Satoshi Club

We always happy when new project comes to Satoshi Club and today we would like to tell you about the AMA session with our friends from YIELD. The AMA took place on November 04 and our guests were Tim Frost, CEO of YIELD, Jan, who handle digital marketing for YIELD and Sapta.

The total reward pool was 800$ 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

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Yield! welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello again Satoshi club!

Jan: Hey All!

D. | Satoshi Club: @Mursuvalas hello! welcome to Satoshi club!

Sapta: Hi everyone!

Mary | Satoshi Club: You’re welcome 🙂

Jan: Thanks for having us

Mary | Satoshi Club: So, tell us about yourself and about Yield🙂

Jan: I can introduce myself first. Being a growth hacker, digital nomad, and creative thinker, I handle digital marketing for YIELD. I’m data-driven and have extensive experience in branding, PR & SEO. I’ve helped successfully scale-up companies in the sphere and I was the head of marketing at Paxful, now the largest P2P marketplace worldwide. I also have many successful ventures in the Casino industry.

Mary | Satoshi Club: You know, a lot of people think that crypto is Casino:joy: what can you tell?)

Jan: In casino you loose 99% of the time, at crypto you have the chance to actually win something :sweat_smile: and also crypto is actually doing some good for this planet

Tim Frost: My name is Tim Frost and I am CEO of YIELD
I have a rich Fintech, marketing, business development, and operations background. YIELD.app is my 3rd digital bank and he has been a key figure with many successful fintech and blockchain companies. Specializing in early-stage growth, operations, and development. I was part of the founding Wirex team and supported operations, business development, and marketing for the first 18 months. I also joined and helped take EQIBank to market a global digital challenger bank with an average client AUM of $250,000. I have helped accelerate early-stage blockchain startups QTUM, NEO, Paxful, Polymath, Selfkey, Everex, and many others.

YIELD is a licensed and regulated FinTech company that enables anyone to invest in decentralized finance with the touch of a button! Thanks to our intuitive app and web platform, users around the world can start earning returns from DeFi products without having to go through a lengthy, complex and often costly learning process.

Mary | Satoshi Club: Yes, it has to be easy to defi with one button) I want to know more about Yield:+1:

Jan: YIELD makes DeFi accessible to anyone thanks to our intuitive app and web platform, where users simply deposit crypto or traditional currencies and select the investment plan that suits them best.
Operating under a banking license, we offer insured and innovative financial products managed by a team with years of experience in FinTech and cybersecurity. This ensures that our users always feel comfortable earning with us.
At the core of our strategy, our $YLD token allows for transparent governance, rewards loyal community members and supports social impact initiatives

Maybe picture will aslo give some help

Tim Frost:

A brief overview of how we handle this in the backend. We essentially have a trading team with custom build toold that give our team the best insights into the DeFi market and investment opportunities. We aim to take the complexity out of DeFi for our clients.

Jan:

Mary | Satoshi Club: Yes, this picture gives us a hope) on the right side)

D. | Satoshi Club: yes, DeFi with YIELD looks way more simple to use and understand :+1:

Jan: I think defi should be simple and accessible for everyone and that’s one of our core missions

But happy to answer whatever questions the community has!

Q1 from Telegram user @mohaa198o

Your CEO helped grow companies such as QTUM, NEO, Wirex, Paxful, and others. In quality did he work there and how specifically did he help them grow? Why now started to build his own company?

Jan: I can go first, Tim will answer about his journey. I was the 4th member of paxful and also the head of marketing. during my During 4 and half years there, I grew the customer base from 50,000 to more than 4.5 million users, and the weekly revenue from USD $100,000 to more than $44 million.
I was managing more than 45+ people and was establishing offices all around the world. I’m well known in the space and why I decided to establish Yield was because I saw the potential in the space of defi. I also wanted to challenge myself to build something again from scratch :pray: Tim “lured” me in with his amazing pitch and now I’m here !

Tim Frost: I will take one at a time. Wirex I was part of the original team and joined the team to run marketing, business development and some operations. I then left Wirex (3.5 Million clients) to start a consulting firm in 2016. I worked closely with Paxful and QTUM during this time. I spent a few months in office in Shanghai to help launch the ICO in early 2017. I also work with Antshares and my firm ran marketing and PR for Antshares in western markets before they rebranded to NEO. So with all the companies its a variety of ways I worked with them. Marketing, PR, operations, business development.

I then joined EQIBank and helped them acquire a banking license and took them to market. The bank is now in process of a public listing event in Canada. I wanted to get really involved in crypto fintech and in June I founded YIELD.app and have been building this company the last months and preparing to take it to market.

Mary | Satoshi Club: Yes, guys, with such background it was hard not to think about your own project). Do you plan to cooperate with at least one of the projects you worked previously with?

Jan: 100%, we also have very strong partners behind us so expect a lot of news coming up in the coming weeks!

Mary | Satoshi Club: Great, it’s a hint for the nearest future :+1:🙂

Jan: Recommend to follower us on twitter and Telegram. We are getting traction fast :sweat_smile:
https://t.me/yieldapp
https://twitter.com/YieldApp

Mary | Satoshi Club: Btw, what past experience was most useful to you?)

Jan: During my time at paxful, I’ve travelled to more than 45 countries, had bunch of conferences and did Paxful University tour in both Africa and LATAM. What I learned was the more you educate people about crypto the more people will start to follow you and use your brand. I think crypto is still in the baby steps what it will be, and the more users and builders we get into this space the faster it will grow. I hope people join communities that give real value and don’t focus on just pump and dump schemes

Community first and listen to what people say, everyone are equal and the ideas that people have are amazing

Mary | Satoshi Club: It’s a bit philosophical, but very true 😂

Tim Frost: I would say for me EQIBank has been the most useful. Its been a very difficult journey from dealing with regulators, establishing correspondent banking, card programs, and so many challenges to build this company. Its been the best learning experience I would say. Its always the most lessons from the hardest roads. It has also helped build the inspiration for YIELD.app for building a digital bank where everyone can earn yields powered from DeFi.

Mary | Satoshi Club: Yes) practical details) as i understand you will need some lisences, right?

Tim Frost: We have recently acquired an offshore banking license for YIELD.app as well. Our partner Dr. Jason Corbett is also General Council for EQIBank. Jason has been working on our banking license and it is approved. So we will be licensed to operate from launch.

Q2 from Telegram user @ji_sun_kor

I would be able to deposit and withdraw to my bank account. But will I be able to deposit, exchange to euro/usd and then withdraw to my bank account or top up my fiat card?

Tim Frost: From initial launch we will have crypto in and crypto out. In early 2021 we will have USD, EURO deposits and withdrawals. We are also working on our card program which I have launched several successful card programs previously. So ultimately what we are building is a digital bank with crypto and fiat wallets with correspondent accounts and card programs.

Jan: Digital bank that offers YIELD to its customers.

Tim Frost: Its a multiple phase build out.

Jan: you can find more info from here:
We have more info on our white paper here: https://docsend.com/view/5zjmkjb88pxxmwhm/d/x3c37p9cjjb95kty (PW: YieldAppSeptember)

Tim Frost:

Here is a little taste of the dashboard.

Mary | Satoshi Club: As i understand this question about the exchange of crypto for fiat inside your digital bank?

Tim Frost: Yes we will have crypto to fiat swaps/conversions and swapping between crypto in early 2021.

Mary | Satoshi Club: So, you will have USD, EURO in 2021. Do you plan to add more currencies?

Jan: Depending on the market demand yes. Its crucial to have Fiat on and off-ramps. As Tim said before, everything comes in stages

Mary | Satoshi Club: Yes, stages is important, you will develop and see what you need more:grinning:

Q3 from Telegram user @rebel99

I have check through your Website and Twitter pages but there’s no timeframe for when Yield would be launched, when will your platform be launched?

Tim Frost: We are planning on a token launch at the end of November and will formally announce this soon. We are aiming for the platform launch of yield.app at the same time or shortly afterwards. The best way to stay up to date is join the newsletter and our telegram groups.

D. | Satoshi Club: can you share your tokenomics with us?

Jan: We’re actually running campaigns to make sure that early YIELD users get the best perks 😉 https://www.yield.app/early-adopter/campaign

Mary | Satoshi Club: Satoshiclubbers, it’s your chance :+1::wink:

Jan: https://medium.com/@yieldapp/yield-launching-native-yld-token-5a48f2bb48ac You guys can read more about the tokenomics here

Our ERC-20 utility token offers several benefits to its holders, such as reduced platform fees and the ability to vote on project decisions through the YLD DAO.
During the first 36 weeks after launch, our early adopters will receive $YLD when they invest in a plan, refer new users to our platform, stake their tokens using our built-in feature, or simply hold assets in our secure multi-currency wallet. The max supply is fixed, and we plan on gradually repurchasing tokens to reduce the circulating supply and reward holders.

anyway recommend to read the medium article and if any questions please join our channel

Mary | Satoshi Club: If i will hold assets in your wallet will i have access to my private keys?

Tim Frost: Our wallets are BitGo (https://www.bitgo.com/) which are full custodial wallets. We are like a bank or exchange. We handle all the security for you, and manage keys and complexity on our side. We have full support, and insured wallets.

D. | Satoshi Club:

by the way what is a minimum sum for deposit?

Tim Frost: The minimum investment on the platform is $100.

Q4 from Telegram user @konditer_rolex

Most of the projects are organized by AMA to inform about the presale and convince us that their pharming programs are the most profitable. I looked at your site and did not find on the main page a banner “Buy our token and get a million percent per annum.” And therefore I have a question, how do I get your token? How do you distribute it? Was there a presale? Where does the start-up capital and money for the development of the project come from? And, of course, the main question is, is it possible to get your token for free?))

Tim Frost: The presale is now ongoing. Its available to qualifying backers. You can email us at presale@yield.app and also message me @timfrost5 and we can give you more information. We are raising $4M presale and it is about 70% sold out now. We will be doing a main public round as well at launch. We are doing an $800k main round with no lock down at launch as well. We will provide full details on this soon. Here are some of our current backers.

Alphabit Fund
David Johnston (Factom)
Trevor Koverko (Polymath)
DigiStrats
Tim Bos (Sharing)
Dustin Byington (Wanchain)
BnktotheFuture

Mary | Satoshi Club: So, it’s just for big guys now or…?)

Tim Frost: Its for sophisticated investors. The minimum per group is $20,000.

D. | Satoshi Club: do you have some deadlines for presale? or you are conduct presale until all tokens wouldn’t be sold?

Tim Frost: Its open now until it closes. We are not pushing it aggressively as we are dealing with some great funds now on due dilligence, but we are open to having those in this great community (Satoshi CLUB) participating.

Mary | Satoshi Club: I think it’s a great chance for those who want to be early bird 😉

Q5 from Telegram user @Jonahapagu

Your Staking rewards will be distributed for 36 weeks, after this 36 weeks… Will there no longer be rewards distribution for staking?

Tim Frost: the initial rewards pool will end at 36 week for $YLD distribution, but we anticipate users will stay using the platform to continue earning those high yields on the app. We will also look at different ways by then to explore more ways to redistribute $YLD tokens. So as of now the program ends after week 36, but we anticipate to have launched additional products and incentives by that time.

Mary | Satoshi Club: Can you share with us more about staking?)

Jan: The longer you stake the more points you get. Those points are than calculated as % of the pool that we give out

Tim Frost: You can find full details here https://medium.com/@yieldapp/yield-launching-native-yld-token-5a48f2bb48ac. But to add to this $YLD staking rewards come 3 ways. Put USDT, USDC (future more coins) on the platform and earn $YLD, invest in our DeFi investment pool and earn interest and earn $YLD, and hold your $YLD on yield.app and earn $YLD. Its an extra incentive for our token holders and for the platform participants.

Jan: The longer you Stake the more points you get and the more you can get out of the 36 weeks

Recommend to get into the first 36 weeks! 😉

D. | Satoshi Club: lots of ways to earn some $YLD :+1:

Mary | Satoshi Club: A lot of opportunities) btw, if someone will be late for your sales, do you have any timeframes when $YLD will be available on exchanges?

Tim Frost: Shortly after launch it will be available on CEX and DEX. We want YIELD.app to be a community driven project and everyone with a chance to be part of what we are building.

Q6 from Telegram user @yiselen

They have market monitoring bots to ease the work of the YIELD team, but what guarantees me as a user that fraud can occur through these bots?

Jan: All protocols that YIELD interacts with are subjected to rigorous audits using smart contracts, and our infrastructure uses the best-in-class solutions designed by cybersecurity specialists and DeFi experts. We also partnered with BitGo, the industry’s leading digital asset custodian, to ensure the highest-level of security for our multi-signature wallets and vaults.

Also! All assets are protected by the YIELD Insurance Fund (which you can learn more about in our token article :wink:), and our DeFi strategies are curated by an expert team of market analysts and fund managers with years of experience in FinTech. By aggregating the capital of many individual investors, we are able to neutralize risk and offer unprecedented investment opportunities in a secure environment.

Mary | Satoshi Club: It seems secure like a secret room in White House:joy:

Jan: Haha, I hope that answers the question though. We want to be transparent and that’s something that we value, we are also here with our own faces and we are taking the regulative way so no funds are at risk!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Maksyrn

The site says that to use YIELD almost nothing is needed except money. But, what about the cost of transfers within the network, it can gobble up all the profits?

Tim Frost: We run yield.app as a managed fund which we allow people to invest into sophisticated DeFi yield farming strategies for as little as $100. We do this because we batch transactions. This means we manage your funds on a database and we deploy funds into a veriety of DeFi protocols. So your $100 may be in 20 DeFi investments.

Q2 from Telegram user @cengizhantekin

Your website tells about “Robots”. Do you have a built-in Artificial Intelliegence (AI) apps?

Tim Frost: There is a new website coming next week. We do of course have a lot of automation and tools being build but its more about the human touch.

Q3 from Telegram user @K2ice

The initial rewards pool will end at 36 week for $YLD distribution. After distribution, how can a user continue to earn high yields on the app?

Tim Frost: When you invest into yield.app you earn both $YLD tokens and interest in USDT and USDC. Think of the $YLD as a bonus.

Q4 from Telegram user @livelonger06

Will Yield App also have a Lite Version?

Tim Frost: I am not familiar with DeFi investments for Litecoin. We would need to explore what is currently available.

Q5 from Telegram user @isnaindhuha

Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and investors to YIELD and keep them long term?

Jan: YIELD was designed to enable anyone to invest in DeFi using crypto or traditional currencies, regardless of their financial or technical level of expertise.
As a licensed and regulated FinTech company, we provide a secure digital banking platform where users can earn high returns through insured DeFi strategies that would be impossible for individual investors to replicate on their own.
In addition, our governance token $YLD allows its holders to save on platform fees, vote on project decisions, and support social impact initiatives. You can read more about $YLD here: https://medium.com/@yieldapp/yield-launching-native-yld-token-5a48f2bb48ac
We also work with a lot of different communities and strive to penetrate and get early adopters. WE also educate about the community and we truly believe that everyone should have the chance to participate in the DEFI SPACE.

Q6 from Telegram user @wonderkit

any partner who has a big influence in the development of the YELD project?

Tim Frost: Yes a number do. We are working closely with Hartej and Zokyo on smart contract auditing. We are also soon to announce some strategic partners we are actively building with.

Q7 from Telegram user @jpsarmah

Participate with the Click of a Button with YIELD. Is this truly achievable and if yes, how do you do it like non-tech elderly people can use it too?

Jan:

Maybe the best way to understand our platform is this picture.

We do all that heavy lifting in the background while you get YIELD

Q8 from Telegram user @xitrump

While many projects and wallets are aiming to “decentralized”, so why your wallet – BitGo – is a centralized wallet with managing keys?

Tim Frost: because we are a licensed financial institution and we have responsibility for custody of client funds. We are building a simple gateway to DeFi for clients. If you want to Yield Farm directly there are other platforms. If you want to invest into high yielding opprtunities and let us manage things then use yield.app

Q9 from Telegram user @apocan99

Yield.app has the options for transactions with bank accounts and credit cards. Does it have country limits or are these services provided to all countries?

Tim Frost: More details will come available in December and Q1 2021. We are building out now our fiat rail partners.

Q10 from Telegram user @kripto_mangunkusumo

Regulation can be a challenge, especially when bridging traditional finance to DeFi space. How have YFC Team dealt with the regulations so far?

Tim Frost: Our co-founding team is built with lawyers and fintech professionals who have built successful fintech companies with regulators approval. Myself this is my 3rd digital bank. Dr. Jason Corbett has been dealing with regulators in fintech for 6+ years. Justin Wright has also built many managed funds and fintech and dealt with regulators. We plan on being a fully compliant crypto fintech company and working with regulators and not hiding from them.

Jan: If there are any questions that we didn’t answer or you guys feel uncertain please join:
@yieldapp
https://twitter.com/YieldApp
You can also send me questions on Tele or in Twitter:
https://twitter.com/jan_yieldapp

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of YIELD. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

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:

YIELD Community: https://t.me/yieldapp

We are pleased to announce our next AMA on November 10th 2020 at 02:00 PM UTC Time: Satoshi Club x YFOX Finance

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join YFOX 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 5 questions. YFOX Finance Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about YFOX Finance

For more details:
YFOX Finance – @YFOX_Finance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 11th 2020 at 02:00 PM UTC Time: Satoshi Club x Xplanum

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Xplanum 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. Xplanum Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Xplanum

For more details:
Xplanum – @xplanum
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 9th 2020 at 02:00 PM UTC Time: Satoshi Club x Team Finance

⚠️Click to see the hour
⚠️Total Reward pool: $1500

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

We will have the following structure:

Part 1: 250$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 12 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 5 questions. Team Finance Team will select 15 questions and answer them.

Part 3: 1000$ – A quiz about Team Finance

For more details:
Team Finance – @team_finance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

The month of November has begun and that means that the year 2020 is about to come to an end, at Satoshi Club we will continue to bring exciting projects. Today we would like to tell you about the AMA session with our friends from Xplosive Ethereum and the guest was xETH Trent, the Marketing Manager for xETH.

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

---

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Luis Merino | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with us. Today we have Xplosive Ethereum with us.

Gold Rocket | Satoshi Club: @xETHTrent, welcome to Satoshi club!

xETH Trent: Hey guys, pleasure to be here with you all.

Luis Merino | Satoshi Club: Could you please introduce yourself and tell us how you started with xETH?

xETH Trent: I am the Marketing Manager for xETH; I have been a holder of xETH before I joined the team.

My pleasure, xETH (Xplosive Ethereum) is the first of its’ kind in the rebase space of cryptocurrency. Xplosive Ethereum is a price reactive deflationary token that has eradicated negative rebases. xETH has a target price of 0.01 ethereum daily, meaning if the price of xETH is above 0.01 ETH we get a positive rebase. If it’s below that amount nothing happens! The sales tax also burns an amount of each transaction reducing overall supply, half of this tax is sent to the staking rewards pool and half is sent to a burn address.

Q1 from Telegram user @sajay999

If you xETH is pegged to 0.01 ETH, does it mean that its price can’t go lower or higher than the price of 0.01 eth? Like usdt to usd?

xETH Trent: No not at all, the price being pegged is the reference of the standard value of the token. The price is still able to become higher or lower based on buy and sell pressure. When the price goes above the peg price that is when a rebase occurs, what happens is your holdings increase relative to the increase of value above the peg price. So if the value of the token is 10% above the peg price then you are awarded additional tokens to the value of the 10%, effectively increasing inflation to bring your holdings back in line with the peg price, while it doesn’t devalue your current tokens it increases the circulating supply to align the number of tokens with the value of the market cap.

Gold Rocket | Satoshi Club: Does this mean that you are always in position win-win?

xETH Trent: It is a win-win for xETH but not in the traditional sense that the tokens value never drops. The mechanisms behind xETH that make it a win-win is that our taxes are increased the further below peg we go. This incentivizes hodling and alleviates sell pressure. With all other rebase tokens they have a mechanism called a debase, where your token holdings are reduced. So as an example, you could go to bed with 100 tokens and wake up to 80 tokens after a negative rebase. Our token is designed with no negative rebases, so you will never have less tokens. You can only ever gain more tokens.

Further to this one huge point is Xeth discludes the uniswap pool so when a rebase occurs your tokens are worth the same as they were beforehand. So if Xeth is $5 and you have 100 Xeth and then get a 20% rebase you then have 120 Xeth at $5. Price doesn’t change.

Q2 from Telegram user @ozmnhkn

Although ETH 2.0 is delayed to next year, it will solve all current ETH issues and dApps will be trending in the future, do you think this is a threat to your project?

xETH Trent: No not at all, as our token directly correlates to ETH, as the value of ETH increases so does our tokens peg price. Again the further below peg that we are the higher the tax rate is. This deters sell offs and increases the buy presser exponentially. Once we have hit peg, you get a rebase and the tax is reduced to stop the hyperinflation of the value of the token. It is designed to always be worth 0.01 ETH and our mechanisms were designed by mathematics and economics engineers to ensure that it not only works as it is designed to but also that it is sustainable for years to come.

The better ETH performs and the greater adoption of dAPPs will only strengthen xETH into the future.

Gold Rocket | Satoshi Club: By the way, do you have a big team? How many people are working on a project?

xETH Trent: Our team has over 10 members as well as a partnership with the Community Token (com) which gives us a greater talent pool to be able to utilize.

Luis Merino | Satoshi Club: Got it! So the improvements done to ETH will directly affect xETH. Sounds good. Looking forward to ETH 2.0 launch to see how your project reacts. 🙂

xETH Trent: They are a mixture of many different backgrounds and experts in their chosen fields and professions. We have developers, engineers, business professionals to name a few.

Gold Rocket | Satoshi Club: For the success of the project, in addition to technology, you really need proper marketing. And that’s a good way to go.

xETH Trent: Correct, I own a digital media agency and was the reason I joined the team as the Marketing Manager. I have also run several multi-million dollar sites for various national and international companies. I started my career working for a Fortune 500 company called CSC (Computer Sciences Corporation).

Q3 from Telegram user @Jobel4

How can you assure that Xplosive Ethereum has no negative Rebases? Can you discuss how rebasing run in your platform? What are the drawbacks and benefits of Rebasing?

xETH Trent: We are a fork of the project AMPL (Amplforth) and looked at what made that project good and what were some of the challenges associated with it and others competing for market share in the space. We noticed they all had the same design principles of negative rebases, which while in theory is a sound principle the psychological effects of that is detrimental for the sustainability of not only the token but also your own portfolio. We knew that if we could come up with a solution to that problem it would not only be a groundbreaking game changer but also have positive financial impacts for our communities’ portfolio.

The rebase lag factor ensures that the rebases are sustainable for the long term. We had mathematicians come up with the perfect formula for a sustainable rebase.  Let’s say the peg price determined is 0.01 ETH which is 3.75 usd in example. Imagine that we are at 7.5 usd per xETH, then we are 100% above the peg. With the rebase lag of 1/2 (divided by 2) we would get a rebase of 50%. Our rebase is able to be dynamic based on how long the price has remained below peg. If the price stays below peg for too long then the rebase lag rate is reduced, adding more incentive to buy the token and drive the price back above peg. If the price is above peg for too long, then the lag rate is increased. This prevents hyper-inflation. If the price goes too high the lag is further increased to keep the rebases sustainable and allowing the project to continue on indefinitely.

Gold Rocket | Satoshi Club: It’s good that you thought about it. What about smart contact audit? Did you have or plan it?

xETH Trent: The greatest benefit to rebasing with no negative rebases is you are able to have a passive income for as long as you own the token and we are above the peg price.

Our smart token is actually a fork of AMPL but with all the enhancements to create something better. AMPL was previously audited so we knew the contract was safe. As we are partnered with the Community Token (com) some of their developers went over the contract as well. However we do not consider that to be an audit as they are closely partnered with us. In regards to a third party reputable auditor we will be having one done with the release of xETH 2.0.

Once that audit is completed we will be posting it on our website / medium / github etc for full transparency and disclosure.

Q4 from Telegram Username @konditer_rolex

Did I happen to hear about the xeth Millionaire cruise? What is it guys?

xETH Trent: Haha, Yes that is true, we have quite a few large investors backing the project. It was an idea floated by one of our largest investors who wants to take everyone who owns a substantial amount of xETH on a Caribbean cruise. Full disclosure, I can’t wait lol.

Q5 from Telegram Username @yzmoney

There are several rebase token in the market, with ampl with largest market cap with a onetime marketcap from 1 billion market cap that drops until 100 million now. What’s your unique selling point compare to them? the target of your coin is to reach baseline of 0.01Eth, why did you choose this value? Is there a maximum % of rebase daily?

xETH Trent: Our unique selling point is no negative rebases. You will never lose any of your tokens. With the uniswap pools not taken into consideration the value of your tokens doesn’t decrease as your token holdings increase. This allows you to earn a sustainable passive income. In the current climate with COVID and economic uncertainty this adds a level of stability in an already uncertain time. That value was chosen as it is a sustainable price point that anyone can buy into, we could have gone 1 BTC as the peg, but it will price regular investors out of the market from owning more than one token. We aren’t trying to be the most expensive token, but we do want to become one of the most widely adopted. There is not a maximum, however the further away from peg we go the more the lag rate increases, this is to ensure there is not a 100% rebase where people just get twice as many tokens and we end up with a hyperinflation scenario.

There are smarter people than me with economics, financial and mathematics degrees who have worked out the perfect formula for keeping everything synced in perfect harmony. I will say an analysis of xETH v AMPL was conducted, Over the last 30 days, average rebase for xETH 6.1% / 0.006% for AMPL.

Q6 from Telegram Username @Xusuo

I read that roadmap for 2021 you have planned the issuance of XplosiveETH Stablecoin. My question is What role will it play on the platform? How will it differ from XplosiveETH?

xETH Trent: That is not on our roadmap. We do not have plans for a stablecoin. Our roadmap ends at the end of 2020 with xETH 2.0. That is once the audits are finalized and everything is 100%. At which point the dev keys will be burned, and the project will be completely decentralized. It will then be handed over to the community as it was always intended to be.

---

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 Unknown Telegram User

…

xETH Trent: Yes! Our staking pools are currently in beta testing, once everything has been proven to work accordingly this will be opened for people to provide LP tokens as liquidity.  This will further stabilize the price allowing for a slower and more even price change. You will get tokens from providing LP tokens relative to your contribution.

Q2 from Telegram User @KeymerS

In the last 24 hours xETH has fallen by 39.87%, how did this happen if XPLOSIVE ETHEREUM has deflationary mechanisms that make the price rise again? or have not finished developing them?

xETH Trent: After every rebase there is a natural sell wall, every rebase token encounters it, as that is by nature the design of a rebase token. If there were no sells after a rebase then the price would never go down and the reduction of lag will continue until the buy pressure is released. If you look through the data we had that happen with the token at the start of its life cycle. As with all tokens there are ebbs and flows. We have now been live for a little over 6 weeks, and the mechanisms we have in place are working as they should be. Once you have a rebase, you sell your rebase (if you choose, you could hold it and compound the additional tokens next rebase if that is what you choose to do and gain more tokens from subsequent rebases) and the price goes below peg. The tax increases to alleviate the sell pressure and prevent the token going into a deal spiral. Now that we have gone past the initial phase, you will see a steady flow of buys after each rebase sell wall. This is the only way a passive income is sustainable.

Q3 from Telegram User @AmirJosh

Can you please explain the 33% tax when someone adds liquidity? What is the reason why you set this high percentage?

xETH Trent: The tax is variable and will always change depending on the market demands. However with staking as you are guaranteed to earn tokens even when the price is below peg, this was done to prevent daily dumping of tokens suppressing those whom do not stake from reaching peg and earning rebase rewards. You will always end up in a profitable position, it will just take a little while initially.

Q4 from Telegram User @Johana0012

Do the delegates with more Xplosive tokens have more voting power? have a greater capacity to direct the project?

xETH Trent: No, it does not matter if you own 1 xETH of 1 million. Every vote that is put forward has an equal voice. This is truly designed with the community in mind and not a few people who are able to purchase more.

Q5 from Telegram User @Don289

If anybody think that your project really likes a scam project, and they can’t trust your project. How do you make them believe in your project?

xETH Trent: With so many dubious projects in the crypto space it is easy for people to be skeptical about projects. Currently the development funds are locked until after xETH 2.0 is available. We have also burnt 70% of the developer tokens to the tune of $3.2 million USD. xETH 2.0 will be completely audited by reputable external auditors and those results will be published on all of our socials and on the website, medium, github. Finally we will burn the developers keys.

Q6 from Telegram User @Triwidodo99

What is the main use case of xplosive ETH?

xETH Trent: Our economics and financial specialists took the federal reserve and the banking sector in mind and wanted to offer better interest rates that you can receive from them. Think of xETH as a long term savings account. You can withdraw your interest or some of your capital if you need or leave it there to earn more money over time. This is one of the major factors that will help to garner mass adoption.

Q7 from Telegram User @ruhel00786

I am strong hodler so Can you please tell me why i go for $xeth instead of $AMPL?

xETH Trent: No negative rebases, higher ROI and mechanics in place to stop the price staying below peg.

Q8 from Telegram User @Rosane1a8

What backs up the initial value of xETH? How was the crowdfunding for this, did the community take part of it?

xETH Trent: The inital value of xETH was the com token. When the founders initially wanted to build the project they took all the information along with the mechanics and formulas for the sustainability of the token and presented it for the initial liquidity. It was vetted before the project was nothing more than a concept. The COM team helped to establish the foundation of the project and is the reason why we are so closely partnered with them.

Q9 from Unknown Telegram User

…

xETH Trent: Most rugs occur within the first few days of a project. xETH is nearing 2 months old. The team behind the formulas have spent countless hours going over the numbers and running future models with various scenarios to ensure the sustainability of the project. Until xETH 2.0 is completely handed over to the community these models can continually be fine-tuned and tested. Though they haven’t needed to be for a while.

Q10 from Telegram User @Alika061

There are so many people who want to drop or FUD on a project and I see now in the group there are so many vilification and FUD, what about the responses that are problematic like that in the #Explosive Ethereum community?

xETH Trent: Fud is an inevitability of all projects these days, a lot of people dive into the latest hyped project without even knowing what the project is or what it is designed for. You cannot stop fud if people want to be malicious. You can educate people who do not know and start to panic. Knowledge is the best weapon in fighting fud. Don’t retaliate, educate. Our community has great members whom will help you and teach you if you really want to know about the project. Of course you will always have people who want to play psyops or enjoy seeing others get shaken, that is an unfortunate side effect of people being able to hide behind a screen.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Xplosive Ethereum. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ 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:

Xplosive Ethereum: https://t.me/xplosive_ethereum

Crazy November has begun and doesn’t let us get bored. Amarathon is unstoppable! Today we would like to tell you about the AMA session with our friends from YFC. The AMA took place on November 04 and our guest was John B Lewis, founder and CEO of Yearn finance center project (YFC).

The total reward pool was 600$ 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

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with YFC ! welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello all!

John Lewis | YFC: Hello Everyone 🙏Thanks guys, happy to be here 😃

D. | Satoshi Club: let’s start with introduction John! please tell us about yourself and YFC

John Lewis | YFC: My name is John B Lewis, founder and CEO of Yearn finance center project (YFC)
Let me give you guys a little background of mine. I’m originally a software developer with 20+ years experience working at top retail, finance and government agency’s in United States. I’m working on blockchain development since 2017 and completed a short contract with Maker DAO in 2018. Since then, I started developing my skill set to learn more languages including solidity.
We originally forked the YFI vault model and DFI.Money staking platform to develop or add features. We started this YFC project two months ago and decided to not be as anonymous team. So, we came visible to community to gain trust in market. We started development and ground work in September and launched presale this month on 21st.
Currently, the pre-sale is still live and we decided to speed up our farming and staking platform in early November.
website: yf.center
Telegram: https://t.me/yearnfc
Total supply: 1300 YFC

Mary | Satoshi Club: Your background is expressive)

John Lewis | YFC: Thanks Mary 🙏

D. | Satoshi Club: great! you can share more detail about your pre-sale?

John Lewis | YFC: Sure. We currently in the last phase of pre sale that ends tomorrow.
There are last 156 tokens left for sale and the is 200$ each.
We burned our tokens from 20K to 1300 Max supply few days ago. We don’t have ourself tokens to control the market. The complete control has been shifted to community and became community owned project. :pray:🏻:blush:
Website: yf.center
Max supply : 1300 YFC
Telegram: https://t.me/yearnfc

Mary | Satoshi Club: If one or two tokens won’t be sold:joy:, what you will do with them?)

John Lewis | YFC: The unsold tokens from 156 will be allocated to farming category. 🙂:pray:🏻

Q1 from Telegram user @Jonahapagu

Yearn Finance center is A Fork of Yearn Finance.. what were the specific improvements you made in YFC over Yearn finance in other words how is YFC different from yearn Finance. For now the only difference I know is the “center” added to your name

John Lewis | YFC: Haha, true. Honestly, it’s true.
The only difference is the name “center” like you said since it is exact fork so we use the same code.
I really don’t want to tell something we are not doing right now. The current status is the same as YFI/DFI.Money platform features. We are no different than them.
But, the agenda is not to be running the same. We do active developments to make changes to the vault and also the APY we offer comparing to other projects on market is high. We would increase the farming APY % that attracts each and every investors.
We usually take community’s advice before we touch or start developing anything.
Website: yf.center
Max supply : 1300 YFC
Telegram: https://t.me/yearnfc

Mary | Satoshi Club: This is very honest:joy: But do you see something in YFI that you personally want to improve? And bring this ideas to life on YFC platform?

John Lewis | YFC: Honestly, really no. As far as I know, it doesn’t need any improvements expect the APY % they offer. We have some personal plans, but it projected to reveal in December. I’m confident people love it. Andre is a great guy and I admire him.

Mary | Satoshi Club: Yes, Andre is amazing:smiley: thank you for your answers)

Q2 from Telegram user @bitcoinistic

I know that exchanges are pretty confidential regarding announcing in advance about a negotiation regarding a listing. However, you’ve wrote on the website that listing on KuCoin coming soon. Did they permit you to post that?

John Lewis | YFC: No sir, we took no permission from them to make a plan on listing.
We mentioned “coming soon” only.
It’s really a matter of listing fee. We will update our website anyway, if people have concerns.
We just thought of presenting our plan on how we might be doing going forward. This is not a strategy to attract people in to us.
Great things comes from great products. Our focus is not on price, but on product we are going to launch this month.

Mary | Satoshi Club: Why Kucoin?) Don’t you afraid?)It was hacked recently and still have a problems with a lot of projects which refused to make token swap?

John Lewis | YFC: We planned the Kucoin before the actual hack happened. :grinning:🤦🏻♂
We could do great things with the same listing fee and can list on Top factor exchanges.
We update our plan soon.

Mary | Satoshi Club: Oh, it’s clear) do you have any approximate terms to list YFC on CEXs?:wink:

John Lewis | YFC: Not really, we are looking for a reliable CEX which don’t use bot trading. We need real volume and real people. We are currently in talks with one exchange which is currently have a good name on market and good community. We will do sometime after Uniswap listing on 5th.

Q3 from Telegram user @Arisabela

How important is security for YFC and how do you plan to support your users once pre-sale is done?

John Lewis | YFC: Thanks for the question. But, I’m little confused since you asking about security. You mean security of actual platform network to avoid hacks? Or security on user investments? 😊 Let us assume, security of investor funds after pre-sale is done. We always tell our investors to hold till we go to CMC and coingecko. We will have more visibility in market going forward. After we burn 98% tokens, we see number of new people joined the pre sale. All investors now feel secure as they know already there is no chance of rug pull. We have no tokens to control market, investors have 90% more tokens that we do.

Mary | Satoshi Club: As i understand, you platform is as secure as YFI, right? As you are their fork?)

D. | Satoshi Club: what about audit? your contract passed audit?

John Lewis | YFC: Yes Mam. It is same as YFI. We don’t need audit since YFI is already audited. We only go for audit if we add or change the code.

Q4 from Telegram user @jobel4

The roadmap written in your website is until November 2020 only. So what would be the next thing to do after November 2020 and so on? What is in the box of preparation are you dealing with since end of the year is coming?

John Lewis | YFC: We honestly only have plans till December 2020. We will announce our 2020 Q1 in December mid week. :pray:🏻 All the plans till December are already shared on my previous answers. :pray:🏻:blush:

Mary | Satoshi Club: You are so honest, that even i a bit confused 😂 Will you decide how to move forward with your community?

John Lewis | YFC: Going forward, community is the one and only committee who approve our plans or change management. It’s like complete “Governance” of the project. This continues for long time unless and until we come up with a upgraded version v2. We will launch our working product late November. Users can stake and farm YFC tokens as rewards.

Mary | Satoshi Club: How YFC governance will work?

John Lewis | YFC: It is no different than other projects. YFC holders are responsible for governing the YFC protocol, which included approving and declining the changes we present. The YFC tokens locked up during the governance process are returned to the holder in 24 hours after the governance process is completed. This is automatically done.

Mary | Satoshi Club: Yes, everything is simple)

Q5 from Telegram user @K2ice

What is the distinctive difference between the YFC token and the yToken? And I will appreciate if you can briefly explain their use cases.

John Lewis | YFC: I’m not really sure about ytoken? It might be “asset” type and can be used for lending and borrowing purposes. We are no lending platform, we have no plans on it currently. After we launch our staking/farming platform we will think of the own exchange, but no plans on being an asset.

D. | Satoshi Club: so you don’t have yToken?

Mary | Satoshi Club: I saw a lot of questions about ytoken, i think something is mentioned somewhere in your documentation) or on your site

John Lewis | YFC: True, it is actually. I just checked. No wonder. Our developers explained on description itself about using POS yToken. We missed to update this on initial proof read. But, no plans on using POS token yet.

Mary | Satoshi Club: Great, our community is very attentive:joy:

John Lewis | YFC: Haha, so are moderators

Q6 from Telegram user @magic2crypto

There are 5,000 YFC available for the FINAL ROUND of sale on Nov 2nd 2020 – Nov 5st 2020, as it’s stated on your site. But the total supply is only 1300 YFC according to etherscan data(Contract:0xE8ed08a581777f112654e28DE507e11613DA0379). How could you explain this discrepancy?

John Lewis | YFC: Sorry, its just a number on website. We haven’t updated it yet. Our max supply is 1300 YFC only like you said. :pray:🏻

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Jmagsss

I can see in your roadmap that on December of 2020, you will integrate YFC to Binance Chain, why did you choose the BSC to integrate your project with?

John Lewis | YFC: We mean about listing on binance. We have the reason like others. It is top exchange, more user base, more volume and visibility. We applied for binance labs as well to seek funds for development. Nothing really spooky.

Q2 from Telegram user @borysfireball

Why you decided to speed up YFC farming and staking platform? Don’t you afraid that the quality will suffer?

John Lewis | YFC: It’s already so late as we promised to deliver the platform before the presale. We have to speed up things now or we loose trust. We are not worrying about quality at all. We are 6 devs, so two of them will always check on quality before we commit the code.

Q3 from Telegram user @Splendicity

Your profile says you are 31 years old
In this ama,you said you have 20 years experience in retail and finance.
31-20=11 years
Does that mean that you started business when you are 11 years old?.
pls tell us more

John Lewis | YFC: You can find my correct age in my linkdn, you can check the website. It’s a typo on telegram, I’m not that young. I’m 41 year old. 😃But imagine if someone starts coding at the age of 11? Crazy isn’t?

Q4 from Telegram user @BERTA2020

Do you plan to search for listings in other Exchange after your PRESALE?

John Lewis | YFC: Yes. After presale, our first focus is on one CEX listing for sure. We have to make sure we are getting right trading volume.

Q5 from Telegram user @K2ice

As an investor, if I hold till you go to CMC and coingecko,what will be my benefits?

John Lewis | YFC: Since we have very low supply 1300. You can make 5x to 10x when we go to public sale.

Q6 from Telegram user @jpsarmah

Can we farm with the YFC ETH Uniswap V2 Liquidity pool token which will give high rewards than farming YFC?

John Lewis | YFC: Farming on our platform will give you higher rewards obviously. Our platform will launch in late November.

Q7 from Telegram user @Splendicity

You included VOTE as part of your ecosystem features. What exactly can I vote for, if I’m eligible

John Lewis | YFC: Going forward, community is the one and only committee who approve our plans or change management. It’s like complete “Governance” of the project. This continues for long time unless and until we come up with a upgraded version v2. We will launch our working product late November. Users can stake and farm YFC tokens as rewards. (Copy and Pasted from previous answer)

Q8 from Telegram user @erven12

Can i know Where i will go to stay updated about your Developments and Updates?

John Lewis | YFC: Follow our telegram channel https://t.me/yearnfc1

Q9 from Telegram user @Kenas3

Whta are the plans of 2021

John Lewis | YFC: We will announce 2021 Q1 plans on our year ending event. Stay tuned.

Q10 from Telegram user @jpsarmah

Can the YFC token reach the same level of recognition and usage as the YFI token?

John Lewis | YFC: Our agenda is not to compete with YFI, but to be unique in whole market. Since, we are using the same code. We take YFI as a reference for our whole developments.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of YFC. They’ve prepared 4 questions for this part. The total reward pool for quiz was 400$.

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:

YFC Community: https://t.me/yearnfc

We are pleased to announce our next AMA on November 7th 2020 at 02:00 PM UTC Time: Satoshi Club x YFACT

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join YFACT 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 5 questions. YFACT Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about YFACT

For more details:
YFACT – @yfactfinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 6th 2020 at 02:00 PM UTC Time: Satoshi Club x Bot Ocean

⚠️Click to see the hour
⚠️Total Reward pool: $2000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Bot Ocean Telegram group

We will have the following structure:

Part 1: 300$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 12 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 300$/15 users – Open chat for 100 seconds. You can post Max 3 questions. Bot Ocean Team will select 15 questions and answer them.

Part 3: 1400$ – A quiz about Bot Ocean

For more details:
Bot Ocean – @botocean
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

At this time we would like to tell you about the crypto project Sögur Currency. The AMA took place on 2 November.

Our guests were: @idnisa, @Keorian, @Rsrs99, @Obeeones .

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Mary | Satoshi Club:
Hello, Satoshi Club! We are happy to announce our AMA session with Sögur! @idnisa @Keorian @Rsrs99 @Obeeones welcome to Satoshi Club😀

Keren Orian Nadel:
Hey 😊

Yair Hada:
Hey everyone, great to be here 🙂

Ron:
Hey All, Pleasure to be here.

Ido:
Hello Luis and the Satoshi club community, Great pleasure to be here! thank you for having us

Luis Merino 🇪🇸 | Satoshi Club:
Nice to e-meet you :))

Mary | Satoshi Club:
Happy to have you here😀

Luis Merino 🇪🇸 | Satoshi Club
Feel like at home ☺️ Seems Sögur has a huge team… :))

Ido, [02.11.20 15:01]
Thank you. I have a 5 years old who constantly asks hard questions – so I’m used to it 😁

Luis Merino 🇪🇸 | Satoshi Club
Can you please guys introduce yourself and tell us your role in Sögur?

Keren Orian Nadel
Hi, My name is Keren, and I’m Sögur, Managing Director. I have over 15 years’ worth of experience in strategy, product, marketing, operations, and P&L management. I’ve held global senior management positions in both corporate environments as well as startups. I hold a BA in Political Science and an MA in Public Policy.

Luis Merino 🇪🇸 | Satoshi Club:

Political Science, so great! Thank you guys for your introductions. Sögur has indeed a huge and experienced team. I’m sure you’ll have great answers to our community questions

Yair Hadar
I am Yair, Sögur’s Marketing Manager

Ido
My name is Ido Sadeh Man, I’m the founder and chairman of Sogur. I’ve spent the last decade leading product and technology organizations, including Odysii (sold to Gilbarco Veeder-Root, NYSE: FTV), and at Mobli where he was COO.

Ron:
My name is Ron Sabo and I am Sögur’s, Chief Scientist. My background is in Physics and I have PhD in experimental Quantum Mechanics. After a few years in the algo-trading market and I have joined Sögur three years ago.

Mary | Satoshi Club:
You all have amazing background guys👍

Keren Orian Nadel:
We’ll do our best

Luis Merino 🇪🇸 | Satoshi Club:
Btw, what’s Sögur?

Ido:
We will surely do our best 😃

Luis Merino 🇪🇸 | Satoshi Club:
(A brief explanation)

Ido:
Sogur is the plural of Saga in Norse. It is the name of the nordic mythologies – the foundational ethos of the Norse culture.

Luis Merino 🇪🇸 | Satoshi Club:
Sounds great 👏

Mary | Satoshi Club:
Nice name, as I know, you rebranded from Saga, right?)

Ido:
As we see in Cryptocurrencies an evolution of money and economy, rather than a revolution, we believe this name reflects our perspective.

Ido:
Right. We were Saga and because of trademark issues had to rebrand – so we moved from the singular to the plural 🙂

Luis Merino 🇪🇸 | Satoshi Club:
Great idea 🙂

Mary | Satoshi Club:
I see👍 I like your name)

Luis Merino 🇪🇸 | Satoshi Club:
Are you ready to start with part 1? 😉

Ido:
We were born ready. bring it on 😊

Mary | Satoshi Club:
Q1 from Telegram Username @Rebel99

Your Whitepaper says that $SGR is backed by a variable reserve similar to the IMF’s SDR. Can you explain what this means and how it works?

Ido:
The vision of Saga is to offer a Global complementary currency. one that can serve as a store of value and medium of exchange. To do so it was important to us to create a volatility taming mechanism – a stabilization mechanism. But not less important – we did not want to rely on a single currency to implement this mechanism. we don’t want SGR to be influenced by any single nation’s fiscal and monetary agenda And so we chose the SDR.

Ron:
SDR is a basket of the 5 most traded fiat currencies used by central banks to hedge against single currency volatility. It includes USD, Euro, CNY, JPY, and GBP.

Luis Merino 🇪🇸 | Satoshi Club:
Thanks! Great graph.

Mary | Satoshi Club:
One of the main advantages of Sögur is that its reserves are stored in the SDR, a basket of currencies created by the IMF. The financial crisis of 2008-2009 and the current “coronavirus” economic crisis forced many experts to focus on the shortcomings of the Jamaican system and think about possible ways to reform it. .Do they have promising ideas for the future?

Ido:
It was issued in 1969 by the IMF, as an instrument for central banks to hold their reserves

Mary | Satoshi Club:
Yes, you are right)

Ido:
just a week ago, the IMF has published an extraordinary document, preaching a new ‘Bretton Woods’ of sorts, with the SDR as its basis.

https://www.imf.org/external/pubs/ft/fandd/2019/12/future-of-the-IMF-special-drawing-right-SDR-Ocampo.htm

Luis Merino 🇪🇸 | Satoshi Club:
I’ll check it as soon as the AMA finishes ☺️

Ido, [02.11.20 15:14]
I think it is becoming clearer, with the instabilities of the international market, quantitative easing (printers going Brr) that diversification of the reserve currency of the world is becoming ever more important.

Mary | Satoshi Club:
Haven’t seen this doc, definitely need to read this. Could you tell us in some words about it?

Keren Orian Nadel:

https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment

Ido:
We have built Saga in 2017 on that basis. Done

Mary | Satoshi Club: And yes, we really need diversification, you are right 😀

Ido:
It is a continuation of the effort to create a synthetic reserve currency, taking into consideration real-trade volume, and not being prone to single state influence.

Luis Merino 🇪🇸 | Satoshi Club:
And that’s where more payment methods appear, such as crypto 😆

Ido:
indeed, and I believe we are seeing just the beginning of this volatility in the FX rate S

Luis Merino 🇪🇸 | Satoshi Club:
Same thoughts here

Mary | Satoshi Club:
Thank you, we got a lot of food for our brains.

Luis Merino 🇪🇸 | Satoshi Club:
Many guests, many answers, many info 😆🤪 Anything to add? Or can we move to Q2?😀

Mary | Satoshi Club:
Q2 from Telegram Username @justgata

Sögur is characterized by working under non-profit principles, so in what way does the project generate and obtain economic benefits if all its income is used in its entirety to promote its objective? Do they own shares and how can you become part of the shareholders of the company?

When we founded Sögur (then Saga) it was apparent that in order to design and carry out a successful project we need to raise money and find a way to remunerate investors and stakeholders.

Ron:
However, it was also clear that this remuneration cannot be giving investors control over the company – as from the start, our vision was those currency holders should be the owners of the project.

To this end, we developed SGN. SGN is a token held by Sogur’s stakeholders – Investors such as Lightspeed, Mangrove, Vertex, and others, the team, advisors – etc.

SGN can be converted to SGR through the smart contract.

BUT: It converts into a variable ratio that depends solely on the market cap of SGR.

Luis Merino 🇪🇸 | Satoshi Club:
Btw, when did your rebrand occur?

Ron:
Currently, if SGN is sent to the contract, the sender will receive back 0 SGR. Only when the economy grows, then does SGN earn value, gradually, slowly.

Ido:
The rebrand took place this year, on October 8th, following a vote by all Saga holders to approve

Ron:
More details on SGN, including the full conversion model, can be viewed in our monetary model document – https://www.sogur.com/static/files/p/–4276ce95-657d-4e14-ae43-a4da72289291_Sogur%2BMonetary%2BModel.pdf

We are very proud of the checks and balances that SGN introduced in order to assure a fair launch.

Luis Merino 🇪🇸 | Satoshi Club:
Okay, thanks for the clarification

Mary | Satoshi Club:
Oh, got it. That’s the questions I wanted to ask you)

Ido:
So SGN remunerates Stakeholders. but that’s it. they do not control the project, and cannot draw dividends from it

More than that – the interests that the reserve is accumulating stays in reserve – translated into a price appreciation of SGR for its holders

I believe we have answered this one?

Luis Merino 🇪🇸 | Satoshi Club:
No questions for me

Mary | Satoshi Club:
My question was answered)

Luis Merino 🇪🇸 | Satoshi Club:
Let’s go with Q3 then

Ido:
Sure

Mary | Satoshi Club:
Q3 from Telegram Username @Jmagsss

Sogur’s main objective is to create a true global currency that no single entity has jurisdiction over it, meaning it’s decentralized, however, this concept may actually have a little centralized factor/aspect on it, how would Sogur ensure that the product you are serving is completely decentralized?

Ido:
I don’t think it will ever be fully decentralized. for 2 main reasons:

1. we are yet to find banks and institutions willing to open a reserve account in the name of a smart contract.

2. Full decentralization is denying the ability to utilize the expertise and urgent action.

Mary | Satoshi Club:
But did you find some?

Ido:
We have therefore chosen to decentralize whatever can be decentralized – Mainly – the control of supply of money. we cannot issue SGR. the only way to issue SDR is to send ETH to the smart contract

Luis Merino 🇪🇸 | Satoshi Club:
Hope you achieve that soon, a great milestone.

Ido:
Whatever we cannot decentralize we open for voting – so that the holders of SGR are the one determining the fate of the project

Mary | Satoshi Club:
Yes, I saw, some votings already ended)

Ido:
no, I think it will take time – this is why they have opened an account for the Sogur company instead.

Luis Merino 🇪🇸 | Satoshi Club:
Great

Ron:
This is all part of our governance model.

As part of the governance model, holders elect the Executive Council, the top management function responsible for promoting the currency’s success and for overseeing its functioning 24/7.

Luis Merino 🇪🇸 | Satoshi Club:
Governance is the way!

Ron:
In addition, holders also have on-chain veto power for any changes to the monetary model and hold other direct powers.

Luis Merino 🇪🇸 | Satoshi Club:
Not easy to change bankers’ minds… 😅

Ido;
We believe so too – therefore, SGR is not just a currency – it is a governance token as well.

Ron:
The governance model is implemented in a series of intermediary steps. Currently, we are in Phase 2 which includes the formation of the holders’ Assembly together with a dedicated voting system. The Assembly is responsible for electing, dismissing, and overseeing the Executive Council, as well as for aspects of reserve and liquidity management.

For more information see   https://www.sogur.com/governance

Mary | Satoshi Club:
Thank you for your answers 👍

Ido:
Just to conclude with an example: a week from now, the holders of SGR would have the ability to dissolve the board and management of the company and elect a new board

Mary | Satoshi Club:
It’s a big power for your holders👍

Ido:
literally, send me home 😢. and I’m very proud of it. If a currency is to be legitimate, it has to be accountable to the holders and not to whoever founded or invested in the early stage of the project.

Ido:
I hope to gain the holder’s confidence though 🙂

Mary | Satoshi Club:
I think with this mechanism it’s definitely possible 👍

Luis Merino 🇪🇸 | Satoshi Club:
You will! ☺️                                                                                                                                                                      

Mary | Satoshi Club:
Thank you for your answers 👍

Ido:
As it should – after all, it is the holder’s trust that gives value to currency, it is their money in reserve – the power should be theirs.

It is a pleasure to answer such in-depth questions.

Mary | Satoshi Club:
We have some more in this part 😉

Mary | Satoshi Club:
Ready?

Ido:
Sure

Luis Merino 🇪🇸 | Satoshi Club:
That’s the point. I think governance is extremely important for Sögur, allowing users to take important decisions

Mary | Satoshi Club:
Q4 from Telegram Username @Winterkom

Are there internal and external audits of the fiat money behind Sogur? Is it possible to access this information to generate confidence in the users?

Ron:
The banks that are holding the reserve are providing daily attestation of its size – allowing you to verify instead of trusting.

Ido:
There is a daily (business days) internal audit and an annual external audit.

However that’s not enough – Every business day, the banks that are holding Sogur’s reserve are publishing a Net-Asset-Value attestation – declaring how much money they hold on behalf of the reserve

These attestations are accessible on the Sogur web site – every business day.

Luis Merino 🇪🇸 | Satoshi Club:
Can you please share that link with us?

Ido:
This is the link above that @ObeeOnes shared

Keren will now share a deeper dive into the reserve management procedures.

This is to avoid anyone having to trust us in this regard

Yair Hadar:
Daily attestations of the reserve can be found here: https://www.sogur.com/performance/

Luis Merino 🇪🇸 | Satoshi Club:
Thank you!!

Keren Orian Nadel:
https://www.sogur.com/blog/blogPost/Xe84wBIAAB8AaStp/

Ido:
CNY holding is not offered by most banks, unfortunately.

Mary | Satoshi Club:
Got it😀

Ido:
we are now in the process of adding a bank that supports CNY

Luis Merino 🇪🇸 | Satoshi Club:
Hope you find one soon

Ido:
Meanwhile, we are covering by other currencies – and are supporting the spread risks with operational funds.

Mary | Satoshi Club:
Yes, risks are high now) sure, you will find a way)

Ido:
When the reserve grows, if we are still unable to hold CNY (or maybe the Chinese CDBC) – we will cover this portion of the SDR with Derivatives.

We refrain from using them now as they are expensive, but are ready to at any given time – if the risk becomes too high.

Mary | Satoshi Club:
Will it bring any changes to your mechanism? I haven’t seen Derivatives mentioned in your WP, but maybe I missed this part

Ido:
It will have to be voted upon by the holders. You are right. no derivatives in the WP and in the monetary model. because we want the reserve to be plane vanilla currencies. but, if we don’t find a way of actually holding CNY (which is unlikely) – we will have to settle by the near-best.

Mary | Satoshi Club:
Oh, understand, thanks👍

Ido:
I don’t think that in view of the political and monetary tensions between China and the US, we can afford not to maintain the SDR exposure to CNY

Mary | Satoshi Club:
I thought about this and I see that you also)))

Ido:
I believe we will probably be smarter tonight? or maybe not even 😅 tomorrow night rather

Mary | Satoshi Club:
I don’t know😂 let’s wait for the results)))

Thank you for clearing this question, can we proceed with the next?)

Keren Orian Nade:
Yep

Mary | Satoshi Club:
Q5 from Telegram Username @Manugotsuka

The Sögur cryptocurrency is a Stable growing currency, but isn’t a STABLECOIN right?, so considering the huge amount of confused persons, can you explain what are the differences between a stable growing coin and a Stablecoin?

Luis Merino 🇪🇸 | Satoshi Club:
Great question 🙂

Ido:
Indeed – Sogur only starts as a stable coin on the SDR, but implements a bonding curve – which means it deviates from being a stable curve – ACCORDING TO THE MARKET DECISION – The value of SGR is a function of the size of its economy.

Ron:
SGR can be described as a hybrid stablecoin and commodity, where all stakeholders can participate in its decentralized banking governance.

SGR is based on a bonding Curve – which means that the price of the token is algorithmically determined as a function of the size of the SGR economy and Community. It is therefore more predictable.

The supply of SGR is determined only by the market – when one sends ETH to the smart contract to buy SGR – SGR is created.

When one sends SGR back to the contract it is immediately burnt by the contract.

When the number of SGR is small, it is fully backed by collateral. As this number increases, reflecting the increase in Sogur’s economy – Some volatility is introduced, gradually.

Which means that:
When the economy grows the price of SGR increases and the collateral ratio goes down.
When the economy shrinks – the price decreases and the collateral level goes up again.

Keren Orian Nadel:
attaching 2 blogs that we’ve written to answer this specific question

https://www.sogur.com/blog/blogPost/XqFYhBEAACAAojhU/

Keren Orian Nadel, [02.11.20 15:52]
https://www.sogur.com/blog/blogPost/XnIuWhEAACAAiKlg/

Mary | Satoshi Club:
Does that person, who sends ETH has to pass KYC and AML procedure?

Ido:
This obviously goes both ways – should the economy shrink (more holders selling to the contract than buying) – the price of SGR will go back down until it meets back the price of 1SGR=1SDR

To interact directly with the contract – buy and sell directly from and to the smart contract – Yes, KYC is required. However:

Luis Merino 🇪🇸 | Satoshi Club:
I think this article gives a clear answer to the question

Ido:
SGR is listed on Bithumb, Liquid, Exmo, EtoroX – where only the exchange regular KYC is needed and recently a pair was created with DAI on Uniswap.

Luis Merino 🇪🇸 | Satoshi Club:
Are you planning to list in more exchanges?

Mary | Satoshi Club:
As I saw your mechanism provides such a scheme – the higher price – the fewer reserves you have, right?

Ido:
Not exactly – the reserve value in absolute always grows. the % of the SGR price covered by reserve decreases.

Mary | Satoshi Club:
Got it)

Ido:
Of course. 3 more are in the pipes for the very near future.

Luis Merino 🇪🇸 | Satoshi Club:
Can you reveal one of them? 🤭

Mary | Satoshi Club:
Can you give us a hint?)

Luis Merino 🇪🇸 | Satoshi Club:
Or maybe give some clues

Ido:
Not yet I’m afraid 🙈

Luis Merino 🇪🇸 | Satoshi Club:
Come on! You still have till the AMA ends to give us some hints. Maybe you can change your mind haha

Ido:
A strong Asia focus is all I can say.

Mary | Satoshi Club:
It’s some kind of a hint 😜

Thank you) and the last question from this part?)

Ido:
You might very well think that I couldn’t possibly comment

Luis Merino 🇪🇸 | Satoshi Club:
Let’s go with Q6 Ready for the last one?

Shoot it @madamlobster

Mary | Satoshi Club:
Q6 from Telegram user @nagy_szabo
The token is backed by 5 international fiat currencies. Have you done this to make a stable price? Why have you chosen centralized currencies for the decentralized world?

Ido:
We departed from the principle that currency is a quantifier of trust.

And therefore, we have chosen to anchor to whatever it that the world CURRENTLY trusts while implementing a protocol to migrate that trust over the growth of the currency – this is exactly what the Bonding Curve is about.

Mary | Satoshi Club:
Btw, have you ever think about, gold, for example?

Ido:
Not really. when one wants to stabilize, the essential question is against what?

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

In this part, we open a chat for the crypto community for 80 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts have earned cryptocurrency.

Q-1 from telegram user @HeRmAwAnTrAdEr

Can you list any unique that Sogur has that your competitors don’t have? give the reasons why we have to choose your project and what are the benefits for us?

Ido:
Thanks for this question. SGR is a hybrid between a stablecoin and a free float currency. we believe this is a unique offering:

What are SGR’s unique features?
A bonding curve protocol exposes SGR holders to carefully modelled volatility – using stabilisation mechanisms to temper risk in fast-changing and unpredictable market conditions while creating an opportunity for sustainable intrinsic value growth.

A model where early adoption is incentivized as the ecosystem grows, thanks to the bonding curve model.

Ido:
SGR is backed by a reserve configured to match the IMF’s basket of currencies. Funds are kept in a variable reserve composed of world-leading fiat currencies held in reputable banks. The reserve ensures the contract will always able to redeem SGR by drawing funds from the reserve.

A democratic governance model built on the premise that the SGR project belongs to the currency holders, allowing holders to vote and partake in decision making as well as elect the leadership of Sögur.

A team of experienced entrepreneurs, financial professionals, technology experts, economists, and academic researchers, all working towards delivering a truly democratic, global, digital currency.

Q-2 from telegram user @Bethel8

Does holding SGN gives me power in your ecosystem?

Ido:
SGR is the Currency. SGN is the token that was issued for the early stakeholders and is not traded. So, unless you are one of the VCs who contributed funds for the implementation of Sogur, or bought SGN from one of them, you are not likely to hold SGN 🙂

Q-3 from telegram user @zaferce

How does Sögur apply the binding curve model and what role does this model play in determining the risk-reward ratio to achieve independent value growth?

Ido:
The price of SGR is determined by a bonding curve protocol:
The initial and current price is 1 SDR (currently 1.41)
If the economy grows – more buyers than sellers – the price set by the contract increases slowly.
If the economy shrinks – more sellers than buyers – the price will decrease up to a minimum price of 1 SDR. Having said that, indeed, SGN has a voting power equal to SGR – for voting purposes, 1SGN=1SGR, this again to ensure, that early backers and stakeholders do not control the economy.

Q-4 from telegram user @CElllIFE

Could the Sögur team help create a digital currency for the national bank?

Ido:

In the past 3 years, we have been in discussions with many central banks as well as global organizations such as the BIS and the IMF. Being that we are open source, our IP is ready for them to use. some of them are showing a growing interest. Sogur’s framework could also be utilized by regions wanting to create a regional trading currency, based on a basket of currencies from the region’s states. such a regional currency is discussed in many areas of the world: by states in Africa, the Middle East, and South-East Asia, and Sogur would be very happy to contribute its knowledge and FW to such endeavors.

Q-5 from telegram user @Alika061

Does #Sogur have any Points that can attract investors to join #Sogur? and where can we buy the $SGR token?

Ido:

SGR can be bought in the following ways:

1. directly from the Smart Contract.

2. Through Credit card via Simplex

3. Through wire transfers via our partners

4. In the following exchanges: Bithumb, Liquid, Exmo, EtoroX.

5. Via Celsius – where up to 15%APY can be earned.

6. Through Uniswap

As to the points regarding why to buy SGR now:  SGR is currently at the base of the bonding curve – which means it is 100% backed by the basket. whoever buys SGR now is fully downside protected, but can enjoy the appreciation followed by the growth in market cap.

The bonding curve model is an inherent incentive for early adopters.

Q-6 from telegram user @ngoccam

I received an announcement for swapping from SGA to SGR token, so why do we need to swap, is there any problem with the old SGA token?

Ido:

Swapping SGA tokens to SGR tokens is part of the rebranding process we’ve gone through from Saga to Sögur, nothing wrong with their tokens, they can be swapped 1:1 easily:

https://www.sogur.com/blog/blogPost/X1dTZBEAACMAW7PV/

Q-7 from telegram user @rockmorti

Democracy is considered by some to be the art of oppressing minorities. How does Sogur consider these aspects in its governance model to offer something fairer?

Ido:

I believe that this will answer you’re great question. We’ve put a lot of thought into this mechanism. https://www.sogur.com/blog/blogPost/XRs7BBEAACIAzbB6/ we call it Democonomy

Q-8 from telegram user @Juanquic

Why did you decide to abide by applicable UK laws and regulations? How do you carry out your fight against terrorist financing and money laundering?

Ido:

We chose to abide by a reputable jurisdiction such as the UK for several reasons:

1. The regulation is strict enough to keep our holders protected but forthcoming enough for the crypto project to operate with relative clarity.

2. It allows us to work with reputable banks.

3. As we are witnessing in the past months, more ‘traditional’ actors are entering the crypto playground. from institutional to payment networks. Being incorporated in the UK, adheres to the regulatory frameworks of such institutions.

As to Anti Money Laundering. Even before The 5th European AML directive, applying AML regulation to crypto projects in the EU and the UK, Sogur implemented its own AML policy – executed when onboarded on Sogur.com.

We did not have to change this policy when the AML regulation was introduced – we were already in full compliance with it.

Q-9 from telegram user @jpsarmah

Sogur has many contributors like Lightspeed, Vertex Ventures, Lool Ventures, etc. How have these contributors helped you and why did they trust you?

Ido: 

I love this question. Actually, lool answered this question, so I think their words will answer that perfectly https://medium.com/looltalk/saga-why-we-invested-1baa6e70c28c (Sogur, previously known as Saga)

I think that the fact that Sogur was though first, was in the works for 3 years, diligently crafting the model before addressing the public, was a great source of comfort to such investors.

Also, the fact that we were not afraid to declare what we DON’T KNOW – Which lead us to form an advisory of global leading economists such as Prof. Frenkel (ex. Governor of the bank of Israel and Chairman of JPM international) and Noble Winning Prof. Scholes.

Those great minds had only one task – to attack the monetary model and have us respond by fixing it.

I believe this was another source of comfort.

Lastly. We take our time. we prefer a slower, but more sustainable growth. we balance stability and volatility. We are here for the long run.

Q-10 from telegram user @wonderkit

What benefits do you get as an SGR holder?

Ido:

Sögur is designed to be a more mature global crypto token. It was developed by a multidisciplinary team together with a formidable group of world-class advisors. It balances stability with volatility It implements blockchain reliability were most effective It offers true global hedging It has a transparent and smart reassuring reserve It is owned by holders and managed by professionals It is built to incentivize early adoption.

After AMA session

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Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300 $ in crypto-currency was distributed between the crypto-quiz winners.

For more details:

English Telegram group: 

Russian Telegram group: 

Spanish Telegram group: 

Telegram Channel: 

Website: 

Twitter: 

Our Crypto Partner by this AMA:

Sögur Currency 

Telegram Sögur

Twitter official Sögur Currency

We are pleased to announce our next AMA on November 9th 2020 at 04:00 PM UTC Time: Satoshi Club x Sifchain

⚠️Click to see the hour
⚠️Total Reward pool: $800

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Sifchain 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. Sifchain Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about Sifchain

For more details:
Sifchain – @sifchain
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish