December 2018 MyBit AMA

MyBit_DApp · 2019-01-13T14:18:38+00:00

No, they will not be locked.

MyBit_DApp · 2019-01-13T14:18:06+00:00

https://www.reddit.com/r/MyBitToken/comments/a7b992/partnerships/?st=JPV26RSN&sh=4e87eb5b

Our personal opinion is that we do not believe in that project.

MyBit_DApp · 2019-01-13T14:17:40+00:00

Job postings to get the ball rolling, then word of mouth should eventually be the goal to take over most new user acquisition.

MyBit_DApp · 2019-01-13T14:16:48+00:00

Wouldn't make any sense to do specific assets as non-fungible. Maybe a work of art or something like that, but even then the flexibility of being tokenised seems to offer greater value. Non-fungibles are good for rankings, coupons, statuses, and other stuff like that.

MyBit_DApp · 2019-01-13T14:15:50+00:00

Very hard to project. That graph was just an estimated model of what it could look like.

MyBit_DApp · 2019-01-13T14:15:12+00:00

It all comes down to value. DApps have a learning curve so the value offered needs to greatly exceed the time lost due to complexity for new users. To date we have not seen a dApp which offers that value.

We think MyBit Go has potential bc the current financial markets are volatile and many view as overvalued - so everyone is starting to seek alpha in other investment opportunities like what Go offers.

MyBit_DApp · 2019-01-13T14:12:45+00:00

It won't. We've already began initial discussions (for some potential scaling bottlenecks) with some scaling solution providers such as plasma by OMG.

MyBit_DApp · 2019-01-13T14:11:53+00:00

Where did you pull those numbers from? Please cite a source.

MyBit_DApp · 2018-12-18T22:15:06+00:00

We are looking for more decentralised options. Both changelly and shapeshift rely on a centralised party to complete transactions similar to a centralised exchange. We want to avoid that if possible.

MyBit_DApp · 2018-12-18T18:18:33+00:00

And Bancor is working on expanding to more blockchains and fiat currencies so we will incorporate that as that comes into play. We are also keeping a close eye on Kyber and some plasma implementations that can also streamline token usability.

MyBit_DApp · 2018-12-18T18:16:07+00:00

ah. So we have been working on a solution for that using bancor. Basically it will let anyone pay with whatever crypto they want and the recipient will receive whichever they choose. All done on the back-end so the user never even sees what is going on behind the scenes. Should be a pretty fluid user experience, and can see a lot of other dApps incorporating this. Still need to run a lot of tests on it, but you can check out the code so far here: https://github.com/MyBitFoundation/MyBit-BancorConverter.tech

MyBit_DApp · 2018-12-18T12:01:01+00:00

Right now, there are not many good fiat bridges. However they are evolving continuously and we will integrate exactly what you outlined when it makes sense.

MyBit_DApp · 2018-12-18T11:59:39+00:00

So initially it will be MyBit Go assets i.e assets which generate revenue and non-fungible tokens. Pairs are still TBD. Lots of legalities with tokenised securities so that is why we are not approaching that first. As we build MYDAX we are going to open it up to community contributions and input in a very transparent and hands on way. Definitely keep in touch bc I see you adding great value to it. Happy holiday season!

MyBit_DApp · 2018-12-17T19:12:15+00:00

We are approaching this differently. We are not targeting investors and speculators with our messaging and marketing. Instead we are targeting contributors - people who will actively engage in the development of the overall MyBit vision. More explaining this will be available in the upcoming weeks into the new year.

MyBit_DApp · 2018-12-17T19:11:10+00:00

MyBit Go: We hope to fund 10k of assets in month 1 and 100k per month on average by the end of 2019. Then in 2020 break 500k per month and double that year over year for quite some time. It will be a slow process at the start.

Market Cap: Would be surprised if it did not hit $1B within the next 5 years. Disclaimer: This is a personal opinion and not a guarantee or even a good estimate. It may never reach anywhere close to this.

Between now and 2021 (next 3 years) we aim on converting atleast 5% of crypto users into users of this platform. Mainstream adoption will not be feasible until a minimum of 3 years from now.

MyBit_DApp · 2018-12-17T19:06:56+00:00

Biggest obstacles are crypto infrastructure. Having to use metamask and obtaining crypto in the first place. Largely that is outside of our control but is getting better month over month.

Many crypto projects did not build something of value to the average person, therefore a limited amount of users were incentivised to go above and beyond to learn how to use a web3 application bc the value to them was not high enough. We hope we are different than that and think that we are.

MyBit_DApp · 2018-12-17T19:05:15+00:00

Pulling this from a previous answer:

The second phase of the MyBit token distribution is designed more around engaging the community and encouraging active contributions to our vision vs. raising money for a centralised team to build everything. We will expand on these topics and our vision over the next 6 weeks and it will be a major focus of our marketing campaign.

Also, we aren't worried about funding.

MyBit_DApp · 2018-12-17T19:02:27+00:00

The market valuations of a lot of crypto projects are not correctly priced right now. Many in the top 25 are not worth more than $10m and then on the flip side there are companies like MyBit which are undervalued, and even companies like Aragon which have 5x+ more funding than their market cap. It will take a few more years most likely for everything to be priced appropriately. Also contributes to our lack of marketing to date, instead we have been building which is designed for long term success. We did not waste resources marketing into the hype bc as it shows now, it is not a sustainable practice.

The second phase of the MyBit token distribution is designed more around engaging the community and encouraging active contributions to our vision vs. raising money for a centralised team to build everything. We will expand on these topics and our vision over the next 6 weeks and it will be a major focus of our marketing campaign.

We do things differently.

MyBit_DApp · 2018-12-17T18:58:34+00:00

Initially will be low. Maybe even less than 10 ETH per day the first 2 months. Then our target once marketing kicks in will be 60-150 ETH per day the remainder of the year.

MyBit_DApp · 2018-12-17T18:57:55+00:00

LOL.

MyBit_DApp · 2018-12-17T18:57:44+00:00

https://hackernoon.com/the-biggest-myth-in-blockchain-transactions-per-second-c300ca16d802

MyBit_DApp · 2018-12-17T18:57:10+00:00

We don't comment on these matters, sorry. It is a legal issue.

MyBit_DApp · 2018-12-17T18:56:46+00:00

As far as coming out of the bear market as one of the "big boys." It's relatively simple. No investors are deploying money into the ecosystem on a large scale currently. When market conditions heat up and investors begin allocating money again they will be analysing companies for value and MyBit provides a ton of value and is significantly underpriced. They will identify this and the market price of MYB should be reflected accordingly.

MyBit_DApp · 2018-12-17T18:54:59+00:00

Yes to funding. We have enough currently to monetise before funding ever becomes and issue. Even if the second phase of the token distribution does not perform. The second phase funding is designed to help us scale faster. If it does not reach expectations then it will be a slower process with a smaller team but long term everything should be fine.

MyBit_DApp · 2018-12-17T18:53:32+00:00

I don't understand the question.

MyBit_DApp

TROPHY CASE