Home News ViaBTC and CoinEx Founder Talks Binance Hack, Exchange Future in Latest AMA

ViaBTC and CoinEx Founder Talks Binance Hack, Exchange Future in Latest AMA

TL;DR: Mining pool ViaBTC and cryptocurrency exchange CoinEx CEO founder Haipo Yang took to his second Telegram Ask Me Anything (AMA) this year. It’s his latest since he reemerged in late March, answering a wide spectrum of questions. On 5 June 2019, the mining pool’s 3 year anniversary, Yang addressed a Chinese-language group, and then transitioned to his exchange’s 10,000+ member English-speaking chat, offering thoughts on everything from SLP tokens to the release of the decentralized CoinEx Chain, to even the potential of institutional investment. 

CoinEx Founder Haipo Yang Returns for Second AMA

In his first go-round March of 2019, cryptocurrency enthusiasts were simply excited Haipo Yang was back, alive, and returning to the work for which he was internationally famous: mining and running an exchange startup. After a previously-unexplained absence, Yang was eager to prove all was well.

ViaBTC and CoinEx Founder Talks Binance Hack, Exchange Future in Latest AMA

The 5 June 2019 AMA was decidedly more business, less personal, and ran about 30 minutes. Markets have recovered somewhat, and the Crypto Winter has subsided. Leading up to the AMA, Yang addressed a mildly controversial recent mining choice in a tweet, insisting it was simply a business decision and not to read too much into it.

In the AMA, CoinSpice asked for Yang’s thoughts on the Binance hack. “Security matters the most to any exchanges,” he explained, “but it’s impossible for an exchange to guarantee they’ll not be hacked. What’s important is that we take precautions and cope with the consequences. Luckily, they were able to afford the amount of hacked assets and [were] responsible for the losses.”

CMC Metric Requirement Unfair

When asked by a member about stopping their exchange token CET dividend, Yang insisted, “CET could be considered securities if we continued to allocate dividends to CET holders, and this method might not comply with certain regulatory landscapes. In fact, repurchasing and dividends have the same impact on the market.”

A few questioners asked about CoinMarketCap’s (CMC) circulating and max supply values, suggesting CET was not being updated by CMC. “It’s unfair that CMC should set a rigid requirement that tokens must be listed on at least 3 exchanges to be updated on their platform,” Yang stressed. “Many other exchanges are faced with the same issue as we are, but we will keep making contact with CMC to get it resolved.”

Yang was also careful to insist the exchange will not support fiat currencies, recommending “Coinbase or other exchanges because we’re focused more on crypto-crypto trading for now.” He did, however, expand on the arrival of Bitcoin Cash (BCH) SLP tokens. “SLP Token is just one of the solutions of token issuing and it’s not a specific token. Fundamentally, it is no different than a ERC20 Token issued on ETH.”

Plan to Issue Stablecoin, DEX White Paper

When asked about the possibility of an exchange stablecoin, “We have plan to issue Stablecoin on CoinEx Chain in cooperation with our partners in the future and CET also will be used as gas on CoinEx Chain,” he explained.

ViaBTC and CoinEx Founder Talks Binance Hack, Exchange Future in Latest AMA

As for the decentralized exchange (DEX), CoinEx Chain, “Currently, we are still working on the overall design and initiating the Whitepaper – It’s about to be settled. We will lately publish the CoinEx Chain Whitepaper and the official release is scheduled in Q4.”

With the general trend of exchanges working toward institutional investment, Yang was philosophical. “Some so-called investment institutions are coming to take ‘blood’ from exchanges instead of bringing new blood. It’s rather unrealistic to have high expectation from these crypto institutions and I don’t think they can bring long-term value to exchanges. Currently, we are still listing ‘existing’ (mature) coins/tokens for a wider variety of coin options. This is the foundation of a serious trading platform and it will benefit us on a long run.”

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH. 

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