CoinEx 90 Minute AMA: Yang, ‘BSV is a Scamming Conspiracy,’ New DEX, Cardano

CoinEx Announces Decentralized Crypto Exchange in 90 Min AMA, Adds Cardano

TL;DR: Just days after CoinEx founder and CEO, Haipo Yang, suddenly popped-in on the cryptocurrency exchange’s Telegram forum, Yang returned for a 90 minute question and answer session 23 March 2019, billed as an Ask Me Anything (AMA). It was timed just hours after the company announced work on its decentralized exchange (DEX), CoinEx DEX, and that it added Cardano (ADA) to its listings. And in the AMA, Yang, for example, came out swinging on the issue of Bitcoin Cash (BCH) and its fork, calling Bitcoin SV (BSV) “a scamming conspiracy led by a con man.” 

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CoinEx CEO Haipo Yang Does 90 Minute AMA

“Today’s AMA is divided into 3 rounds,” the company’s Telegram group admin posted. “For each round, there are 10 mins for you to ask questions. And after that, sending messages is suspended in the group for 20 mins for our CEO to reply to you.”

CoinEx 90 Minute AMA: BSV is Scam, Decentralized Exchange, Adds Cardano
Questions came fast and furious during the AMA.

Round 1 was off to a quick beginning, as Yang announced promptly, “Hello guys, Let’s start, Ask Me Anything.” And ask they did. The Telegram group’s more than 10,000 members seemingly jumped out of their chairs to ask about everything from CET pairs, an initial exchange offering (IEO), mainnet launch, and even price predictions. Dividends, Bitmain, listing on the Hong Kong Exchange (HKEX), and questions about his rumored arrest followed.

“We’ve been through a tough time in the past few months,” Yang posted in response to a question about his arrest and jailing last year. “But lucky for us CoinEx didn’t collapse and our core team have confronted the challenge. In October last year, the EXTRA project was exclusively released for trading on CoinEx. Due to the major market fluctuation the EXTRA token saw sudden and obvious plummeting price soon after the listing and the project went through criminal investigation, implicating CoinEx. The Chinese gov and police know little about the industry and they mistakenly compare us to traditional scamming exchanges like postal ticket exchanges, oil exchanges, art pieces exchanges which turns out to be wrong. But the tricky thing is in China’s legal system you are ‘guilty until proven [innocent]’ while in the US you are ‘innocent until proven [guilty].’ (interesting data: in China 90% criminal suspects in China will be ‘arrested’ before any charges and in the US only 10% suspects charged with felony will be arrested) It’s been hard time but I believe what doesn’t kill you makes you stronger.”

CoinEx 90 Minute AMA: BSV is Scam, Decentralized Exchange, Adds Cardano
Some of Yang’s answers from the AMA

During Round 2, CoinSpice asked his thoughts on BCH and the 15 November 2018 fork and split. “Compared to the BCH hard fork from BTC in Aug 2017,” Yang explained, “I think BSV fork is a scamming conspiracy led by a con man. The difference between Bitcoin Cash and Bitcoin SV is more like Science vs Religion. I am all for Bitcoin Cash.”

Asked about plans for the VIAT project, Yang noted, “We will strictly follow the white paper and continue to carry out quarterly buyback and burn. VIAT has seen tremendous market fluctuation since it launch and didn’t have good enough performance. We also didn’t see expected incentives for miners that’s why we stopped the duo-mining. We will make some adjustment on VIAT to ensure investors’ interest. Please follow our official announcement.”

As for future listings on the exchange, “To begin with, we will sift out mature blockchain projects according the following factors: Market value, liquidity, team, tech background etc, and list more coins/tokens in the future, especially the ones in Top 50 on CMC,” he detailed. “As for token listing applications from new teams or exclusive listing, CoinEx labs will make a thorough assessment on their team, roadmap, degree of decentralization etc and select the quality coins/tokens for CoinEx users.”

CoinEx Announces Decentralized Crypto Exchange

Only hours before, CoinEx Chain website online: Born for decentralized trading was posted on the company’s blog. It read very much like a letter to customers, recapping the company’s history over the last year or so. “Since our foundation in December 2017,” the exchange explained, “CoinEx’s orientation has been towards a global and professional digital coin exchange service provider and we have been making continuous efforts to present a highly secure, stable and efficient digital coin exchange to our users worldwide.”

CoinEx Announces Decentralized Crypto Exchange in 90 Min AMA, Adds Cardano

CoinEx is somewhat like the Binance model, pairing coins while also issuing its own CoinEx Token (CET). And, like their competitor, the exchange is looking to not only have its regular, more centralized platform but also a decentralized version. “For centralized exchanges, decentralized exchanges make a good complement, and only when the two coexist can they together boost the industry development,” the site read.

“CoinEx Chain (www.coinex.org) and a CoinEx Chain-based decentralized exchange – CoinEx DEX will be online in the future. After the CoinEx Chain main net is released, CET will be migrated to the CoinEx Chain and utilized as the main net built-in token as well as trading gas,” the exchange detailed, promising “transaction confirmation within seconds and supports a processing capacity of up to 10,000+ transactions per second.” For a full recap on the AMA, read the CoinEx official Medium post, here.

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