Gold Rocket | Satoshi Club: <\/strong>Good\nevening, dear community!<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>hello\nSatoshi club! <\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>We\nare happy to announce our AMA session with Globe Exchange.Welcome to Satoshi\nClub, @jawestt!<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>@jawestt\nwhat’s up! <\/p>\n\n\n\n James: <\/strong>Hi everyone, nice\nto meet you <\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks\nfor joining.<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>nice\nto meet you too! how are you?<\/p>\n\n\n\n James: <\/strong>I’ve worked my way\nthrough enough coffees today that I’m ready for anything<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>haha\ngreat!<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>First,\ntell us a bit about yourself, how you came to crypto, and how did you get to be\ninvolved in Globe Exchange<\/p>\n\n\n\n James: <\/strong>So, I’ve had a\ncrazy life journey<\/p>\n\n\n\n My family are part English, part Algerian<\/p>\n\n\n\n fighting oppression against French conquerors<\/p>\n\n\n\n I was born and raised in England, went to university\nthere and did a PhD starting around 2010<\/p>\n\n\n\n I spent a few years trying to cure cancer<\/p>\n\n\n\n you probably noticed I didn’t succed<\/p>\n\n\n\n but I think it helped a lot<\/p>\n\n\n\n I also worked in math, statistical physics, time\nseries analysis that sort of thing<\/p>\n\n\n\n I left to go work at a hedge fund, back when that was\na cool thing to do<\/p>\n\n\n\n at the hedge fund we started with about $30m and grew\nit to maybe $500m in 4 years, where I ran the quant team until the 3rd year<\/p>\n\n\n\n by then I had realized quite how much crypto was going\nto change thigns and how much of an opportunity there was to go do that<\/p>\n\n\n\n I called up my best friend from university and we\nstarted Globe<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>you\nhave a really rich biography! you are a strong and intelligent person! we all\nhere believe that crypto will change the world!<\/p>\n\n\n\n Jamesad: <\/strong>it\nhas been a wild ride<\/p>\n\n\n\n so Globe’s first investor was actually Y Combinator in\nSilicon Valley<\/p>\n\n\n\n the last time they backed a crypto exchange (well, it\nwas something else at the time) was quite a while ago<\/p>\n\n\n\n … a little known project called coinbase<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>yeah\na little<\/p>\n\n\n\n James: <\/strong>we explained to\nthem how we could bridge together the divides between East and West<\/p>\n\n\n\n and solve the crazy stuff that was going down in\ncrypto at the time<\/p>\n\n\n\n … and where we thought the market eventually needed\nto go<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks\nfor the great intro!<\/p>\n\n\n\n Jamesad: <\/strong>eventually\nwe would unlock frictionless market access to everyone for all markets,\nexisting and possible<\/p>\n\n\n\n so things like being able to buy real estate futures,\nindex perpetuals on shitcoins, energy perps<\/p>\n\n\n\n back then you couldn’t even get altcoin futures\nproperly, though fortunately that part at least has changed<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>does\nthis mean that this is the goal of your project?<\/p>\n\n\n\n James: <\/strong>yeah, you could\nsay we wanted to GLOBALIZE access to all possible markets<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>great\ngoal!<\/p>\n\n\n\n James: <\/strong>I think maybe 10%\nprogress has been made<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>now\na bit how will you implement this? <\/p>\n\n\n\n if you want we can go to community questions<\/p>\n\n\n\n Jamesa: <\/strong>let’s go to\ncommunity questions and I’ll tell you more how we do it if there’s time at the\nend<\/p>\n\n\n\n Q1 from Telegram user @jobel4<\/em><\/strong><\/p>\n\n\n\n According to your website,\u201dSign up today,\nand you will automatically be entered in a draw for XBT\u201d. So can you elaborate\nmore about this sign up offer in your platform? Aside from this offer, what\nother welcoming reward is open to claim in your platform? Do you also have\nreferral program in your platform? If yes, can you explain more about it? Thank\nyou<\/strong><\/p>\n\n\n\n James: <\/strong>Hi @jobel4, nice\nto meet you <\/p>\n\n\n\n We run a programme called Globe Rewards<\/p>\n\n\n\n It offers a fun basket of free stuff every week or\ntwo, first one will come on launch day<\/p>\n\n\n\n Right now it’s just in testing while we are preparing\nto go<\/p>\n\n\n\n There are 3 main prizes every draw, and 40% of traders\nwill win something every time<\/p>\n\n\n\n You can earn tickets into the draw by doing various\nthings which will change over time<\/p>\n\n\n\n if you login and check out https:\/\/globedx.com\/trade\/account\/rewards\/<\/a> you’ll see the testnet version at present<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>40%\nbig number, easy to win something<\/p>\n\n\n\n James: <\/strong>We have a referral\nprogramme too, also testnet for now, check out https:\/\/globedx.com\/trade\/account\/affiliates\/<\/a> on a logged-in account<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>I\nwant to try my luck<\/p>\n\n\n\n James: <\/strong>payouts come every\n15 minutes<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>so\ni have a question, can we already use your exchange or you are still in kinda\ntestnet and preparing to launch?<\/p>\n\n\n\n James: <\/strong>We’re still in\nkinda testnet and prepping<\/p>\n\n\n\n We are listening to feedback from everyone trying it\nout<\/p>\n\n\n\n If you love\/hate something just message us, and we’ll\ntalk about it at the end of every day at 6pm UDT<\/p>\n\n\n\n I mean every day<\/p>\n\n\n\n we usually update things 2x\/week<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Do\nyour users need to pass KYC?<\/p>\n\n\n\n James: <\/strong>Not for anything\nright now, we know how annoying that is<\/p>\n\n\n\n We will have some products in the future that will\nlikely require it<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Everything\nis clear to me<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>yeah,\nfor me too, thank you for answer!<\/p>\n\n\n\n Q2 from Telegram user @magic2crypto<\/em><\/strong><\/p>\n\n\n\n There are only 2 team members as i can see\non the site. That isn\u2019t too many as for a such ambitious project. Meanwhile i\nsee also that you are hiring smart & passionate people to join the team and\nSatoshiclub could become as a good chance to find those. Could you clarify more\ndetailed who exactly you are looking for? What skills, profession, experience,\netc must someone have in order to apply joining?<\/strong><\/p>\n\n\n\n James: <\/strong>So we list the\ndirectors on the site, but there are maybe 15 people involved in the project<\/p>\n\n\n\n As an exchange we appreciate all sorts of skillsets<\/p>\n\n\n\n People with amazing product ideas – maybe you really\nwant to do futures on the soccer world cup for example or an index perpetual on\nsoccer player values<\/p>\n\n\n\n The exchange proper benefits from Rust and C++ developers<\/p>\n\n\n\n We use kdb\/q for certain types of data, due to its\namazing performance and developed one of the best libraries that interfaces\nrust with q<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Very\ngood.. really the team is not very big… Satoshi Clubbers, join!<\/p>\n\n\n\n James: <\/strong>On the frontend:\nreact has been the best choice around for a while, we especially love people\nwho can see the aesthetic side of it too<\/p>\n\n\n\n Most of the Rust and C++ people have maybe 10 years at\na bank or hedge fund \/ high frequency trading firm each, which is definitely a\nplus<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Good\nChance!<\/p>\n\n\n\n James: <\/strong>We were believers\nin open source I guess before crypto came along to “open source”\nfinance (and more!) itself, so anyone with open source experience is really\nappreciated<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks\nfor sharing!<\/p>\n\n\n\n Can we proceed. Or you want to add something?<\/p>\n\n\n\n James: <\/strong>One last thing I\nguess – hearing amazing ideas for things you’d like to trade, or ways you’d\nlike to manage your crypto (insurance fund staking, community market maker lending,\netc.) is a great way to get a job <\/p>\n\n\n\n Q3 from Telegram user @Arisabela<\/em><\/strong><\/p>\n\n\n\n Globe for Business offers microsecond\nresponse times using colocation on Equinix London LD4, can you explain what are\nthe benefits of using it? and is there some kind of error that can occur?<\/strong><\/p>\n\n\n\n James; <\/strong>The benefits of it\nare that many businesses are already set up in LD4, especially financial\nbusinesses that are looking to get into crypto but haven’t started yet<\/p>\n\n\n\n One of the most exciting things we’ve seen in the most\nrecent bull market is the amount of trading happening on the private exchanges\nlike the CME and LMAX<\/p>\n\n\n\n Suddenly there are big institional players who are\nactually having a real say on where the price goes<\/p>\n\n\n\n (it’s actually pretty amazing to me at least to see\nwhich types of institutional guys are long and which are short right now and\nthe tug of war they are having)<\/p>\n\n\n\n Everyone is probably tired of hearing that “the\ninstitutions were coming” (TL;DR: they already came in 2017, then another\nwave in 2019, and now … )<\/p>\n\n\n\n now some new ones are at the door now and somebody\nneeds to let them in<\/p>\n\n\n\n and Globe is kind of amazingly placed to let that\nhappen<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>sure<\/p>\n\n\n\n James: <\/strong>The kinds of error\nthat can occur: well, you might start to see, at least briefly the kind of outright\narbitrage opportunities that happened in 2017<\/p>\n\n\n\n like back then the prices were so different on some\nspot exchanges, you could buy low on one, sell higher on the other in spite of\nhuge fees… or days later and print money<\/p>\n\n\n\n similar dislocations happened over the recent ATHs<\/p>\n\n\n\n where you had players on private exchanges pushing\nthings all over the place vs. public exchanges<\/p>\n\n\n\n and you could get trades, say on Globe, that you\nwouldn’t get anywhere else because of who could access it<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Sounds\ngood!:<\/p>\n\n\n\n James: <\/strong>Why microseconds\nmatter: they will start to<\/p>\n\n\n\n usually it takes a market in regular finance like\n100ms to process some kind of economic event and figure out what to do<\/p>\n\n\n\n like the algorithms need time to swirl their tea\nleaves around and predict price direction when Elon Musk tweets about how he\nhas “funding secured”<\/p>\n\n\n\n being able to respond in faster timescales can start\nto mean that you’re getting fair liquid prices and one exchange and uh…\nstale\/misleading\/… prices on another<\/p>\n\n\n\n I really need to watch that interview<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>that\ninterview was something🤣<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong>like\nall of us. this is a classic <\/p>\n\n\n\n James:<\/strong>I guess part of\nglobalizing crypto is also it growing up<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Could\nyou share your roadmap with us?<\/p>\n\n\n\n James: <\/strong>like waiting 15\nminutes of lag because the exchange can’t handle 100 matches\/s and getting\ndestroyed the whole way down can’t last<\/p>\n\n\n\n yeah – we’ll be shipping new stuff on a regular basis<\/p>\n\n\n\n crypto itself moves so fast that we need to respond to\nwhere it is going, and sadly I don’t know fully what it will realize at this\npoint<\/p>\n\n\n\n but here are some things I see coming<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>You\nare a visionary person! Forecasting is very important in this industry<\/p>\n\n\n\n James: <\/strong>* Index perpetuals\non e.g. baskets of cryptos split up by correlations <\/p>\n\n\n\n * Perpetuals on higher moments of skew and kurtosis <\/p>\n\n\n\n * Futures on prediction events – esp soccer <\/p>\n\n\n\n * Options on stocks <\/p>\n\n\n\n * Access to fractional real estate markets<\/p>\n\n\n\n * Access to market making itself – AMMs provide a\nservice, but they sort of augment CeFi now and may do for a long time<\/p>\n\n\n\n * Better wealth management: frictionlessly moving your\ncrypto around yield-generating activities<\/p>\n\n\n\n composability rather than competition between CeFi and\nDeFi I think is the key for some of these<\/p>\n\n\n\n somehow banks have been taking a huge, huge cut of all\nthe interest everyone should have earned on their capital for centuries<\/p>\n\n\n\n I don’t know if that can last<\/p>\n\n\n\n similarly, mutual funds have “robbed” long\nterm investors of a huge chunk (about half) of their investment returns for the\nlast century<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Good\nquestion<\/p>\n\n\n\n James: <\/strong>with a perp you\ncan kind of streamline all that stuff to only a tiny entry fee and faithful\nreplication of its index e.g. US stocks, chinese stocks<\/p>\n\n\n\n D. | Satoshi Club:<\/strong> fully\nagree on this thesis<\/p>\n\n\n\n James: <\/strong>… the the\nGlobe’s top stocks<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Yes!\nour world is changing. We have to keep up with the changes !!!:rocket:<\/p>\n\n\n\n James: <\/strong>I look at how one\ngeneration has sort of robbed the younger one recently over real estate,\n“mismodelling” pensions, etc.<\/p>\n\n\n\n basically half of society lost its representation then\nit got trampled<\/p>\n\n\n\n and in parts of the world is being impoverished<\/p>\n\n\n\n crypto is reversing that horrible wealth transfer bit\nby bit<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>you\nare a true crypto idealist:<\/p>\n\n\n\n Thanks for your position and for your answer! The next\nquestion?<\/p>\n\n\n\n James: <\/strong>to move things the\nright way, someone has to go do it<\/p>\n\n\n\n Yeah it’s a good time for the next question<\/p>\n\n\n\n Q4 from telegram Username @Jonahapagu<\/em><\/strong><\/p>\n\n\n\n In one of your articles you stated that\nGlobe Exchange is \u201cThe fastest\/fairest exchange, ever\u201d\u2026 most of your services\nare new and your exchange has not been put under the real test of large traffic\nand handling of millions of request from real users\u2026 I could not find any\ninformation backing up this claim.. in terms of fairness and speed how does\nGlobe exchanges compare with other top exchanges are their features you are\nimplementing in your platform or evidences from real time tests to back this\nyour claim..<\/strong><\/p>\n\n\n\n James: <\/strong>I suppose Globe is\na very different kind of exchange under-the-hood from binance or bitmex<\/p>\n\n\n\n Instead of running purely in the cloud, the primary\nexchange servers run in one of the world’s hottest financial data centers<\/p>\n\n\n\n That means that the kinds of hardware it uses is much\nmore sophisticated than what runs in the cloud – it becomes able to store the\nentire orderbook in “level 2 cache”<\/p>\n\n\n\n that is in a way that the processor can access it\nperhaps thousands of times faster every trade, it can also store gigantic\nqueues of messages (hundreds of millions, maybe billions) in RAM<\/p>\n\n\n\n The engineering team around it comes from high\nfrequency trading (Getco etc.) and also built exchanges at banks like JP\nMorgan, BAML and HSBC, so it runs on the same kind of hardware that their\nexchanges do (and NASDAQ\/CME\/JPX etc), which just aren’t available to pure\ncloud-exchanges<\/p>\n\n\n\n Under our own simulations of the test of large traffic, we’ve scaled comfortably to tens of thousands of simultaneous connections as bitmex typically have and right now on our production site I can see most trades clearing in about 2 microseconds, the worst one in the last 10 minutes in 20 microseconds<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong>very\nnice interface<\/p>\n\n\n\n James: <\/strong>Performance is\nnice since dealing with lag and your orders being rejected all the time when\nthe market is rolling can be frustrating and scary<\/p>\n\n\n\n it might be suspiciously similar to those at eFX\nexchanges that do maybe >1000x what crypto exchange have to handle<\/p>\n\n\n\n The trader stereotype about having lots of screens at\nall times is 100% true<\/p>\n\n\n\n Doing things in a fair way definitely takes time to\nshow, I think from day 1 one thing that’s quite different is our policy of not\ntrading against our own customers, as other exchanges often do<\/p>\n\n\n\n that’s generally seen as a violation of trust between\nan exchange and its community in traditional markets, even illegal, and we need\nto raise standards<\/p>\n\n\n\n Treating people fairly isn’t something you get to stop\ndoing …<\/p>\n\n\n\n Helping to get rid of annoying stuff like lag and\ndodgy trading practices is important, but what I think is really fun is how\nmuch we can broaden the tradeable universe – VIX solves problems for many\ntraders that other products don’t and being able to hedge should there be a\nDeFi winter, or just profit either way sounds great to me<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>And\nfor me too<\/p>\n\n\n\n Thank you very much for the answer! next question?<\/p>\n\n\n\n James: <\/strong>Yeah next question<\/p>\n\n\n\n Q5 from Telegram user @konditer_rolex<\/em><\/strong><\/p>\n\n\n\n The fact that USD will be presented on your platform makes you think about KYC. Will you expand the list of fiat currencies and what will happen with user verification?<\/strong><\/p>\n\n\n\n James: <\/strong>So the\n“USD” that’s on the platform is for index pricing only, it’s not a\nfiat trade<\/p>\n\n\n\n I expect in the next 5 or so years, maybe 20% of the\nworld will be using CBDCs<\/p>\n\n\n\n central bank digital currencies<\/p>\n\n\n\n which will in turns perhaps have their own stablecoin\nanalogues<\/p>\n\n\n\n or perhaps even there will emerge global stablecoins\nnot attached to fiat that get really big<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>it’s\nvery possible<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>It\ndoesn’t sound so incredible today!<\/p>\n\n\n\n James: <\/strong>I can see us doing\nFX stuff with the digital wrappers of these things pretty quickly, or at least\nmaking a helpful interface to it via the defi models of the time<\/p>\n\n\n\n that may not require KYC at that time<\/p>\n\n\n\n certainly if we did vanilla FX between USD and JPY for\nexample we’d have to KYC that!<\/p>\n\n\n\n it seems sort of a frustrating price to pay, but it\nmay be the price of getting good price execution\/volume vs. not<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>do\nyou have plan to make token for your platform? like BNB analog? and stablecoin?<\/p>\n\n\n\n James: <\/strong>tokens sort of\ncommit you to a certain path as an exchange<\/p>\n\n\n\n they anger some governments, others don’t care<\/p>\n\n\n\n many are still not sure if they consider them\nsecurities… or just “digital coffee cards”<\/p>\n\n\n\n We’ve been designing a token for a bit and will\nannounce it on our twitter\/telegram if we get to a place where we are happy\nwith it<\/p>\n\n\n\n BNB analog is one of the few good models out there<\/p>\n\n\n\n some of the other ones lately can cause booms, but\nthen completely collapse which isn’t really what you’re trying to do with a\ntoken<\/p>\n\n\n\n (I hope)<\/p>\n\n\n\n Gold Rocket | Satoshi Club:<\/strong>Everything\nis clear to me!<\/p>\n\n\n\n James: <\/strong>stablecoins: there\nare lots of great projects working on this, I guess exchanges right now are\njust trying to do everything sometimes<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Ready\nfor the last question in this part, or would you like to add something else?<\/p>\n\n\n\n James: <\/strong>I guess we’ll do\nit if we think there is a great way to do it that somebody hasn’t already done<\/p>\n\n\n\n Last question<\/p>\n\n\n\n D. | Satoshi Club<\/strong>:\ngotcha! thanks for answers!<\/p>\n\n\n\n Q6 from Telegram user @Cakelov<\/em><\/strong><\/p>\n\n\n\n As I know one of the weakness of CEX\n(Centralized Exchange) is security. How did Globe Exchange as a new exchange\nsolve this problem? How did you convince us as trader that your platform is\nsafe?<\/strong><\/p>\n\n\n\n James: <\/strong>I guess CEX had a\nbad time with security maybe a few years ago, so I see where the reputation\ncomes from<\/p>\n\n\n\n I sort of suspect it actually isn’t that much worse\nthan traditional finance is doing with the kinds of crazy fraud and inside jobs\nhappening there or even coding errors \/ unforeseen attacks going on elsewhere<\/p>\n\n\n\n We use insured, third party, cold storage, alongside\nregulated US banking partners so you can sleep safe at night knowing your\ncrypto is as safe as it gets<\/p>\n\n\n\n We also aggressively adopt best practices, run\nindependent penetration tests, etc.<\/p>\n\n\n\n D. | Satoshi Club:<\/strong>yeah,\nbut Kucoin was hacked in this year, top tier exchange…<\/p>\n\n\n\n James: <\/strong>I guess for some\ncrypto exchanges now you have to check your wechat to see how many steps the\nCEO\/CTO has walked today to see if your funds are safe<\/p>\n\n\n\n with insurance and separate entity custodian you get\nanother level of safety<\/p>\n\n\n\n kucoin seemed to me pretty far from best practices\naround least access principle, but details are still coming out it seems<\/p>\n\n\n\n for the foreseeable future CEX, just as parts of\nfinance were in the past, are well placed to put right such wrongs without it\nputting too much of a dent in the business<\/p>\n\n\n\n D. | Satoshi Club: <\/strong>for\nsure. someday we will know the whole story behind that hack<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks\nfor the great answers! you told us a lot of new and interesting things. Before\nthe live chat, would you like to share useful links and information? @jawestt<\/p>\n\n\n\n James: <\/strong>Sure: <\/p>\n\n\n\n * Catch us on twitter: https:\/\/twitter.com\/globedx\/<\/a> <\/p>\n\n\n\n * Check out the billion satoshi challenge here: https:\/\/twitter.com\/globedx\/status\/1334225728624238594\/<\/a> – a retweet gives a big chance to stack a few\nmore sats <\/p>\n\n\n\n![\"\"](\"https:\/\/esatoshi.club\/wp-content\/uploads\/e6d66913-6f85-45fb-aaa8-3e21ae478444.jpg\")
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