BW.com AMA with Mike Bispex CEO: As BTC price keeps going up, how is Korean market under the halving effect
The AMA (Ask Me Anything) held by the BW.com official telegram (following as BW) invited Mike Bispex CEO this week. In almost 60 minutes, Mike answered all the questions which selected from BW users in terms of the recent progress of their project. He also shared his opinion on the deep analysis on Korean market under the halving effect.
Section 1: Introduction
BW host: Mike, can you give us a brief introduction about yourself?
Mike: Nice to meet you, BW users. I am BISPEX CEO Mike Kwon. I have been planning and developing software and financial platforms for about 10 years, and now as the CEO of Bispex, I have made insurance trading, the world’s first financial transaction method, and working on becoming an exchange with real-world values and utilities.
Host: BPX has been out for a while, but some of our BW community members still know nothing about it. So I would like to ask Mike to introduce BPX first.
Mike: Before describing BPX tokens, I need to give a brief description of Bispex and its unique items. First of all, Bispex have three unique features: Insurance trading, trade mining, and staking system. The insurance trading system is the world’s first trading method that minimizes risk and makes it much easier to learn and adapt to the seemingly complex cryptocurrency leverage trading. In order to benefit from the trade mining system that comes from the insurance trading system and staking system, users need to own BPX. Also, we have a structure that can keep growing and maintain stable prices by having a level system proportional to quantity.
Section 2: Questions including social media and communities
Q1: I have noticed that you have a new feature in your service. What is Insurance trading?
Mike: Insurance trading is a new trading system based on perpetual contract trading. Perpetual trading has a zero-sum structure in which one faces losses while the other faces profits. Insurance trading is a two-way structure, so users only have to choose between long and short position. And if they get it right, they received partial profit and the rest is deposited in the Insurance Fund. On the contrary, users who get it wrong and lose money can minimize their risks by receiving the funds from the Insurance Fund. We specified the breath of losses and profits, adjusted the volume of long and short positions to 5:5, and placed time risks on beneficiaries, thus minimizing the risk of some users abusing or depleting the funds. Insurance trading makes it easier to adapt to complex cryptocurrency perpetual trading. It can be a way to familiarize yourself with the charts by having stable profits and time delays. We make it easy for users that are new to crypto to adapt easily to the cryptocurrency market by reducing losses caused from not knowing well enough.
Q2: How is BPX provided in the trade mining structure within BISPEX?
Mike: Trade mining is a dividend system that divides the fee revenue or exchange with its users. Users who own our own token, BPX, will be given a level in proportion to quantity and holding time, and will receive daily dividends. Our team and I believed that the growth of an exchange comes from its users and we should closely work with our users in order to survive. Bispex acknowledged this structure and envisioned ways to benefit each other with the users, resulting in a dividend structure today.
Q3: What kind of plus sides are there when users stake BPX?
Mike: Insurance trading and trade mining benefits are available to users with BPX. The longer and larger BPX you stake, the more you will have access to payouts and shorter waiting time in insurance trading. This applies to trade mining as well. Many ICOs and exchange tokens till now have issued their own tokens, but failed to maintain its effective utility. Bispex has a structure in which stable monetary returns can be generated by staking BPX. We have envisioned a structure where users and the exchange coexist by presenting a sufficiently feasible and reliable configuration.
Q4: What is your reading about current halving effect?
Mike: I am pretty sure it is the hottest topic nowadays! The effect of the two halving periods (2012 and 2016) earlier led to massive price increases, so many investors and experts are expecting a price increase, obviously. And of course, it may be difficult to increase like the halving periods in 2012 and 2016, but it can be seen as a reason for a price hike. In addition to that, the vast majority of investors did not even know what Bitcoin was in 2012 and 2016. But the global bitcoin boom in the latter half of 2017 made bitcoin famous to many investors and even non-investors. And as the number of exchanges increased throughout the world, it became a product that anyone could easily invest in. As the halving period is approaching, communities formed by the media and investors have already dealt a lot about the halving, leading to a great expectation. In conclusion, I think people who haven’t invested in Bitcoin before will enter the cryptocurrency trading because of the halving news, and will definitely have a positive effect on price.
Q5: How does the halving effect to Korean market?
Mike: There was a bitcoin craze all over the world in the second half of 2017, and Korea was at the very center of it. From 2017 4Q to 2018 1Q, the top 20 search terms on the biggest search portal websites were mostly bitcoin or other cryptocurrencies. That is how much Korean investors were looking into bitcoins, and the price was higher than the global market, which even made the term “Korean premium.” As the investment craze swelled, Korea investors made overheated investments at a low level of knowledge of cryptocurrency, causing investors to lose money and turn away. Now, the level of knowledge of cryptocurrency has been raised among Korean investors, which will lead to enthusiastic investment, unlike the craze in 2017.
Q6: Is BPX going to open margin trading or staking some time?
Mike: Yes, it is already open. Our staking system started as the exchange launched its first beta version (December 3rd, 2019) and our perpetual contract trading opened on December 26th, 2019.
Q7 from 7eiiANmQYF6 on Weibo: What is BPX plan to work with BW?
Mike: To begin with, we are ready to share a lot of ideas and collaborate with others as a newly made exchange. I think various collaborations can be done such as collaborating in new items and/or helping to promote each other. All exchanges fundamentally need users in their platforms. And users want a stable trading or benefits with the basis of trust. In addition, there are geographical markets where each exchange focuses on. Bispex is and aims to be an international exchange but has a lot of Korean users and BW has big attention from the Chinese market. We believe that by creating a way to share these markets, both parties can offer users more benefits.
Q8 from 7nqYWJ2clyi on twitter: What are the practical scenarios of BPX tokens in real-life?
Mike: You have mentioned real-life, but the meaning of it is quite broad. Let’s just say you meant by offline payment systems. As the CEO of an exchange, I think of cryptocurrency as a financial product. There are lots of cryptocurrencies that are focused on payment system, but as an exchange token, I would like to focus more on the financial product part. In using Bispex, we try to reach the users by directly providing benefits that may come as a result of an investment. The users of the exchange intend to make investments for monetary profits, so using BPX as a means of providing additional profits can be a structure, consistent with the direction and purpose of our exchange. I think that is the way for our exchange and our users to win-win.
Q9 from 7hdvonRD3WC on Weibo: What is BPX next deployment?
Mike: The next step for Bispex is to add multiple items. As a content that is consistent with the direction of insurance trading, we intend to put items that can be discussed and shared in the general field of cryptocurrencies, not only just buying and selling cryptocurrencies. Analysts that look into market trends and the exchange itself will be broadcasting, and based on the information of those contents, many users should be able to invest together. We are trying to share benefits with the users based on not only just trading itself, but also on communication and sharing information. Within this process, we hope BPX can be a medium for future advancements of Bispex.
Q10 from 7r0B8zOPplw on twitter: What is BPX story about Bitcoin Halving?
Mike: This is rather a repeated question from above, but let me point some of things out again. Obviously, the circulation of Bitcoin is eventually going to decrease once the halving comes, but I think there is more to it. As we have witnessed from 2012 and 2016, more and more investors are aware of Bitcoin and the cryptocurrency market. I think this would result in more and more investments, leading to a price increase.
Q11 from 7pJfBkZWwQS on Weibo: Is BTC price possible to reach 100,000USD and when?
Mike: To start off with, I think it is completely plausible that BTC can reach 100,000 USD. It is cautious to state clearly when, but cryptocurrency has already shown that it has the impact and power to attract enough public attention. When Bitcoin hit its very peak, most of the people did not even know what cryptocurrency is. Nevertheless, it gained global attention so I think there is plenty of room for price increase in the future. Institutions and/or large capitals might have participated in the market unofficially, but to move these giants, there must be institutionalization. Many countries nowadays are acknowledging the true value of cryptocurrency, so it is a matter of time. As cryptocurrency stabilizes and becomes more institutionalized, I believe that bigger investments will be made, which will lead to a price increase in the future.
Q12 from Cool Hi on the spot: Could you give me 2 or 3 key points to convince me and other angel investors invest in BPX in long-term?
Mike: I would say there would be 2 key points for investing in BPX in the long-term. Firstly, Users in the existing exchanges that support trade mining tend to trade only to receive “the reward through trade mining.” Bispex, on the other hand, aims to increase actual trading demands through various altcoin pairs, perpetual swaps, and other crypto-derivatives. If the trade volume generated through actual demand is combined with trade mining, we expect that it will show good synergies, accompanied by growth of Bispex exchange and BPX. Secondly, various staking benefits are being prepared. We believe this will be reflected in the use of crypto derivatives including perpetual swaps and the demand for BPX will increase as the volume of perpetual swap trading increases. Thank you for your kind compliment on Koreans, but even other than that, Bispex team genuinely believes that we can bring new value to the crypto world.
Q13 from Lee on the spot:Most of investors just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors in the long term?
Mike: It is quite sad that most of the investors look too much into short-term rather than the real value of the project. Listing on exchanges may have a price increasing effect, but most of the times, investors tend to dump their tokens at a much lower price (panic sell). I would like to share some of the prospects that I believe would motivate and benefit BPX investors in the long-term. Firstly, Users in the existing exchanges that support trade mining tend to trade only to receive “the reward through trade mining.” Bispex, on the other hand, aims to increase actual trading demands through various altcoin pairs, perpetual swaps, and other crypto-derivatives. If the trade volume generated through actual demand is combined with trade mining, we expect that it will show good synergies, accompanied by growth of Bispex exchange and BPX. Secondly, various staking benefits are being prepared. We believe this will be reflected in the use of crypto derivatives including perpetual swaps and the demand for BPX will increase as the volume of perpetual swap trading increases. Thank you for your sharp inquiry regarding our project.
Q14 from Hoso on the spot: You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision etc. So now I want to ask: What do you want to receive from the community?
Mike: This actually is a very hard question. What would a crypto project want to receive from the community? I would like to start off with the keyword “support.” The cryptocurrency market fluctuates from time to time because of internal and external issues. But even then, the Bispex team has vision that our approach would work and satisfy our investors. Satisfy may be a big word, but I would like to point out that what our team expects from our community is support and the belief that we would work our way up. I would also like to go on with the keyword “knowledge.” I would expect our community and our investors to actually look into the project and try to understand what we are trying to do. I would expect them to read all the explanations about trading, our announcements, our events etc. I personally want supporters that actually understand our intentions. Thank you for your sharp question. It made our team think about profound questions that we need to answer in order to gain and maintain the support from our community.
Thanks for watching this AMA. If you are interested in BPX, please visit their
BISPEX official twitter: https://twitter.com/bispexofficial1
BISPEX official telegram: https://t.me/bispexofficial
BISPEX official linkedin: https://www.linkedin.com/company/bispex-com/
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