW,.... XRP Baby ..... eh .... who is that again !!!!
Power Piggy Time, the hottest topic in the EXCHANGE REALMS ! !
Everybody has an opinion about, so Curis, please let this blog be THE document, showing the world, whether it is real or .... That sentence has ended right there ......... spoiler alert ............ IT IS REAL ! !
Today the power piggy program is NOT sustainable .... Woaw Curis, please open that door ! ! It is at this moment a MARKETING CAMPAIGN. We resell our marketing budgets, it is for people that support Bitrue, so you, me, the XRP Community ...
I get this question a lot and no, at the moment this is not sustainable. Per day there is a specific cap for the different Crypto Currencies that becomes available in a particular time window. You see a time going to zero and within seconds, this is filled worldwide:
I have seen it myself, it goes QUICK, thought I wanted to get some in, well ... untill that day ... I saw I ... won ... I was in ... I was like: And WE are LIVE, eh ! ! !
So, tell me Curis .... more info on the Piggy ...
Funny thing, we hear from a lot of users, they get up at night, to join the program, but don't see there tokens/ currency filled. In the crypto you don't see a lot of interest projects (I wrote not a lot of, so not forgetting projects that are out there, but I just don't want to mention), but you have to do them correct otherwise they will be seen as SCAM !
Well, the program IS sustainable, or can be made sustainable. This has everything to do with the release BTR (Bitrue Coin) Users of the Exchange, will be able to increase the interest rate for the coins held in the Power Piggy Program. This also will allow the Program to increase the cap, so more users will enjoy the benefits, instead of just having their coins idle in their account! Bitrue will have their own ecosystem.
Next question derives from this, what if the bulls stop walking, start to crawl to eventually R U N .... Is Bitrue Liquid enough ... all those moneys ... what about a situation like that, can you say something about that?
Yes, I think so, in the past 10 months credits grew, even today, Bitrue grows very fast, every day thousands of new people register, WAAAY bigger than 6 months ago. Bitrue is going to turn into another label, so does this worry Curis, NOT AT ALL ! !
So, Curis, sippin' on some sis ... water, are you competitive enough for Binance and / or Coinbase:
Okay, very clear!
Especially we are a little different than those two! That will show in the coming months. It is Curis' goal to be on that level. But actually, Bitrue is not only an exchange, Bitrue will offer something else, the Power Piggy will have something to do with it, but more to come .....
Do you by the way think that Binance and Coinbase will copy your Power Piggy ... will there be a Power ... Bear or something?
No, I do not think they will, he continues. In the near future Power Piggy WILL BE sustainable and that will need to connect with the traditional market. That will be different from Crypto and Bitrue is experienced in that field and that will make Bitrue stand out..... Oh people, did you read that .... Sayonara on that one , ... eh !
Okay, making it a little lighter, what are your hobbies sir? Besides the crypto of course?
Well, my hobbies my wife and kids! Number 1, and everybody should see it that way (That last sentence was XRPTwin talking)!
So, what is your secret sauce Curis, where do you stand out!
WEll, that is that the customer comes first, it is very important that the customer is heard, and we listen to a (THE) community. Without our users, there is no exchange!
But is that not what everybody says?
Maybe, but saying is one thing, doing is another. We are very fast in answering questions, or follow up. Our goal is 12/24 reaching out and try to solve the problem as fast as possible. Some need a little time, but we want to make it clear, that the customer comes first!
And sitting here, writing my story, I can vouch for that... For this meetup, I had some contact with marketing and boy are they fast. Curis, your marketing team, unbelievable!
Without naming names It Really Is Stunning (take the first letter of each word), how fast your team worked, thank you!
The community already played a big role, we saw that you asked the XRP Community what trading pairs they wanted and you answered them with actions. Today 48 pairs with XRP, S T U N N I N G !
Making money is easy, by just have a roadmap with the most profitable programs first, even if it harms the user ... we like money, but we DO listen. At the moment, for example, our growth is 100% organic, worth of mouth, so obviously we ARE doing something correct ! ! And that is how I drink my coffee; with C.. ! ! ! No advertisement, may change, but at the moment, we grow when people talk about us.
So, once again Curis, I would like to re-visit the storing. Everybody always talks about getting your tokens of the exchanges. If you do NOT hold the private keys, the coins are not yours, so Power Piggy ... you freeze your coins ...
Well, technically you do not freeze your coins, you can take them out whenever you want to, so freeze is not written as FREEZE !
But once again it is a marketing strategy, to join Bitrue. It is your own choice to put your choice on Bitrue. The Power Piggy is not to get the coins, it is just a marketing strategy. People NEED this from crypto currency, the interest, to make it more fun having it idle is not the most attractive either. YOU DECIDE, if you are not comfortable about it, don't do it. Try it and tell is why it is not working for you, or how we should improve it.
What are you looking forward to Curis, where are we next year, tough question, but let me help you with one word, adoption?
There is going to be more adoption. Last year there were more people around, a lot of people left, but if you want to get rid of the bear market, a big company needs to do something special. If that does not happen it may be a difficult year. People, Companies need to give it an effort, to get this bull starting to run. Bitcoin helped us to grow the industry, but now it is time for new projects. Bitcoin is well known, we need to build on new things to attract new advertisers; we need adoption. Adoption means Crypto can grow, so a future where we pay with coins, easy, fast, free, that is where our time and money investment needs to head.
Horrible questions, what are your favorite three coins, I know the answer?
I am not allowed to answer that question, by law. But there is one I like a lot.
So, as a last question, what would you like to ask me?
Well, easy, what do you like about Bitrue?
For me that is also an answer I can answer very well. I do like your team to reach out to the XRP Community. Although people are questioning the Power Piggy, not after today anymore, I think Bitrue is trying their hardest to show why they do it, how they do it and obviously it is interesting, otherwise people would not set their alarm in the middle of the night to join the Piggy. Easy to use platform and I tested with Vechain, Piggy Piggy Piggy gave me more tokens. I was / am happy. Thank you
and eh .... sorry, one more .... Margin trading, possibility ? ? ?
yes, we are considering adding it .... short and sweet, thank you Curis ! !
SO, XRP Community and other Token holders, it absolutely is NOT fake. I am not giving out a referral code, but please try out the exchange, just visit bitrue.com
Bitrue understands it, they are treating you, how you like to be treated.
In a bear market they have been growing, are you growing with them?
Now it is time to go downstairs and say: .... Bitrue is here to stay!!!!
Oh by the way, Curis, one more question .... Do you know Bitether?
Yes I do, and I understand why you write this .... This coin is also BTR ..... It happens, yes, and is hard to avoid .... but it shouldn't be of any problem as long as the users use the Bitrue site to fetch the address for the token, to get the right token ....
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