Coinspeaker Crypto Trading: Please Hold My HandThe cryptocurrency market is more than a few years old now and is still waxing strong. Bitcoin, the first major decentralized digital asset was released back in 2009 and even though that’s about a decade ago, it might not be a very long time in the grand scheme of things.New innovation always comes with some skepticism and cryptocurrency is no different. With the crypto market, four main factors have been identified as the major factors stifling growth in the market. They are general inexperience and lack of confidence, the absence of a cohesive trading interface, low levels of trust and the problem of centralization of trading.There’s also the problem of bridging the gap between the retail market and normal crypto trading. Even though there are quite a few professional traders, there’s a strong need for a lot more players with more experience, if the sector is to have an improved chance at liquidity.This will also create better access for interested retail investors because, at the moment, these investors have little to no knowledge about crypto trading and possible earnings, even if they begin to show interest. Evidently, the public interest in crypto trading is there and growing but the required attention to be devoted to self-learning might be seriously unattainable.Currently, crypto exchanges are pretty much the major market players in the sector. However, relinquishing this responsibility to them might be a terrible idea seeing as most of their plates are already full with other projects and they further juggle these with making sure their platforms are safe from breaches as many of them have been hacked in the past. This is not to say that the exchanges don’t care about the situation but focusing on sensitization and education just might not be the best course of action for them even if it will most definitely increase their user base.Even if we put the experience inadequacy aside, the non-cohesiveness of the trading platforms rears its ugly head. Many exchanges have similar products and opportunities offered to their users but most of the platforms, even when offering some of the same things, are considerably dissimilar.The idea of creating uniformity in all of the platforms has to be grossly unpalatable for the exchanges. It makes sense that none of them would be excited about sharing users, liquidity and ultimately their profits, by creating or enabling a common or similar interface for all of their users including professional and retail traders.This imbalance has been noticed by both the trading platforms and the general public and it is hoped that both sides of the divide would find a way to create a balance. Already, there are certain trends slowly coming up where experiences can be shared and some self-teaching can be done. In some cases, you might be able to see what particular stock a major influencer just bought or what specific digital asset the people in your inner circle are either looking to purchase or paying attention too.This trend is called Social Trading making it similar to the idea of social networks except that instead of sharing random selfies or pop culture and photos, traders can easily interact and brainstorm about market situation and trends. Social Trading could also help with sensitization and education as people who are newbies or generally inexperienced, can take advantage of the interaction between professional traders and learn new strategies and ideas.This brings us to another problem which is a complete lack of trust. Basically, there might be no definitive way to ascertain the professionalism or actual expertise of the people sharing opinions on these social trading platforms and if there is no trust, everything remains as is.Now, even if we can ensure a high level of trust, there is still the problem of centralization in crypto trading. The idea of centralization at all, basically stands against the basic tenets of cryptocurrency and blockchain technology. Blockchain is built around decentralization and is designed to be fully trustless.Regardless, these major players – the cryptocurrency exchanges – are basically centralized authorities and middlemen, between market players. Apart from the fact that blockchain and centralization are opposites, users are in most cases expected to entrust their private keys with these institutions for security purposes.However, this is sometimes not enough and there are countless occurrences where these centralized exchanges have been hacked. Sometimes, the hackers wipe away a substantial amount of funds that the exchange eventually goes down under. Also, the centralization means that whenever they like, exchanges can change their terms and conditions or rules of engagement and all users would have no choice but to follow through.This much power as seen with centralized exchanges and also the traditional financial sector, is a major reason why the more recent decentralized exchanges (DEX) are emerging. These decentralized exchanges, just as the name implies, are peer-to-peer, open-source and can run autonomously.With a DEX, there is no central authority and users are expected to be completely responsible for their private keys as well as the security of assets. This is the version of a crypto exchange that keeps the core blockchain style of decentralization.The aforementioned problems are problems that pretty much everyone in the sector has noticed. Generally, it is somewhat agreed by all parties that there might be a need to address some of these issues but therein lies the problem. Specifically, is there a chance that the current crypto market structure will be overhauled in such a way that whatever benefits the market currently has will be kept while the cons would be sieved out?A new platform called FUMGO seems to be a perfect solution to the four problems earlier discussed. Apart from being a social trading platform, it is also the very first Binance DEX community-oriented and community-driven platform. What makes it further interesting is that the platform was designed for professional traders as well as inexperienced newbies.Within the system is the social trading service which uses social data gotten from the discussions and chats among the Binance DEX community, and the interface is so simple, that even the least knowledgeable people can take part and easily begin trading. The platform also serves as a connecting point for real-time interaction with multiple major crypto exchanges without the need for users to worry about learning how each one operates.Co-Founder and CVO of FUMGO, Anton Bartenev, has touched on touched the idea of how social media works, forming the basis of FUMGO’s services for social trading. According to Bartenev:“In today’s world, we rely on social media for everything – where to go for lunch, where to stay when visiting a different city, how to fix your dishwasher. We thought that the same idea would work great if we applied it to crypto trading, which so many people fear and shy away from.While considering the problem, we realized that we would need to create a system that allowed users to exchange their ideas and strategies, in one form or another, without relying on trust. This is why we put the Binance DEX – both the community and the exchange itself – smack in the center of our system: it ensures the transparency and eliminates the need for trust.”FUMGO is largely focused on a very simple idea which is to assist newcomers in the sector with trading and earning profits through social trading and also using trusted strategies created by professional traders. Going this way, these newcomers can gain a lot of experience and insights into the market and how it works, thereby helping themselves with knowledge and trading confidence. The platform will also help traders with an opportunity to earn profits for their knowledge and expertise.FUMGO is also designed to hold on to full records of all trades, earnings, profitability, engagements and a specific number of followers each professional trader has. All of these data will be used to rate the traders, as a pointer for newcomers.Furthermore, all of the data will be available for all users to access, as a way of helping them learn and tailor their own trades as well. The ratings help solidify the role of these professional traders as a very important part of the platform because it helps to build knowledge and experience for the newcomers. The strategies created and implemented by these people can easily be studied and mirrored but can also be limited based on what a trader wants as well.Yehor Shyshov, FUMGO CEO and Co-Founder, explains this in detail as well:“Orienting yourself in the crypto world, if you are a newcomer, can be a confusing and overwhelming experience. This is why we thought that making a service, a community that essentially holds your hand and supports you through the process would be a good idea.You start with mirroring the trading strategies of experienced professional traders and learn to make money in the crypto space without spending vast amounts of time and mental power, and the pros get to prove their salt and up their game.We believe that our terminal is highly relevant as, with its social trading underpinnings, it eliminates obstacles and opens vast opportunities to both the professional and retail crypto users. As such, we hope that it will play an important role in educating the community and propelling the crypto market to the new level of awareness and mass adoption.”Crypto Trading: Please Hold My Hand
Russian ZP Legal Claims They Can Recover Mt. Gox’s $2 Billion Lost in Bitcoin Hack
Friday September 13, 2019
Coinspeaker Russian ZP Legal Claims They Can Recover Mt. Gox’s $2 Billion Lost in Bitcoin HackMoscow-based law firm Zheleznikov and Partners (ZP Legal) claims has put forward a proposal on how to recover up to 200,000 Bitcoin (BTC) stolen from the Japanese exchange Mt. Gox. The solution implies taking legal action against Russian nationals who […]
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