Why ETH and not BTC?


(Colegio) #1

@canesinIt is currently unknown if we will launch with BTC support or not, our priority is having ETH and NEO cross-chain. There is parallelism with some of the tasks being done, so this is not far fetched as some may imagine.

I’d like to quote the founder of Bitmax exchange George Cao:
We want to decouple from ETH… I am happy we don’t have BTMX/ETH pair. Otherwise the price wouldn’t be as stable as it is now.

Can you comment on why the focus on ETH and not BTC starting out? Although I understand Bitmax is a trade-driven mining platform which is completely different from NEX, their strategic decision to not pair their BTMX token with ETH is to minimize the risk of selling pressure which would cause their native token to dump.

And to add to my initial question, why the decision to delay BTC support?


(Mange) #2

It’s all due to the tech. Much easier to implement a smart contracts protocol into a decentralized exchange like ETH/NEO/QTUM etc.

For coins like Bitcoin/Litecoin that don’t support smart contracts, more work needs to be done and probably impossible without having a centralized component to it.

Really hope they add BTC pairs and perhaps even a stable coin like USDC/PAX on launch, that’d right away bring a good amount of volume.


(Bunder) #3

You are really new in the Blockchain world?
Or read some other topics about this…
Don’t get this trash questions on the community platform please :sunglasses:
ciao
-bunder


(Colegio) #4

My apologies for my trashy question. I didn’t realize it didn’t meet your high standard of questionnaire. So according to your expert level knowledge, this forum is only meant for experienced investors only? In that case, please forgive me.


(Trust Yourselves ) #5

Don’t mind him. Your question was a valid one. Im sure Nex team would like all questions.


(The Ron) #6

Sorry, but who are you to judge on which questions are good or not good for this forum?

I also think it’s a valid question @colegio


(Ethan Fast) #7

As others have mentioned, it is much easier to build a DEX on ETH than BTC given the more advanced smart contract functionality. Supporting ETH also gives easy access to all ERC20 tokens. That said, the cross-chain technology we have developed that allows people to trade NEO for ETH in decentralized way gives us a big leg up for BTC support. Adding BTC is a huge priority for us, and we are already working on it.


(Yoruba Angel) #8

Launching with just erc20 and NEO based tokens also means the exchange wont be launching with such high volume.


(Olu ) #9

Patience :pray:


(Mao Mao) #10

it depends how far you are invested into NEX. im sure with the long term vision that NEX has, and the credibility of them, it can go big. if you are just open to seeing how the volume will be on launch day, then maybe you haven’t understood how much the NEX team is trying to compete in this market. its not just about coins. it’s also about the UI, UX of the exchange.

Rome isnt built in a day bud, Binance didnt just shot up on launch day too, neither did coinbase. The fundamentals of NEX is still strong to me. such as the compliance pathway they are going towards. I, too, am anxious like anyone of you in this bear market, but what we can look at is the fundamental of a firm, instead of the overall market which we cannot control. because the market is a cycle, it has ups and downs, even one of the best firm like Amazon has to go down in bad times.

Lastly, Ethan has explained that BTC is a huge priority too which shows they know the thing.

What do you think?


(Ashrith) #11

Whatever am tired of this bear market, please Nex team launch or at least demo something. I am really bored :sleepy:


(Seidler) #12

Same :slight_smile: we need some positive news


#13

@seidler @Ashrith From the Nex critique thread


(Njb) #14

Sidechains allow Bitcoin to use smart contracts, so definitely possible. But they can also just hold BTC/LTC centrally.


(Ashrith) #15

Q4 :sleeping:, it has got only 20 days left. Let’s hope they release something soon( I want it to be very soon :joy:) They don’t know how much I was exited before. Even they reply something I feel very exited. Now I don’t even see them replying. Actually no one has a question though :joy:


(FCC) #16

@Ashrith we understand that as the market deteriorate investors look for good news and it can make some like yourself put pressure on the project. Reality is that we have been happy to have the market corroborate our valuation and token strategy and in all honesty is not NEX that is the reason for this sentiment. We continue to build and will continue to follow the main investor communication strategy as planned and announced. So expect an Q4 report begging of January as standard in the financial industry. Also the Part II article write-up of our vision is scheduled together with the exchange launch at date TBD. Parallel marketing programs will be announced as needed.


NEX critique
NEX critique
(Colegio) #17

@canesin no offense Fabio, when I first learned about you through NEX team page back in July and upon watching your AMA for the first time, I thought you were 99% developer with very minimal knowledge of business. The more I read your comments and followed NEX progress over the past months, the more I’m impressed by your breadth of knowledge and insights. Either you’ve always been this great or you’ve been hard at work and learning everyday while surrounding yourself with winners. Maybe both? :slight_smile: Same goes for @ethan. When I heard the announcement about the PhD, I thought “hmm, PhD running a business?” Fast forward a few months later, I’m thoroughly impressed. The weight of your responses to questions is powerful and I look forward to passing on some of my NEX to my daughter as her inheritance :slight_smile:


(Xen) #18

Agreed. :+1:t3: