Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Oction. The AMA took place on April 3rd, 2021 and our guest were @cryptonite8888 @octymeister and @octician.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u041c\u0430ry Satoshi CLUB: <\/strong>Hello Satoshi Club! We are happy to announce our AMA session with Oction! Welcome to Satoshi Club😀<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Hello, dear community!<\/p>\n\n\n\n Octician | OCTION: <\/strong>Hello everyone!<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Today our guests are\n@cryptonite8888 @octymeister and @octician!<\/p>\n\n\n\n Octmoon: <\/strong>Hello Satoshi club!<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Hello Satoshi Club!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Hello, guys! Happy to see you here🎉<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Hello and welcome to Satoshi Club,\nguys!<\/p>\n\n\n\n Octmoon: <\/strong>Glad to be here \ud83d\ude42<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>We are very excited about the\nupcoming AMA to be honest😉<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Let’s start🚀 Guys, please, introduce yourself and tell us\nmore about Oction🚀<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Introduce youreself please. How\ndid you get to be involved in crypto & Oction? Tell us please about\nyourself and your position in Oction.<\/p>\n\n\n\n Octician | OCTION: <\/strong>OCTION is the world’s 1st CeDeFi\nOptions Trading Platform built on the Binance Smart Chain!<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Sounds very ambitious😁<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Awesome! So, are you pioneers on\nBSC or all over the cryptoworld?😀<\/p>\n\n\n\n Octician | OCTION: <\/strong>For me, I was formerly in\nInvestments for a Sovereign Wealth Fund and an Economic Consultant. I was an\nearly believer in Blockchain technology and was one of the pioneers in South\nEast Asia to initiate OTC trading across borders. From there, I undertook\nseveral Blockchain projects since 2018 and through the knowledge and\nconnections garnered, eventually led to the launch of OCTION!<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Hi Guys, Octstar here, I am a Tech\nLover, a blockchain enthusiast and is a Certified Blockchain Expert by the World Blockchain Council. He also\ngraduated with flying colours from the Ivanontech Academy. In addition, I work with FTA\n(FinTech Academy) of Singapore to hold blockchain classes for ACCA (Association of Chartered\nCertified Accounts), ISCA (Institute of Singapore Chartered Accountants), NUS\n(National University of Singapore), NTU (Nanyang Technological University), I\nalso plan to offer a full diploma program with PSB Academy for Blockchain<\/p>\n\n\n\n Octician | OCTION: <\/strong>We were initially all over the\ncrypto world. However, we noticed the recent increase in interest on BSC and\nrealized that it solves many significant flaws for projects run on the ETH\nchain. Hence we have decided to built OCTION on BSC!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Yes, BSC is gaining interest now\nbecause of its low fees👍<\/p>\n\n\n\n Octmoon: <\/strong>Yes low fees and fast transactions:)<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Yes it was the natural choice.<\/p>\n\n\n\n Octstar | OCTION: <\/strong>35x cheaper, to be specific, as\ncompared to Ethereum.<\/p>\n\n\n\n Octmoon: <\/strong>For myself, i was formerly an oil and gas\ntrader, and an early adopter of cryptocurrency. One of the pioneers in South\nEast Asia to initiate OTC trading across borders. Also managed, consulted and\nadvised several other blockchain\nprojects since 2018. During this period, i have gathered enough experience and\nconnections to eventually launch OCTION, which is currently lacking in the\ncrypto space \ud83d\ude42<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Are you in crypto since 2018 or\nearlier?<\/p>\n\n\n\n Octician | OCTION: <\/strong>I was in earlier but started\nREALLY getting into it during the 2018 boom;)<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Great experience! We are here for\ntech😉<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Yes I live for tech<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>As we can see you guys have a\ngreat background! And big plans with Oction<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>What is better oil and gas or\ncrypto?😀<\/p>\n\n\n\n Octmoon: <\/strong>OMG is this even a question! in crypto we see 50x 100x, for\nO&G we see margins:)<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>absolutely right! in crypto we are\nattracted by unlimited possibilities<\/p>\n\n\n\n Octmoon: <\/strong>the sky is the limit!<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Well! Thanks for the intro! Ready\nfor community questions?😉<\/p>\n\n\n\n Octstar | OCTION: <\/strong>We are ready to rock.<\/p>\n\n\n\n Q1\nfrom Telegram user @Winner_don<\/em><\/strong><\/p>\n\n\n\n I have heard about centralized decentralized\nFinance (CeDefi) but never heard of one that offers option trading features on\nbinance.<\/em><\/p>\n\n\n\n How\nwill oction make this feature work and boost mass crypto adoption?<\/em><\/p>\n\n\n\n In\nline with the trading leverage, will you be able to assist the traders and\ninvestors in minimizing risk?<\/em><\/p>\n\n\n\n What\nchallenge can we face as an investor, trader and a newbie?<\/em><\/p>\n\n\n\n Octstar | OCTION: <\/strong>We are offering options trading on\nthe Binance Smart Chain. Technically speaking the ability to buy CALL and PUT\noptions, from the perspective of Smart Contracts, is just a transaction.\nTherefore, existing smart contract capabilities are good enough to perform\nthis. However, we do have an-house team to calculate other parameters like\nexpiry periods and max\/min options sizes and etc.<\/p>\n\n\n\n Octician | OCTION: <\/strong>an in-house*<\/p>\n\n\n\n Octstar | OCTION: <\/strong>As for trading leverage and risk\nmitigation, this is automatically handled by the nature of options trading.\nOptions Trading, by its very nature, implies limited downside (you only lose\nmaximum the amount of premiums you used to purchase the option contract, in the\nfirst place)<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>sounds very good<\/p>\n\n\n\n Octician | OCTION: <\/strong>Yet, it allows opportunities for\ninvestors to enjoy the unlimited upside that crypto typically offers<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Which style of options will you\ntrade? European?<\/p>\n\n\n\n Octician | OCTION: <\/strong>We will be doing both American and\nEuropean options<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Or American?<\/p>\n\n\n\n Octstar | OCTION: <\/strong>As an investor, trader or newbie,\nif this is your first time using a decentralized platform, you have to get used\nto the fact that you will be governing your own wallet. As compared to Binance\nor Deribit, your wallets are automatically created and assigned to you, on a\ndecentralized platform, you connect your own wallets, there is no centralized\nplatform to create or govern your wallet for you.<\/p>\n\n\n\n Octician | OCTION: <\/strong>This was designed to provide\noptions for traders. On one end, they could “pay less” and go for\nEuropean options or they could “invest more” and go for American\noptions which offers greater flexibility<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>American legislation is quite\nstrict in the regulation of crypto<\/p>\n\n\n\n Octician | OCTION: <\/strong>Yes that is correct. However,\nalthough it is called American options, it is just a name used to describe the\ntype of Option that is on offer, rather than it being named based on its\nlocality<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>How do you manage to address these\nissues?<\/p>\n\n\n\n Octician | OCTION: <\/strong>American options essentially mean\nthat these options will be exercisable at any time during the contract period.\nEuropean options on the other end will only be exercisable at the contract\nexpiry<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks for the clarification👍<\/p>\n\n\n\n Octician | OCTION: <\/strong>All good!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Will this both options styles be\navailable from the beginning?<\/p>\n\n\n\n Octician | OCTION: <\/strong>Yes that is the plan!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Great! Thank you, guys for your\nanswers! Do you want to add something or we can go to the next question?<\/p>\n\n\n\n Octician | OCTION: <\/strong>We feel that having both styles in\nplace will allow for greater flexibility for the investors on our platform,\nparticularly from a risk reward perspective<\/p>\n\n\n\n Let’s go\nto the next!<\/p>\n\n\n\n Q2\nfrom Telegram User @AmirJosh<\/em><\/strong><\/p>\n\n\n\n According\nto the information on your website, the OCTION team and advisors are seasoned\nprofessionals with rich experiences across Blockchain, artificial intelligence\nand investments. You also mentioned projects that they previously served, but\nhow can investors verify this claim without you revealing teams names \/\nidentities? Do you have plans to atleast reveal the OCTION project\u2019s founder?<\/em><\/p>\n\n\n\n Octstar | OCTION: <\/strong>Hi, as we are a decentralized\nplatform – there is no CEO or COO, there are only project leads and we do show\nour faces on page 19 of our whitepaper. Ultimately as this is a decentralized\nplatform, in the long term, we foresee the governance of this platform\ngradually but surely shifting to the hands of the community.<\/p>\n\n\n\n Octmoon: <\/strong>The fact that 1. we have managed to get onto\nBSCPad has already shown at least a level of credibility.<\/p>\n\n\n\n 2. Many\nof our private investors already know of our background and we have passed Due\nD checks before any funds were transferred or before any agreements were signed\n\ud83d\ude42<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>please share your white paper with\nSatoshi Clubbers🙏<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>You had or will have sale on\nBSCPad?<\/p>\n\n\n\n Octmoon: <\/strong>Will have! <\/p>\n\n\n\n our IDO\nis on the 9th of April on BSCPad<\/p>\n\n\n\n the\nwhitelisting requirements have already been released<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Can you share this requirements\nwith us? I know our members like to try to get whitelisted 😉<\/p>\n\n\n\n Octstar | OCTION: <\/strong>#OCTION IDO Launch Information:<\/p>\n\n\n\n \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n\n\n\n Info:<\/p>\n\n\n\n ✅ Allocation Round: Friday, April\n9th 8 A.M. UTC<\/p>\n\n\n\n ✅ FCFS Round: Friday, April 9th 1 P.M. UTC<\/p>\n\n\n\n ✅ PancakeSwap Launch: Friday, April 9th 4 P.M. UTC <\/p>\n\n\n\n ✅ Public Sale Vesting Schedule:\nVesting 50% TGE then 25% per month<\/p>\n\n\n\n ✅ Public Sale token price: 0.11\n$BUSD<\/p>\n\n\n\n 📸1st Snapshot: Monday, April 5th 5\nA.M. UTC<\/p>\n\n\n\n 📸2nd Snapshot: Friday, April 9th 5\nA.M. UTC<\/p>\n\n\n\n 👉Hold your #BSCPAD tokens in your\naddress between 1st and 2nd snapshot times👈<\/p>\n\n\n\n This way\nyou have a guaranteed allocation in the #OCTION presale.<\/p>\n\n\n\n For\nbronze🥉 (1000-2499 tokens) & silver🥈 tiers (2500-4999 tokens) it is necessary to\nfill in and complete the whitelist form below!<\/p>\n\n\n\n \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n\n\n\n 📃Whitelist form:<\/p>\n\n\n\n 1. Join\nthe #OCTION Telegram: https:\/\/t.me\/octionofficial<\/a><\/p>\n\n\n\n 2. Follow\n#OCTION twitter: https:\/\/twitter.com\/octionofficial<\/a><\/p>\n\n\n\n 3. Follow\n#BSCPAD twitter: https:\/\/twitter.com\/BSCPad<\/a><\/p>\n\n\n\n 4. Create\na tweet on your twitter account with #BSCPAD & #OCTION hashtags and share\nthe link in the whitelist.<\/p>\n\n\n\n 5. Follow\nthe steps inside the white list form: <\/p>\n\n\n\n https:\/\/bscpad.wufoo.com\/forms\/mpweflw1tyq3gs\/<\/a><\/p>\n\n\n\n 📃Inside the form:<\/p>\n\n\n\n 1. Add\nyour #BSC compatible wallet address<\/p>\n\n\n\n 2.\nProvide your telegram handle<\/p>\n\n\n\n 3. Copy\npaste the link to your tweet with #BSCPAD & #OCTION tags in it. ( Create\nthe tweet on your own twitter account, dont comment on one of our posts )<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Pay attention Satoshi Club!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Good luck, guys😉<\/p>\n\n\n\n Octmoon: <\/strong>Thank you everyone for the well wishes!<\/p>\n\n\n\n Octician | OCTION: <\/strong><\/p>\n\n\n\n OCTION\nWhitepaper<\/p>\n\n\n\n Octstar | OCTION: <\/strong>https:\/\/t.me\/octionofficial<\/a><\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Wow! it’s very soon !!!🚀🚀🚀<\/p>\n\n\n\n Octician | OCTION: <\/strong>For more information on the\nwhitelist details, you’ll be able to find it on our official Telegram group\nhere<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Do visit our Telegram group for\nmore information<\/p>\n\n\n\n Octician | OCTION: <\/strong>Yes! Exciting times!<\/p>\n\n\n\n Octmoon: <\/strong>Yes i know it is very soon! the community and\nteam are all very excited<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks for sharing👍 and good luck🤞<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Thank you for your answers!\nEverything is clear for me. Ready to proceed?<\/p>\n\n\n\n Octician | OCTION: <\/strong>Let’s go on!<\/p>\n\n\n\n Q3\nfrom Telegram user @dudeiebitch<\/em><\/strong><\/p>\n\n\n\n Hey in your discord channel you talked about\nstaking oction tokens to receive 1% settlement fees per transaction but I would\nlike to know how much is APY when we stake the token with the platform that\ngive us the opportunity to stake apart from the oction platform.<\/em><\/p>\n\n\n\n Octician | OCTION: <\/strong>The APY will be determined based\non the amount of settlement fees generated from the OCTION platform. This comes\nabout through transactions, i.e. when a buyer purchases an options contract. Essentially, how it works is that\nevery time someone buys an options contract, a premium is paid for this options\ncontract. A portion of this premium will be distributed to those who have\nstaked their OCTION tokens. The more option contracts are purchased on our platform, the higher the\nAPY 😉<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Logically 😀<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Which fees will your users pay?\nCan you tell us about their structure?<\/p>\n\n\n\n Octmoon: <\/strong>the total amount of money paid = rate<\/p>\n\n\n\n rate =\npremium + settlement fee<\/p>\n\n\n\n for eg.\nrate is $100<\/p>\n\n\n\n the\npremium will be $80 and settlement fee will be $20<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Not bad!<\/p>\n\n\n\n Octician | OCTION: <\/strong>Those that stake their OCTION\ntokens will earn $20 in this example. The $80 will be distributed to those that\nhave contributed to the liquidity pool that takes on all option contracts\npurchased<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>When do you plan your platform to\ngo live?😀<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Hi Mary – excellent question. We\nproject 6 weeks to 10 weeks for platform to go live. But rest assured that the platform\ngoing live is the first step. We will include more assets to be speculated on and more functions to be\nunlocked along the way. One of our most exciting features is the OCTION\nPositional Shield.<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>That’s great! Our next question is\nabout this feature😉👍 Ready for it?<\/p>\n\n\n\n Octician | OCTION: <\/strong>Let’s get it!<\/p>\n\n\n\n Q4\nfrom Telegram User @garrinepotter<\/em><\/strong><\/p>\n\n\n\n I see\nyou have the opportunity to expire early options through the \u201cOCTION Positional\nShield\u201d system, receiving a refund of part of my premiums. I have recently\nstarted to study options trading, but if I understand correctly, one of the\nparties to the transaction suffers losses during early closing. Using \u201cOCTION\nPositional Shield\u201d gives partial reimbursement of losses?Or what does it\nmean:\u201dreimburse part of your premiums\u201d?<\/em><\/p>\n\n\n\n Octician | OCTION: <\/strong>Excellent question! 👍🏻 I think the best way to describe\nthis is through an example. If someone purchased an options contract for $50 for a position in 1ETH\n(market price = $2000) at a strike price of $2000, with a 2 week contract\nduration. Now after 1 week, if the market price of ETH stays at $2000,\n“technically” the options contract should be worth $25 with a 1 week\ncontract duration balance. However, if the options contract holder was to now decide to exit his\noptions contract, he would have this alternative which is to receive e.g. $15\nback in return for giving up his balance 1 week contract duration. Statistically speaking, the\nliquidity pool would “earn” $15 LESS because of the reimbursement,\nhowever the liquidity pool aka writers would also face less “time\nrisk” by providing this reimbursement through the OCTION Positional Shield\naka insurance function<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Excellent example! You know, guys\ni love when someone can describe something complicated in simple words<\/p>\n\n\n\n Octician | OCTION: <\/strong>So it’s always a relative\ncomparison between time risk and the value of monetary risk. Happy to be of service! 😌<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Thanks! the answer was really\nflawless🚀<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>OCTION Positional Shield feature\nwill be available from the launch or later?<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Nope, this is a feature that will\nbe available in Q3 2021.<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Also, as always i am here with my\nfavourite question 😂🤦 what about your platform audit?\nDid you have it or plan it?<\/p>\n\n\n\n Not so\nlong to wait😉<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Yes. We plan to have the Liquidity\nPool and Staking Pool smart contracts audited by Certiks.<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>You choose best😉 We will wait for the updates about audit!\nThanks! Ready to jump\nto the next question?<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Yes. We spare no expense when it\ncomes to security. Nobody’s money is easily earned, we protect it at all costs.<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Awesome 👍<\/p>\n\n\n\n Octstar | OCTION: <\/strong>Yes we are ready.<\/p>\n\n\n\n Q5\nfrom Telegram User @Korryl<\/em><\/strong><\/p>\n\n\n\n Oction\nis a CeDefi Trading Platform on BSC, but you mention that Oction also integrate\nwith NFTs, can you explain how is the NFTs work for your trading platform? What\nare the use of NFT in your platform?<\/em><\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>NFTs😍😍😍<\/p>\n\n\n\n Octstar | OCTION: <\/strong>NFTs are integrated with the\nOCTION platform in the following manner: We plan to offer NFTs as an asset\nclass. In other words, you will be able to purchase CALL\/PUT options on the\nprice of NFTs. We also have our OCTION Collectibles in the Opensea Marketplace. Oction NFT Marketplace: https:\/\/opensea.io\/collection\/oction-collectibles<\/a><\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>They are beautiful 😍<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Yes! 😍 it’s awesome. I dream of an octopus on the beach 😁🐙<\/p>\n\n\n\n Octician | OCTION: <\/strong>It’s our way of bridging the gap\nbetween Options and NFTs!<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>You’re on BSC but NFTs are on\nopensea?😉 Why?<\/p>\n\n\n\n Octician | OCTION: <\/strong>It’s just meant to be a\ncollectible item for our loyal OCTION family! The main focus is more on\nproviding Options on a new asset class on top of the traditional\ncryptocurrencies, aka NFTs<\/p>\n\n\n\n \u041c\u0430ry Satoshi CLUB: <\/strong>Yes, i understand, do you plan\nNFTs on BSC?<\/p>\n\n\n\n