Satoshi Club

We are pleased to announce our next AMA on January 10th 2021 at 02:00 PM UTC Time: Satoshi Club x Nord Finance

⚠️Click to see the hour
⚠️Total Reward pool: $1000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Nord Finance Telegram group

We will have the following structure:

Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Nord Finance Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Nord Finance

For more details:
Nord Finance – @NordFinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 4th 2021 at 02:00 PM UTC Time: Satoshi Club x Rigel Finance

⚠️Click to see the hour
⚠️Total Reward pool: 500$ in USDT and 1000$ in Rigel

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Rigel Finance Telegram group

We will have the following structure:

Part 1: 250$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 250$/15 users – Open chat for 100 seconds. You can post Max 3 questions. Rigel Finance Team will select 15 questions and answer them.

Part 3: 1000$ – A quiz about Rigel Finance

For more details:
Rigel Finance – @RigelFinance1
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 7th 2021 at 03:00 PM UTC Time: Satoshi Club x Stacks

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Stacks Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Stacks Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Stacks

For more details:
Stacks – @BlockstackChat
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 5th 2021 at 07:00 PM UTC Time: Satoshi Club x Findora Foundation

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Findora Foundation Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Findora Foundation Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Findora Foundation

For more details:
Findora Foundation – @findoraen
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 3rd 2021 at 02:00 PM UTC Time: Satoshi Club x Hot Potato

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Hot Potato Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Hot Potato Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Hot Potato

For more details:
Hot Potato – @Hotpotatoglobal
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

PART 1. Introduction of MirrorBase project and community questions.

Hello, Satoshi clubbers and guests of this site. We are happy to present you with another crypto project.
MirrorBASE it’s a new algorithm by mirroring $BASE into double-positive rebases.

MiBASE exists to maintain the negative rebases from $BASE into positive rebases, so users will get more benefits from the rebasing process and to avoid the token rebasing manipulation.

The plan of AMA session:

1.  Part – Introduction and preselected questions.
2. Part – Live questions
3.  The Quiz about Royal finance

The reward pool is 500$

Leading the AMA our clever and fun admins:

Gold Rocket | Satoshi Club – @GoldRocket27 and D. | Satoshi Club – @Cool_as_Ice

The Representative of the project:

• Mirror Guard – @d_mibase
• @JWhinsky

Introduction of MirrorBASE

D| Satoshi Club:

Hello, again Satoshi Club!

Gold Rocket | Satoshi Club:

Good evening, dear community!

We conclude our today’s AMA marathon series with MirrorBASE Protocol.

D| Satoshi Club:

@d_mibase @JWhinsky hello guys! Welcome to Satoshi club!

Gold Rocket | Satoshi Club:

Today our guests are @d_mibase and @JWhinsky😉

Mirror Guard:

Hello 👋

Whinsky J:

Hello everyone! Glad to be here.

Gold Rocket | Satoshi Club:

Welcome to Satoshi Club, @d_mibase, @JWhinsky!😊 Thanks for joining.

D| Satoshi Club:

So let’s begin with the intro, please introduce yourselves and your project

Mirror Guard:

Hi everyone, Let me introduce myself. I’m MiBASE core developer, you can call me “De” and I have been in the IT space for 11 years as a full stack developer in various companies. Nice to meet you guys!

Whinsky J:

Hi guys, I’m Whinsky. I’m the one who handles the operational things and marketing on MiBASE and as De partner in this space.

D| Satoshi Club:

Nice to meet you guys!

Mirror Guard:

What is MirrorBASE? MirrorBASE and also well-known by MiBASE is a project underlined by BASE Protocol that brings the new algorithm by mirroring the BASE rebases into double-positive rebase.

Gold Rocket | Satoshi Club:

Thanks for the introduction, we will have questions selected for Part 1. ready to start?

Whinsky J:

Sure, please go 🙂

Gold Rocket | Satoshi Club:

🚀

Mirror Guard:

Sure 👍

Preselected questions about the Royal DeFi

Gold Rocket | Satoshi Club:

Q1 from Telegram user @yellowchamp

Many Rebase platforms are out in the market nowadays, so what is the unique and incredible offer that Mirror Base has that will make people likely turn their heads to your platform and utilize your rebasing mechanism? I am not really a fan of rebase, so how will you convince someone like me to try Mibase?

Whinsky J:

Thanks for the question buddy. The unique thing we have is about our algorithm with a mirroring system of another project, in this case, we do mirroring BASE Protocol.

So, the simple way to understand our project is when $BASE gets a negative rebase, $MiBASE will get a positive rebase with double value.

D| Satoshi Club:

Do you guys think, if it’s possible to create a project which would be mirroring your rebase, which based on BASE rebase as well?

Whinsky J:

Since we’re the one who starts this mirroring algorithm, though it will possible to do it.

Mirror Guard:

Sure, but if some project mirroring MiBASE that same as other they reflect as BASE like other rebase project

D| Satoshi Club:

If BASE gets a positive rebase, what happenin with your project?

Whinsky J:

We will get a negative rebase

D| Satoshi Club:

Makes sense 😄

Whinsky J:

With the limit -90%

Mirror Guard:

Ok let me explain some case

Gold Rocket | Satoshi Club:

Very interesting!

Whinsky J:

So, when BASE got +100% rebases, we will get -90% the details will be explained by de.

Mirror Guard:

CASE  of MirrorBASE’s use 1

A $BASE holder buys $MiBASE at the same time that day $BASE gets a 20% positive rebase and at the same time $MiBASE gets a negative 20% rebase, the base goes back to the peg price and $MiBASE doesn’t have a peg price so the price is fixed by the amount of eth pool and $MiBASE pool at Uniswap 50:50 if a negative rebase then the price of $MiBASE will increase according to the negative proportion obtained, in this position a holder does not get any profit or loss

CASE of MirrorBASE’s use 2

A $BASE holder buys $MiBASE at the same time that day $BASE gets a negative 50% rebase and at the same time $MiBASE gets a positive 100% rebase (2x from negative $BASE to positive), $BASE returns to the peg price and $ MiBASE does not have a peg price so the price is determined by the amount of eth pool and the $ MiBASE pool at Uniswap 50:50 if a negative rebase then the $ MiBASE price will decrease according to the positive proportion obtained, in this position a holder gets 50% profit

CASE of MirrorBASE’s use 3

A $BASE holder buys $MiBASE at the same time that day $BASE gets a positive 300% rebase and at the same time $MiBASE gets an only negative 90% rebase (max negative 90% if base get 100% more), $BASE returns to the peg price and $ MiBASE does not have a peg price so the price is determined by the amount of eth pool and the $ MiBASE pool at uniswap 50:50 if a negative rebase then the $ MiBASE price will increase according to the negative proportion obtained, in this position a holder gets 210% profit

Gold Rocket | Satoshi Club:

Sounds good!

D| Satoshi Club:

Sounds a bit complicated, but interesting as well😊 Okay, thank you guys for the clarification! let’s continue our questions?

Gold Rocket | Satoshi Club:

As far as I understand for the holder, the position is a win-win.

Mirror Guard:

The idea comes because I see many holders and my friend bought $BASE and I saw that many suffer losses when they did not reach the target price and get negative rebased after base FOMO gets 300% positive rebase, and I think if mirror it can help them to reduce losses so create MiBASE as co-asset, so please don’t make $BASE and $MiBASE as a competitor 😁

Mirror Guard:

Sure 👍 Yes of course 😁

Gold Rocket | Satoshi Club:

Q2 from Telegram user @Arabedans

MIBASE With your algorithm changes negative rebases in positive fees with double X. Everyone can readjust MIBASE after $ BASE performs its readjustment by paying the transaction rates. Could I explain how do I realize readjusts in Mibase? Explain also how this algorithm works to make these conversions?

Whinsky J:

So, the way MiBASE works is by hitting the REBASE button and pay for the fee tx to activate the rebase. So, everyone can do rebasing at the same time as BASE rebasing

Whinsky J:

We depend on how BASE going.

D| Satoshi Club:

Ok, I’m also very curious, what would happen with your project, if let’s say, BASE project stops exist tomorrow. what will you do?

Mirror Guard:

We can change and mirroring other projects rebase with community vote as our contract owner is multisig with WOR so we cant change without community permission

Whinsky J:

We can mirroring other projects not focusing on one project.

D| Satoshi Club:

HaHa, nice!

Whinsky J:

Will keep mirroring

Gold Rocket | Satoshi Club:

LoL! That’s very smart! 😁

Whinsky J:

That’s our concept lol.

D| Satoshi Club:

Got it. in this case, you have a Plan B😄

Gold Rocket | Satoshi Club:

You have great ingenuity!👍

Whinsky J:

Exactly, we have to!

Gold Rocket | Satoshi Club:

Tell us a bit about your team btw

D| Satoshi Club:

Ready for the third question guys? After this then😄

Mirror Guard:

For now, we have 2 solidity programmer and 1 web developer including me as core dev and 1 marketing

Whinsky J:

Yes, and we also have a very great community as part of the team!

Gold Rocket | Satoshi Club:

Thanks for the answer👍 A good community is the foundation of a good project!😊

Mirror Guard:

Yes forgot about this one all community part of us

Gold Rocket | Satoshi Club:

Q3 from Telegram user @PaulMonte20

While there is not much information about the Rapids’ functionality (at least not yet I believe), in a recent interview you’ve explained that Rapids (quoting) “[…] will be used by the community of $MiBASE holders to add to their tokens by becoming an LP and for staking. At the same time, the Rapids’ rewards will be influenced by $MiBASE’s negative/positive rebates”. Despite this explanation, I still have quite an unclear picture of the Rapids’ inner workings and mechanism. Could you please describe again how will MirrorBasers be able to use and benefit from this functionality together with LP and staking? And last but not least, how specifically will rebases interconnect with Rapids’ rewards?

Whinsky J:

For our Rapids, De will give you the explanation.

Mirror Guard:

rapids same as other staking LP but we find the best formula for it make more benefit for all staker like tax fee for who claim the reward and turn back into rapids pool, and yes if rebase negative or positive will impact with $MiBASE reward balance, but the reward will same as value total supply

Gold Rocket | Satoshi Club:

I hope @PaulMonte20 is happy with the answer and I have my own question for you 😉 Tell us please about your tokenomics btw.

Whinsky J:

Our tokenomics littlbit interesting tho

Initial Supply: 55,000 MiBASE

and Burnt for about 28,080 MiBASE (unsold token from presale allocation and the rest 18,000 are locked with multisig and our circulating supply is about 7,1k MiBASE. You can find the details market cap here: https://dashboard.mirrorbase.finance/

Its fair distribution

Gold Rocket | Satoshi Club:

Thank you! This was a must-have question! 😉 Can we proceed to the next question?

Mirror Guard:

Yes, sure 👌

Gold Rocket | Satoshi Club:

Q4 from Telegram user @borysfireball

You stated that you are inspired by BASE… But as I follow this situation for a long time I know that WarOnRugs blamed $Base to be a scam project. Then MirrorBASE Protocol appears and gives multi-sig to WarOnRug admin, this means you trust him enough. What is going on? Is this war of rebase projects?

Hmm… tough question …

Whinsky J:

Why we co-sign with WOR is we want to give transparency on our project to the community. I don’t think that this is a war between rebase project. Since we both are on a win-win solution.

Gold Rocket | Satoshi Club:

Thank you for the honest answer! 👏👏👏

Whinsky J:

My pleasure😀

Gold Rocket | Satoshi Club:

Can we proceed? Or you want to add something?

D| Satoshi Club:

I don’t understand the whole premise of this drama tbh 😁 wars on Twitter?

Whinsky J:

We have some info for all community that we are developing our Rapids rn and it will launch at the end of the year.

Mirror Guard:

Ok let me tell you a story from the start when we make some presale one admin base come and make some fud on us so our starting not going well low trust and then WOR come many people there ask wor about our project as you know WOR is a war on rug project and many users ask for make multisig with wor because they don’t want rug by dev and I think this can make more user trust our project after fud by some base admin that’s why we do multisig with WOR

D| Satoshi Club:

Great news! 👏

Whinsky J:

Thought this was a normal situation. it’s a community no one can deny this.

Gold Rocket | Satoshi Club:

Sure!👍

Whinsky J:

But we didn’t called it a war, we saw this as their support for us and so the BASE community

Gold Rocket | Satoshi Club:

Nice. Next question?😉

Whinsky J:

No offense, we thankful for BASE Protocol too. Sure, go ahead.

Gold Rocket | Satoshi Club:

Q5 from Telegram user @Pratze                                                                      

For some people including me, rebase only mean to manipulate the token price. Even the token price is up, it will be only temporarily because others will try to sell and make the price down again. How mirrorbase opinion about this problem? It is important to stay in a civilized relationship 👍

Whinsky J:

Exactly! Wait de will answer that question.

Gold Rocket | Satoshi Club:

Take your time!

Mirror Guard:

Yes normally rebase positive people will take some profit right? use case $Mibase is co-asset as you hold base that means you need to hold Mibase as well, other base holder and need to save their investment for negative rebase they will buy $Mibase or do opposite sell when base negative then buy Mibase or Sell Mibase when base positive then buy more base.

D| Satoshi Club:

What are the next steps in the development? do you have a roadmap? what we can expect from you in Q1 2021?

Whinsky J:

I’m arranging some plans to be added to our roadmap that we will release as soon as it ready

D| Satoshi Club:

Gotcha

Whinsky J:

For now, we’re focusing on Rapids and updating our website, and upgrade its security.

D| Satoshi Club:

Also, vital things👌 Thank you! ready for the last question from this part?

Gold Rocket | Satoshi Club:

Everything is clear to me!

Whinsky J:

Ofc. you can go with the last question

Gold Rocket | Satoshi Club:

Q6 from  Telegram Username @zaferce               

Why does MiBASE prefer the elastic procurement model and thus how will MiBASE bring more benefits in the repayment process, avoid payment manipulation?

Mirror Guard:

Bring it on 🥳 Because the main idea is mirroring $BASE (rebase) have elastic supply that why we do the same way, on mibase there no manipulation because everyone can hit rebase button on our website

D| Satoshi Club:

Btw how often rebase occur during the day?

Whinsky J:

Once a day or depends on BASE rebasing. You can check the countdown on our dashboard. And seems today we will get double positive. Let’s wait till the time coming.

Gold Rocket | Satoshi Club:

@d_mibase @JWhinsky You can post useful links for our community before we open chat for the live questions😊

Whinsky J:

For everyone, we are inviting you to be part of our community by following our social media here:

Website: https://mirrorbase.finance

Telegram: https://t.me/mibaseprotocol

Twitter: https://twitter.com/mibaseprotocol

Medium: https://medium.com/@mibaseprotocol

D| Satoshi Club:

let’s join Satoshiclubbers!

Gold Rocket | Satoshi Club:

Thanks for sharing👍🚀

Whinsky J:

And you can contact me personally if you have any further questions about MiBASE. Thank you, guys!

Mirror Guard:

Thank you to everyone who asks in this AMA thanks to Satoshi Club, our community holder, WOR

Come join us @mibaseprotocol

Gold Rocket | Satoshi Club:

Thank you, guys! It’s really not easy to create something new and not ordinary. You are great! Keep going! @d_mibase and @JWhinsky

D| Satoshi Club:

And now let’s open the chat!!!!  🚀🚀🚀 I will open chat for 120 seconds.

PART 2.Questions about the MirrorBASE project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the MirrorBASE crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q – 1 from a telegram user @BboyForteVZLA

Can you provide your link Uniswap to buy your token?

Whinsky J:

This is our dextool link: https://www.dextools.io/app/uniswap/pair-explorer/0xdaefbed9d35f505444527746393f015b8c84df2b

Q – 2 from a telegram user @Eliasbb

MiBASE is a project inspired by $BASE protocol. So, tell me why should users choose a copy version rather than choose the original one? Thx.

Mirror Guard:

Inspired does not mean copying as we have previously explained we mirror its opposite rebase factor 😁

Q – 3 from a telegram user @Beterror203

Hello @d_mibase @JWhinsky One of the base problems is that they do not calculate the FOMO and this causes a less exact calculation in the base algorithm, how does MirrorBASE calculate these charges based on base?

Mirror Guard:

We capture base supply before and after rebase in our smart-contract that how we how much rebase factor on base then mirror it 😁 so no manipulation on our rebase because supply base cant controlled by Mibase dev

Q – 4 from a telegram user @araceley

Have your smart contracts been audited by any third party firm yet, if yes, have all issues been resolved and your contract now secured? Where can we view the audit report?

Joe Wong:

We haven’t done the audit. if some of you want to audit our smart contract then please do, we are open to it. We have multi-sig on it and I think it can make the community feel secure. thank you.

Q – 5 from a telegram user @LLeeKuanYew

Hello @d_mibase @JWhinsky
What is the relationship of MirrorBASE Protocol with Base Protocol project?

Joe Wong:

We have no relation. MiBASE inspired by BASE and we do mirroring on it.

Q – 6 from a telegram user @K2ice

So when $BASE gets a negative rebase, $MiBASE will get a positive rebase with double value. Does that mean that $MiBASE will get a negative rebase with less value if $BASE gets a positive rebase?

Joe Wong:

Yes, when the base gets a positive rebase the mibase will get negative, so it will decrease your token.

Q – 7 from a telegram user @SutedjaDian

What is the relationship between $BASE and $MirrorBASE? Is MiBASE price directly connected with $BASE token?

Mirror Guard:

We don’t have any relationship with base and our price doesn’t have any peg with base or other, we only capture base supply with their rebase.

Q – 8 from a telegram @Gutike95

Is this new algorithm used in MirrorBASE only functional for the Base Protocol? or in the future could it be used in any other protocol?

Whinsky J:

It can be used for another rebase project.

Q – 9 from a telegram user @A5loveZ3

Have you done ICU, IEO, in any CEX exchange, or IDO in any DEX exchange?

Whinsky J:

We have our presale about 3 days ago. and we’re focusing on growing our community and our LPs

Q -10 from a telegram user @Protradeid

Hi, @d_mibase @JWhinsky My Question: What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

Mirror Guard:

With trust 😁 good for the project and community as well so we will make that happen.

Part 3 – Quiz about project

In the final part, we would like to check your knowledge in terms of the MirrorBASE project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.

Our contacts for more details: 

  English Telegram group  |  Russian Telegram group   |  Spanish Telegram group  |  Telegram Channel   |  Twitter |  Website 

Our Crypto Partner by this AMA: Royal.finance

Telegram group  | Tweeter  |  Website  |  Medium  

Post-Christmas AMA brought us a lot of food for mind. And today we would like to tell you about the AMA session with our friends from Drift.finance. The AMA took place on December 26 and our guest was Lord Nami.

The total reward pool was 500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

GoldRocket: We are delighted to welcome our guests from Drift.finance.:blush:

D. | Satoshi Club: hello Satoshi Club! Merry Christmas!

Lord Nami: Hello everyone, Thanks for having me here

D. | Satoshi Club: let’s begin with intro, tell us a few words about yourself and about Drift.finance:blush:

Lord Nami: So my background is full stack dev.
Drift finance is a token that combine many other tokens successfuly feature. like RFI frictionless yield farming + SAV3 LP lock, $TRI liquidity connector, $PRIA buy bonus/sell penalty, $NAMI farm. ITS buy back pressure every hours and other original idea such as dynamic fees.

GoldRocket: That sounds good!

D. | Satoshi Club: nice diversity! so you took the best parts from all these projects and combined in drift.finance?

Lord Nami: Yes, and adding new features too that has dynamic fees based on liquidity. Let me explain some of the features of drift

1. Frictionless Yield Farming
1.5% of every DRF transaction is distributed to all DRF holders directly to their wallets.
This means you can buy the token and hold, your wallet balance will automatically increase by doing nothing.

2. Automatic Liquidity Generation
0.5 % of every DRF transaction is used to build the liquidity of DRF-ETH uniswap pool.
This means eventually we will have enough liquidity that is not owned by anyone, which ensure liquidity for trading.

3. Reward & Penalty
Buyers receive 4% buy bonus reward, sellers pay 2% sell penalty.
This means we reward buyers and holders.

4. Dynamic Fees
Fees are adjusted automatically based on liquidity state (Normal, Drift, Brake).
This means tax will be adjusted when liquidity is low to increase the liquidity.

5. Constant Buy Pressure
Contract will buy back DRF every hour using rebalance function.

6. Deflationary Token
Everytime buy back occurs, it will burn and lock received DRF.
This will make the total supply low. right now 19% of total supply already burned.

7. Partner Liquidity Connector
Ability to generate liquidity for DRF-PARTNER and generate rewards for LPs.
This will enable drift to partner with other project and bring more values to both tokens holders.

Thats it the features for now.

D. | Satoshi Club: good opportunitie to earn a passive income:ok_hand:

Lord Nami: You are correct. It’s a nice way to earn passive income.

D. | Satoshi Club: no mercy for sellers as i understand?:smile:

Lord Nami: Yes, we encourage buyers to hold, and earn them nice amount of interest.

Q1 from Telegram user @ovkneze_big

Explain, please, I do not quite understand what it means “it will burn and lock received DRF.” I thought that if a token is burned, then it does not need to be locked?

Lord Nami: I see, so burn in DRF means the amount of token will be locked forever inside the contract and cannot be owned by anyone.
The reason it’s not sent into burn address is to prevent burn address balance to grow by receiving yield from transactions.
Remember, that in DRF wallet balance is increased by its self, so we don’t want the burn address receive most of the interest.

We want the holders receive the full interests.

I hope that clears the lock meaning

GoldRocket: This is an unusual system. How did you get the idea for this?:wink:

Lord Nami: I am just thinking for the benefit of the DRF holders, we don’t want burn address balance increase and taking passive income from DRF holders. In the sense it’s the same 🙂 the token can’t be owned by anyone when it’s burned.

Q2 from Telegram user @konditer_rolex

Is it true that this is your third project this year? What happened to the previous projects? I am sure that you have gained experience, but I want to know what this experience was. Did you make many mistakes?

Lord Nami: Yes, the previous projects still running. I incorporate them into DRIFT finance too, so they can use their tokens to farm DRF. DVD finance is still earning passive income too in form of dividend.

D. | Satoshi Club: so now are you CEO of all three projects?:grin:

Lord Nami: You can say that, but in defi we don’t have “real” CEO right, since it’s decentralized and community driven.

D. | Satoshi Club: yep. tell as a bit about your team? are you working always with same people? from project to project?

GoldRocket: Amazing way!:+1:tell us about your team of like-minded people?

Lord Nami: Yes, currently the dev is myself, and my team is me with my community mods, many of thems are from mods from my previous projects.
they give me great inputs about the tokenomics and what do people want in the project, so i adjust and hear from their opinons. 😉

They also suggest to do satoshi AMA, so here we are 🙂

GoldRocket: How many people are on this team?

Lord Nami: 8 people

Q3 from Telegram user @yellowchamp

As one of your feature which is a Fair Launch which stated “Not a clone, No presale, Circulating from 0. Buy on launch has limits to prevent bots”can you elaborate more about this statement? If the circulating supply is from zero, is there any possibility that your token will be deflationary ? If there is no presale ,how will you possibly get funds for liquidity for exchange listing? If you’re not a clone, what makes Drift Finance unique among other platforms? As an investor, how worth it to spend and invest money with your platform? Thank you!

Lord Nami: Yes the token is deflationary since the protocol will buy back DRF from market and burn it.
The liquidity is provided by people who farm DRF token.
Yes, the thing that make it’s unique is the combination of many of the features that we have discussed in previous AMA questions.
As investor you can get buy bonus by just buying on uniswap, and earn passive income just by holding.

Hope that answer the question.

GoldRocket: Thanks! Btw tell us please about your tokenomics. For example, how many tokens does the team own?

Lord Nami: The total max supply is 10 millions DRF.
Right now the circulating tokens is around 4 millions (40%) DRF.
1.9 millions (19%) DRF is already burned and cannot circulate anymore.
Team join the live sale just same with everyone else since it’s fair launch.
but there is 500,000 DRF (5%) allocated for marketing.

But to quote from the original tokenomics page:
Total supply is 10,000,000 DRF. Circulating starts at 0.
4,000,000 DRF for live sale supply.
3,000,000 DRF for farming rewards.
2,000,000 DRF for LP supply to provide liquidity.
500,000 DRF allocated for marketing.
500,000 DRF allocated for principal, and it’s yield is used to reward LP provider when partnership occur. This principal is not owned by anyone.

hope thats answer the question.

D. | Satoshi Club: got it! and when we can see DRF on other exchanges, except Uni? perhaps are you planning to work with some CEX exchanges?

Lord Nami: Sure, we are open to expand to other exchanges.

GoldRocket: can you share which ones are in your field of vision? If this is not a top secret 😉

Lord Nami: Right now our current goal is to create more exposure about drift by doing AMA and youtube campaign.
We haven’t contact the exchange though, but will definitely put that on list.

GoldRocket: This is a very correct strategy! By the way, share some useful links for our community! :pray:

Lord Nami: Website: https://drift.finance
Contract: https://etherscan.io/address/0xe5E81B3C76491898e647dEf755c8CA3e49d315Aa
Dextools: https://www.dextools.io/app/uniswap/pair-explorer/0xcbf00c846d3c28babfe65e7dadfd48eb92ee85e6
UniSwap: https://app.uniswap.org/#/swap?outputCurrency=0x2a834c4D2D50CAFdCA530211581165026Ee49AB9
Twitter: https://twitter.com/DriftFinance

Q4 from Telegram user @Highpee

Drift finance have 3 liquidity state: normal drift, brake drift and stake drift. Tax and Yield for each state are automatic and may also be different. What is the uniqueness of each liquidity state? At what point will the protocol add liquidity and what factors determine the tax in each liquidity state?

Lord Nami: The uniqueness of the liquidity state is the dynamic fee, so for example when the liquidity is low, the protocol can automatically adjust to distribute the transaction fee more to liquidity, so the token will have healthy liquidity for everyone to trade. The protocol will add liquidity every hour when rebalance is executed.

hope thats answer it

Q5 from Telegram user @Brainchest

We all know that liquidity pools have the disadvantage of non-permanent losses. Do You have a solution for this and if so how does this solution work? It is very important

Lord Nami: Yes, the solution for this currently is using the transaction fee to add the liquidity, so that liquidity is hold by contract and not owned by anyone.
Eventually, the people can trade even there is no one provide liquidity on uniswap, since the contract will not withdraw it’s LP.

Hope thats answer it, let’s we proceed to next question

Q6 from Telegram user @zaferce

How is the limit rate for withdrawing bet LP tokens set and how will taxation be charged when we claim our rewards?

Lord Nami: The limit rate for withdrawal is 10% per day if you are staking LP using the website, it’s compensated with DRF farming.
The LP in the website is to provide initial liquidity and stability, eventually the contract will have it’s own liquidity from tx fee (since it’s one of core DRF feature).
The tax is 10% when claim DRF rewards from DRF farm.
However, the tax it’s self actually can be claimable using tokens from drift.finance sibling projects ($NAMI tsunami.finance and $DVD dvd.finance)

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Alika061

what percentage can I get from that Frictionless Yield Farm to my wallet which holds $DRF tokens and what about the percentage with automatic liquidity earnings to build uniswap DRF-ETH pool liquidity then where can I buy $DRF tokens #DriftFinance ?

Lord Nami: You just hold and earn 1.5% from each tx. Your wallet balance increase instantly. You can buy $DRF using uniswap. Go to https://drift.finance website and click buy button on top right of the screen.

Q2 from Telegram user @Spott

Explain to us about DRIFT.FINANCE dynamic fees ?

Lord Nami: The dynamic fees is based on liqudity state, when liquidity is low, the protocol will distribute more tx fees to build liquidity.

Q3 from Telegram user @AmirJosh

$DRF tokeholders can just hold and earn . When will be the distribution of rewards takes place. Will it be daily distributed?

Lord Nami: It distributed every transactions. Try and buy it, and see your wallet balance increase every time, enjoy passive income.

Q4 from Telegram user @Jonahapagu

In your Contract there is a rebalance function to buy back DRF every hour… How is the amount of DRF to be bought back by this function determined.. does this happen at exact same time every hour, what happens each time this rebalance function is triggered.. and what happens to all the Bought back DRF tokens .

Lord Nami: There is countdown in the website when the rebalance function is available. The bought back tokens is burned meaning it will be out of the circulation. Less supply will make it’s scarce and increase the value.

Q5 from Telegram user @NataliyaKil

All DRF holders receive passive income. How is it calculated, what does it depend on and can I delegate this opportunity to someone: a relative or a friend, having sent him my DRF?

Lord Nami: It’s calculated by having 1.5% fee on each tx, Yes you can send DRF to friends as xmas gift and tell them they will earn passive income as the balance will grow by it’s self.

Q6 from Telegram user @phule13141912

Will 1.5% of every DRF transaction is distributed to all DRF holders or only among those who made the transaction? And Can the proportion of holders receiving tokens increase further with the number of people joining in DRF ecosystem??

Lord Nami: It will be distributed to all holders depending on your balance, the higher your balance, the higher your passive income will be.

Q7 from Telegram user @Xusuo

as i know from yield farming project is having big weakness.That is farm project isnt sustainable because most farmer after getting reward, they will only sell,sell, and sell which make the price down.So how is Drift Finance handle this kind of problem?

Lord Nami: There is incentive to hold, you can earn passive income just by holding.

Q8 from Telegram user @alyaakin

Right now do you partners in your DRF-PARTNER project to generate more liquidity?

Lord Nami: We are approaching few other projects right now to do partnership

Q9 from Telegram user @smelekin

How can I earn DRF without staking any coins? How is it possible to get DRF coins with just holding it?

Lord Nami: Yes, you just buy on uniswap and hold it, you will earn DRF coins magically in your wallet.

Q10 from Telegram user @A5loveZ3

What is your favorite car for drift?

Lord Nami: ae86 haha thats bonus question

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Drift.finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Drift.finance Community: https://t.me/DriftFinance

We are pleased to announce our next AMA on December 28th 2020 at 12:30 PM UTC Time: Satoshi Club x SlicerFinance

⚠️Click to see the hour
⚠️Total Reward pool: $600

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join SlicerFinance Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. SlicerFinance Team will select 10 questions and answer them.

Part 3: 400$ – A quiz about SlicerFinance

For more details:
SlicerFinance – @slicerfinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Welcome to another episode of our AMA series, the end of the year is coming and we continue introducing you interesting investment projects. Today we are glad to tell you about the AMA session with our friends from finance.vote. The AMA took place on December 23 and our honorable guest was the founder of the project, @DrNickA.

The total reward pool was 1000$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with finance.vote! welcome to Satoshi Club. 😀

@DrNickA welcome to Satoshi Club.

Dr Nick: Hey everyone.

Gold Rocket | Satoshi Club: To be begin with, please tell us a few words about yourselves and how did you get to be involved in finance.vote

Dr Nick: Hey all, actually our second time here, thought we’d check in with your community and fill you in on what’s happening on the network. I’ve been an academic for all my professional career so I came into this from an academic point of view as a researcher. Now I’m putting it into practice with the finance.vote network.

I’m obsessed with token economics and social consensus and how that can change the world for the better.

Gold Rocket | Satoshi Club: Thanks for joining! so what interesting happened to you since our last meeting in Satoshi Club. 😉

Dr Nick: Pleasure to be here, hope everyone is well! It’s been probably the most intense few months of my life, but pretty amazing. We launched our vote markets which you can check out here: https://financedotvote.eth.link

We auctioned our $FVT token in a new token economics event we called a liquidity bootstrapping event. We did this on our decentralized auction application https://auctiondotvote.eth.link. We’re just gearing up for our next big product launch, which will be a consensus app called yield.

Mary | Satoshi Club: We can vote for 5 projects currently, right? 😀

Dr Nick: 10 in the list at the moment, but we’re going to be adding more.

Gold Rocket | Satoshi Club: What is it and what else is in the plans?

Dr Nick: We’re going to releasing a snapshot voting tool called “Influence” in the new year, which will be token weighted voting that uses our consensus mechanism to break plutocracy. People will use that to see what new feeds are added to our vote markets. When they’re added people can vote on their performance and earn money for being correct.

Mary | Satoshi Club: How many users did you get recently? Any statistics? How much rewards were payed?

Dr Nick: We’re building a dashboard for all this soon, it requires some on-chain analytics. But you can see we’re getting upwards of 100 votes on some tokens.

Our users share a 100k $FVT reward pool. We had one user claim over $300 in $FVT this week.

Q1 from Telegram user @maxzerone

finance.vote provides market alpha, project validation tools and influence formation for any project in crypto. How do you make the project validation and influence formation?

Dr Nick: Ah nice question. So market alpha is any advantage you get from just holding the asset. So, information that gives you a market advantage. We think we have a tool that aggregates everyone’s perception on the market order and that data can be used as a sentiment tool for trading.

Projects are validated by user votes, so people say this project is good and the more people that do, the more that project floats to the top of our token lists and enters our markets. Influence is formed by earning or buying $FVT. The more you have the more voting power you get in our governance tools.

I think people will learn about how all that works by voting, we’ve built a system that incentives participation with voting power.

Q2 from Telegram user @nagy_szabo

I see the term market alpha on a lot of your documents and articles. What do you mean by that? Is it something related to the male alpha? like the best market, the leading market.

Dr Nick: Haha like alpha male? No, although I think the bankers that came up with the term see it as that.

If you’re not a good trader you should basically not bother trying to trade, because the people with alpha will take money from you, especially in new tokens people with lots of capital have more alpha that you, basically market knowledge.

If you have alpha you have some insight into the future, or at least you have an idea that there is a higher probability chance that something will happen. Our vote markets pay people for giving that information to us. We compile it all together into a preference list and those that have the most alpha win the most over time.

Mary | Satoshi Club: With new tokens doesn’t work even for good traders.

Dr Nick: Yeah totally, our New Tokens market will go right down to the source. People who are good at spotting scams could earn a lot of money from it.

Mary | Satoshi Club: Don’t you think that these predictions sometimes just expectations? Not based on knowledge?

Dr Nick: They also get more voting power.

Gold Rocket | Satoshi Club: I have a stupid question 😁 Girls can be crypto alpha according to your theory?

Dr Nick: I’d bet that girls are better at finding alpha than boys. We need more girls interesting in crypto and markets!

You can think about every voting as having their own strategy, the ones with the best will have the most voting power over time, crowds generally aren’t wise, you need reputation systems to pick them out.

Potentially, there’s some people who will earn power from being contrarian and correct and some that earn from just following the crowd. Whichever has the most impact on the market are the ones that rise to the top.

Q3 from Telegram user @arlarson

You aim to give the power to the minority token holders by creating token specific miniDAOs. How will you do that? Will you exclude the major holders from this decision making? Because even if the DAO are mini, the big players can still participate.

Dr Nick: Yeah this is a great question, so in reality most blockchain governance systems are run by a hand full of people because they hold all the tokens. 1 coin 1 vote leads to plutocracy, or the rich run everything.

In our system we have a vote power $V, which determines how much influence you have it can be earned via participation and via buying the tokens. I’m going to get you a screenshot of our consensus mechanism to explain it.

Everyone takes a voting slot. How much power you have is determine by the amount of tokens, but not 1 coin 1 vote, it’s which slot you’re in. The top token holder has the most power, by only as much as the next 2 people, and the next 3 people, 5 people and so on. There’s a top dog, but they don’t have power that proportional to the size of their capital, in some cases someone could have millions times more voting power that other people.

Mary | Satoshi Club: So, the better predictions you made the more powerful is your vote.

Dr Nick: Yeah, but also how much $FVT you hold. We want there to be two routes to power.

Q4 from Telegram user @anditgoestome

Please explain to us what are the advantages of quadratic voting in your project? Why do people have to buy votes and what is the max. number of votes that someone can buy?

Dr Nick: Well, this topic of quadratic voting is huge. I could talk about it for hours haha.

Mary | Satoshi Club: Can you explain it to us like for non-math persons? 😂

Dr Nick: Sure, it’s pretty straightforward but is a very powerful idea. Typically in a democratic setting you can only vote once, pick one of two or three etc. In quadratic voting systems you can vote more than once if you pay, but it costs the square of your votes.

Just in case anyone wants to go down the rapid hole on it, in our system we give people a budget of voting power to spend and it costs them more to vote on a single item. It encourages people to vote on preference. We’re using a special case of it, which asks people to sort lists by preference. We call it semantic ballot voting. If one of the tokens you picked ends up being the top gaining token you win some money back.

Mary | Satoshi Club: Btw, were there any attempts to deceive the system?

Dr Nick: We’ve planned on it, if it’s free to vote then you get spammed or you have lots of people setting up lots of accounts, this is called a Sybil attack. To mitigate this we’ve added an ID system, where you can set up multiple accounts but it costs you money to do so. If you want to do it a lot though the price of identities gets very expensive.

Anyone with an identity becomes a finance.vote Citizen and is welcome into our token gated community. The identities are NFTs, which carry around your reputation.

Mary | Satoshi Club: Which preferences he will get after this?

Dr Nick: You get voting rights in all of our governance system and you get paid for voting. We’re giving $250 away to voters in a meme competition this week in the Citizens chamber.

Q5 from Telegram user @peachespecos

How exactly will the second layer governance system improve the collective intelligence of the network? Can you give us some examples?

Dr Nick: Deep question this one. I could probably build a Masters course out of the answer. I’ll try and break it down a bit. Collective intelligence is the sum total of everyone’s brains engaged in an organization, it’s a powerful thing, get enough minds together and you can solve pretty much everything.

What we’re missing is tools to be able to reach consensus. Throw everyone into a room and ask them to do something and they’ll be unproductive, give the voting technology and they’ll reach agreement quicker and get stuff done.

Our second layer governance system is made up of three apps, Influence, Proposal and Decision. Influence is like rough consensus, fun and games voting. We’ll do meme competitions and vote on what tokens are next in the vote markets. Proposal is when people want to start getting serious and potentially bid for money. Decision is when we make a final decision on it and it’s serious stuff, it changes the smart contracts and monetary policy. So an example would be, we want to increase the reward pool to open up a new vote market, which means minting more tokens. Should we do it?

We might talk about it for a while in influence, put some concrete suggestions together in proposal and execute the code in the decision app. Second layer governance is taking that chatty phase into different areas and providing good tools for doing it better.

Mary | Satoshi Club: Are there any disadvantages to this system?

Dr Nick: There’s always a cost to more governance, there’s a cost to the system for incentivizing the users to vote and there’s the greater work required to keep all the cogs moving. Classic organisational theory tells you that the more complex you get the more the costs of running the organisation are, we’re building the tools to make it cost effective and trust worthy.

Q6 from Telegram user @Bradyfreddy

Using the identity staking, staking users will win 10% of the profits. What about the person that made the prediction? What will they get?

Dr Nick: Someone’s been reading our whitepaper. That makes me happy :). Let me get another pic.

This is how our staking will work. Everyone votes and those who had a vote on a winning token gain a share of the staking pool. If you don’t vote on a token then you lose your stake and the winners share it. The network burns 10% of the pot.

The other aspect of the social trading and staking system is that communities can pool money and decide how they want to invest it together, so in this group for example you could pool ETH and vote together on how you want it allocated. The people in here with the best ability to predict the market get the most votes.

Mary | Satoshi Club: Pools will be on your platform, right?

Dr Nick: Yeah, well you can access them through our front end but they would be a shared smart contract on the blockchain.

Mary | Satoshi Club: Is it safe enough?

Dr Nick: We’re completely decentralized, same as providing liquidity to uniswap. We’re setting up a security and auditing process whenever we start pooling people’s money.

Mary | Satoshi Club: Great👏 thank you! Did you already find audit firm? 😄

Dr Nick: We’re working with three at the moment. We’re on the hunt for the best in the space. We actually want to get auditors voting on which contract is most likely to get rekt in the near future.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @Idee01

You stated the team have 4 exciting partnerships lined up and the launch of our liquidity mining app“Yield”at the end of January. Can you give us a sneak peek/hint into these partnerships or is it a secret? Will there be a mobile and desktop app?

Dr Nick: Someone’s been paying attention, think I only mentioned this today. I can give you some hints, we’ve got a major oracle partnership coming up, we’re doing something big with sports and NFTs, we’re partnering with what I think will be the next Aragon and another project focused on community tokens. But keep that all quiet. 🤫

Q2 from Telegram User @Pratze

I read that Finance Vote currently held an event Tournament that possible to win prize 100.000 $FVT/$650 USD every week just “by voting in assets from the cryptospace”. But to voting, there is a requirement for user to mint identity, can you please share how to mint identity? Any guide about this?

Dr Nick: In order to mint an NFT you need at least 100 $FVT and then you got the “Mint an Identity” button on our markets app https://financedotvote.eth.link. We send you an NFT back then you can select your identity and vote. It just costs you gas.

Q3 from Telegram User @Maksyrn

Your WhitePaper has a subsection called REKT. Reading it did not understand what it was for. What does it mean in practice for users?

Dr Nick: I think all the markets can be considered practice. The REKT market is a prediction in which contracts may get hacked and lose funds.

Q4 from Telegram User @apocan99

What is the rule for winning in tournament and how is the reward distributed to winners?

Dr Nick: You just need to have some votes on the winning token. You can actually vote on all the tokens if you want, but voting on more tokens costs a bit more gas. If you have 10 of 100 votes on a token you get 10% of the reward pool.

Q5 from Telegram User @JP_Morgan_Chase

What is Decentralized Digital Democracy? Who can become a citizen of your digital democracy and what are the benefits of obtaining citizenship?

Dr Nick: It’s where I think society will end up. We become citizens of digital nation states and contribute to the governance of how it’s all run by voting and working on your own financial system. Users benefit by taking part in governance and getting a share of the token rewards as part of the emission schedule of tokens. All the tools we’re building are what’s needs for organising as humans in decentralized organisations.

Q6 from Telegram User @atillayeni

Can you make another system for crypto finance projects to add their coins in your system and get some criticism from there from community?

Dr Nick: Yep! In fact the token holders will vote every week to decide which tokens are worthy of being in the list. We want a consensus driven list of the top tokens in crypto. What goes in will be up to the users.

Q7 from Telegram User @Korryl

We can get 1 NFT with pay 100 $FYT and then it’s possible to make it unique by give them more detail as we like, is it same with avatar? I mean in social media or bigo we can edit out avatar and give them dress or accessories, it’s like that? Do we possible to create more NFT by paying more? For example, I have 500 $FYT so that mean I can have 5 NFT?

Dr Nick: You’re on to where the identity system is going. You’ll be able to customize them like avatars yeah and you can spend $FVT on upgrading them.

Q8 from Telegram User @lchongthu

DITs took the form of ERC721 compatible NFTs, which represent an identity within the system. Can DITs be TRADED anywhere (like NFTs) in the marketplace other than obtaining them via $FVT?

Dr Nick: They will be tradable and we’ll have our own auction system and market place for doing it. Your reputation carries with the NFT, so high voting tokens will be objectively worth more.

Q9 from Telegram User @taemin_vj

About Top Gainers, how high are the rewards? Do you get enough participation from your community in this method? How many benefits do they generate?

Dr Nick: We’ve had users report 20-30X returns on their gas costs. Even with a low token price at the moment, the dollar amount returns are really good.

Q10 from Telegram User @yzmoney

A lot of have happened since your last AMA, you’ve had your auction for your FVT tokens which ended having 850 ETH was collected and paired with 19.6m $FVT to discover a listing price of $0.02. How do you feel about the auction result and is the funding enough to keep the platform running for 2-3 years? What could have been done better for the auction?

Dr Nick: Really good question. Yeah, I’m really happy with the outcome. We did a genuine first with that auction and I think a handful of people got the potential of what we did. We discovered a price for the token at $0.02 over 7-8 hours of auctioning. Anything under that and I feel we’re undervalued. Importantly, we didn’t keep any of the money from the public auction. It’s all locked as liquidity in our uniswap.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Finance.vote. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 700$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

finance.vote (Discussion): https://t.me/financedotvote