{"id":1436,"date":"2020-08-18T18:50:48","date_gmt":"2020-08-18T15:50:48","guid":{"rendered":"https:\/\/esatoshi.club\/?p=1436"},"modified":"2020-08-18T18:50:52","modified_gmt":"2020-08-18T15:50:52","slug":"bartertrade-x-satoshi-club-ama-recap-from-16th-of-august","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/08\/18\/bartertrade-x-satoshi-club-ama-recap-from-16th-of-august\/","title":{"rendered":"BarterTrade x Satoshi Club AMA Recap from 16th of August"},"content":{"rendered":"\n

Today we would like to tell you about the AMA session with our friends from Barter Trade<\/a>. The AMA took place on August 16 and our guests were Anurag Yadav<\/a> ( CEO at Barter ) and Manmeet<\/a> (Operations).<\/p>\n\n\n\n

The total reward pool was $750 and it was splitted into three parts.<\/p>\n\n\n\n

In this AMA Recap we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY\nQUESTIONS<\/strong><\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: Hello, dear community! Our guests\ntoday are from @BarterTradeofficial<\/a>. They had a very successful public\nsale on 14th of August. Congratulations. I was lucky to be able to participate.\n\ud83d\ude42<\/p>\n\n\n\n

Irina K.| @Satoshi_Club: <\/strong>Congrats guys and thanks for joining us today.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: @Yaanurag<\/a>, @garlamw<\/a>, @manmeetBT<\/a> Welcome!<\/p>\n\n\n\n

Manmeet:<\/strong> Hey @sspurss<\/a> thanks for having us. Yes, sale was\na great success and it was sold out under 30 seconds. Here are some stats from\nthe sale. We reverted back 38000 ETH ($16.7m).<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Serg | Satoshi Club<\/strong>: Wow. I didn’t see this numbers\nsince the ICO era. 😁<\/p>\n\n\n\n

Manmeet: <\/strong>Although it matters very little to us\nbut BART is listed on uniswap and is trading at 4x the public sale price and 6x\nthe pre-sale price. I can put in the link to uniswap if you would like.<\/p>\n\n\n\n

Irina K.| @Satoshi_Club: <\/strong>How are you feeling? Is the party scheduled? 😊<\/p>\n\n\n\n

Manmeet: <\/strong>Hah, fundraise is for the development\nof our project and further expansion but yea of course we will raise a toast\nfor the success of this stage.<\/p>\n\n\n\n

Anurag Yadav:<\/strong> Thanks Serg for having us here\ntoday. And, thanks for the kind words about the project. Yes, things have been\nsuccessful. But, the real job awaits now. The job of going about delivering on\nall the promises we made.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: I am really for happy for this\nsuccess. Could you briefly introduce yourself?<\/p>\n\n\n\n

Anurag Yadav: <\/strong>Sure. I’m the CEO at Barter. Been in the Crypto business for now nearly 5 years. Started a niche custom technology solutions development firm (www.primafelicitas.com<\/a>) in 2013, with offices in San Francisco, London & Delhi. In 2016 we pivoted to Blockchain development and since 2018 being building products at the intersection of Blockchain, AI & IoT. Barter was conceptualized & incubated at PrimaFelicitas coming out of our frustrations with using existing Crypto Exchanges. The idea was to build a product that’s seamless & frictionless for the community.<\/p>\n\n\n\n

Q1 from Telegram User @reidman_rosa<\/strong><\/p>\n\n\n\n

There are lots and lots of exchanges.\nIt is hard to find something new. Most of the things or strategies are copied\nfrom other projects. What is your new input? how would you attract users to use\nyour platform? Because many are already happy with the exchanges they have.<\/em><\/p>\n\n\n\n

Manmeet: <\/strong>Yes, you are correct. Coming to the\nfirst part of your question: If you go deep inside the exchange market and try\nto understand it, you will know the bulk of the market is an empty shell. At\nLeast 90% of the platforms are boxes filled with fake volumes, 0 liquidity, and\nNo real products. The market is dominated by clones\/ replicas of one another.\nMost of the exchanges don\u2019t even have basic order types such as stop-loss let\nalone any real product. Leaving only a handful of exchanges that are real in\nterms of the user base, liquidity, and volumes but still some of them lack\nactual products that benefit users. <\/p>\n\n\n\n

Check out\nthis recent expose of a Top 50 exchange by our team member and Coinmarket cap\nappreciated it and promised to take action: https:\/\/twitter.com\/ManmeetBRT\/status\/1275858676671078401?s=20<\/a> …Space is filled with such\nprojects. This is the situation in the top 50 exchanges, imagine what else lies\nbelow and beyond.<\/p>\n\n\n\n

As for the\nsecond part of your question: We have been working on this for the past 18\nmonths. Completely self-funded.  We could\nhave done an ICO in late 2017 or early 2018 but we didn’t because we faced and\nsuffered on the hands of many projects that scammed people and disappeared into\nthin air with millions of $$$. We started this project in mid-2018 with an aim\nand vision that we will develop our project on our own money and then go into\nthe market with a product that is not just a paper. Once achieved, then go for\nfundraising in order to expand, improve, and innovate the project further. Some\npeople might say that why risk so much without any surety. Well, that\u2019s that,\nthere is no real answer to it but hey, we have reached our soft cap within the\n5 days of the sale. We are not selling a paper during the IEO but instead, we\nhave a product. We call it an MVP but it is a full product for many exchanges.\nA launch ready Spot trading platform with some of the unique Order types. Since\nwe have a lot of features in the pipeline, therefore, we call it an MVP. Since\nwe all (team members) are traders as well as early adopters and had the\nexperience of trading on a number of exchanges. We always felt that there is a\nlot more to exchange and no one really concentrated on providing services to\nthe users that users want.<\/p>\n\n\n\n

Our aim from\nthe start was to build products and features that help users and make trading\neasy. The first introduction to this was the build of the PIE order type. Then\nwe wrote down the idea of Social trading, then algo trading further we worked\non Battlegrounds, P2P lending, Marketplace, SAF (tokenized fund), EazyPay, and\nmuch more.<\/p>\n\n\n\n

We pride\nourselves in saying that we are an exchange that empowers users. We are not\njust another exchange but much more, a complete ecosystem of real trading\nproducts for traders. An Easy, Smart, Social, and Gamified way to trade\ncryptocurrencies.<\/p>\n\n\n\n

Anurag Yadav: <\/strong>Also, to add to this, we are strongly\ndriven by a very transparent platform with a real focus on solving the pain\npoints in a very empathetic way. This is as I stated coming from our personal\nexperiences and also because several of my team has been Traders for a long time\nboth in Crypto & Traditional Markets.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: since many members of this group\nare traders, I think it will be interesting for us to try it. Are there any\nrestrictions btw? for some countries?<\/p>\n\n\n\n

Anurag Yadav: <\/strong>The way we envisioned was that amateur\/first-timer\nto professional traders all should like the trading experience. I would love to\nhear the feedback of the trader community here. \ud83d\ude42<\/p>\n\n\n\n

Manmeet: <\/strong>US citizens will not be allowed for\nstarters. We will have a separate license and platform for them.<\/p>\n\n\n\n

Q2 from Bitcointalk User nyosant<\/strong><\/p>\n\n\n\n

Barter Trade’s PIE orders go one step\nbeyond OCO orders and allow to place a buy and sell order at the same time, but\nhow is that even possible? I mean, how can you place an order to sell tokens\nthat you haven’t bought yet?<\/em><\/p>\n\n\n\n

Anurag Yadav: <\/strong>Thanks for asking this question. I\nreally love to reply to this all the time. My fav! <\/p>\n\n\n\n

Owing to\ntime constraints, today\u2019s traders are unable to conduct intensive market\nanalysis. Whether it is executing a buy order at a bottomish price or a sell\norder at an expected top, traders often suffer losses and miss out on making\npotentially profitable trades due to high volatility in the crypto markets.\nBarter Trade PIE is an advanced market order for cryptocurrency traders which\nprovides a solution for various unavoidable situations. The PIE algorithm\nallows users to place sell orders for their pending buy orders along with an\noption to put a stop loss to your buy, whilst the stop loss provides you with\nan option to either limit stop loss or trail your stop loss. Traditionally it\nis impossible to place the sell order unless your buy order has been executed\nbecause the most the market provides you is an OCO, which is\none-cancels-the-other allowing users with the option to place 2 orders at the\nsame time and not more but, the PIE algorithm solves this problem, by allowing\nusers to place simultaneous buy, sell and stop-loss orders for a particular\ntrade in a single go.<\/p>\n\n\n\n

Manmeet can\nyou please add the screenshot from the application to show this?<\/p>\n\n\n\n

Manmeet: <\/strong>This screenshot is from the first\nversion, the latest will have a lot of changes. As you can see in the image. it\nallows you place a buy order, than a stoploss to it (option to trail as well)\nand sell order for that as well. It works like an also.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Serg | Satoshi Club<\/strong>: That’s great. Is there smth similar\nin the market or you are the first ones?<\/p>\n\n\n\n

Manmeet: <\/strong>We havent seen this order type in any\nof the exchanges.<\/p>\n\n\n\n

Anurag Yadav: <\/strong>To the best of my knowledge, we are\nthe first ones. I haven’t seen anything similar so far.<\/p>\n\n\n\n

Manmeet: <\/strong>Having a stoploss on most exchanges\nis a privilege in itself.<\/p>\n\n\n\n

Irina K.| @Satoshi_Club: <\/strong>Where did you get the idea? Can you share this\nstory?<\/p>\n\n\n\n

Manmeet: <\/strong>To be honest, it was just a random\nthought during the early 2018 days when the markets were too volatile and we\nhad to sit in front of the screen all night because markets used to pump and\ndump like crazy. This helps avoid sleepless nights as you can set your orders\nin advance.<\/p>\n\n\n\n

Irina K.| @Satoshi_Club: <\/strong>You’ll sleep much better now and your users as\nwell. 😊<\/p>\n\n\n\n

Manmeet: <\/strong>Hopefully, BTW this is a working\nproduct and not just a screenshot. Scheduled to go live in September.<\/strong><\/p>\n\n\n\n

Q3 from Bitcointalk User k.muller<\/strong><\/p>\n\n\n\n

30% of the tokens are reserved for\nthe company and 12% for the team. This is a big amount. Tell us what do you\nplan to do with them once they are released? Do you plan to sell, hodl, invest?<\/em><\/p>\n\n\n\n

Manmeet: <\/strong>These tokens are meant to use for the\nproject development, team salaries and over all expansion of the company when\nwe run out of funds in a worst case scenario. As you can see in the attached\nscreenshot, the tokens have a 5 year vesting period for Project and 4 year\nvesting period for the team. <\/p>\n\n\n\n

If the\nbusiness flourishes (which it will) and there are no funds required from the\ncompany reserve than these tokens can be locked back after the unlock as this\nfunction is built into our contract.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Irina K.| @Satoshi_Club: <\/strong>Hopefully you won’t need it.Do you guys want to add something to\nthis answer or can we proceed to Q4?<\/p>\n\n\n\n

Anurag Yadav: <\/strong>Well, as you see from the long\nvesting period for the team that we are fully focused and committed to this\nlong-term…and without sounding boastful, we do aim to be one of the top –\nclean, transparent, ethical & community-focused exchange (we call ourselves\nPeople First Exchange).<\/p>\n\n\n\n

Irina K.| @Satoshi_Club:<\/strong> I think crypto space is in great need of this\nkind of projects. Kudos guys.<\/p>\n\n\n\n

Q4 from Telegram User @aminapeter8<\/strong><\/p>\n\n\n\n

One of the feature of Barter trade\nexchange is eazypay which allows traders to share economy\/ transact without\ninvolving third-party. My question is that how will barter trade solve the\ncases where disputes between buyers and sellers arise?<\/em><\/p>\n\n\n\n

Manmeet: <\/strong>It is fairly simple and tried and\ntested method. Advanced Escrow system and on top of that a 24\/7 support for\nfast resolutions.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: So, you will have support which\nwill available instantly to solve this.<\/p>\n\n\n\n

Manmeet: <\/strong>Have you used local bitcoins? The\nprocess will be a lot similar to most extent. More features, better support,\nsmoother experience and support for a number of altcoins.<\/p>\n\n\n\n

Anurag Yadav: <\/strong>Yes, we will have a 24\/7 customer\nsupport team. Multilingual….Of course, this Multilingual aspect will be\nintroduced as our community grows into various languages.<\/p>\n\n\n\n

Manmeet: <\/strong>Major difference will be that people\nwho buy sell fiat on Eazypay will have the option to either withdraw that fiat\nto their bank account or trade it on our Fiat pairs.<\/p>\n\n\n\n

Q5 from Telegram User @nata_jakarta<\/strong><\/p>\n\n\n\n

I am so mad because I missed the sale\non 14th… and now the price is skyrocketing… Will I have any opportunity to\nparticipate in a sale you will be offering?<\/em><\/p>\n\n\n\n

Anurag Yadav: <\/strong>I’m sorry to hear that you missed out\non the opportunity to buy during the Public Sale. Actually, the Pre-Sale was\ncompleted in less than 90 min, the Public-Sale is less than 30 sec. Yesterday\nthe price was close to 5.5X and today it is well above 4X. So, at this point,\nmy suggestion would be to buy it in the open market. <\/p>\n\n\n\n

I do want to\nadd, we love community members like you who support the project and keep\ntracking things. All the best with the purchase.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: Do you plan to attract strategic\ninvestors in the future? do you have some tokens allocated for them?<\/p>\n\n\n\n

Anurag Yadav: <\/strong>As you might have heard us say that\nwe self-funded the entire project for the past 18 months (since inception) and\ndidn’t fall for the lure of IEOs etc. We were heads down focused on building\nthe tech – a solid product to show to the community and not just a project on\npaper. So, we basically bypassed the Strategic investment stage through our own\nfunds. With the current round of sales, we are good to run the company and meet\nour expenses going forward – as per the plan. Any new funds injection would be\nmostly through VC route.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: So, everyone who wants to invest\nshould buy in the free market now. \ud83d\ude42<\/p>\n\n\n\n

Q6 from Telegram User @Aleurich<\/strong><\/p>\n\n\n\n

How is the deflationary mechanism of\n$BART? Are there any benefits for long-term holders?<\/em><\/p>\n\n\n\n

Anurag Yadav: <\/strong>For this, we have a re-purchasing\nplan. Every quarter, at least 15% of profits will be used to buy back BART and\nburn them until 50% of all BART have been repurchased and destroyed so that\nonly 120m BART remains after this exercise. All buy-back transactions will be\nannounced to the community prior to occurrence. Users will be able to review\nthe buy-back via Blockchain explorer.<\/p>\n\n\n\n

So, the\nlong-term holders will benefit from both the value appreciation and also from\nthe utilitarian component of the token which we intend to add.<\/p>\n\n\n\n

Serg | Satoshi Club<\/strong>: Good opportunity for the long term\nhodlers.<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The chat was open for 80 seconds; more than 500 questions were posted by Satoshi Club community. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @yadav_199<\/strong><\/p>\n\n\n\n

As I know Bartertrade is registered in\nEstonia, but you guys are Trying to register in Dubai and Hong Kong soon, so\nwhy question is why question is why you guys need to change your registered\ncountry? Due you guys faced legalization issue? On which market you guys are\nfocusing on now?<\/em><\/p>\n\n\n\n

Manmeet: <\/strong>There are no legal issues but the\nthing is there are restrictions for some countries if we operate just from\nEstonia. To provide service to maximum number of countries, we need to be\nflexible be registered in other places as well.<\/p>\n\n\n\n

Q2 from Telegram User @Eva990<\/strong><\/p>\n\n\n\n

There is plan does Barter Trade intend\nto do like staking $BRT, lending or something similar?<\/em><\/p>\n\n\n\n

Manmeet: <\/strong>Staking is coming very soon for BART\nholder. This not officially announced yet but it will be available very soon.\nSooner than we launch our exchange in September.<\/p>\n\n\n\n

Q3 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

Kindly explain how ALGO TRADING works?<\/em><\/p>\n\n\n\n

Anurag Yadav: <\/strong>Some of the salient features that\nwill benefit the Trading Community:<\/p>\n\n\n\n