Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Oction. The AMA took place on April 3rd, 2021 and our guest were @cryptonite8888 @octymeister and @octician.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our AMA session with Oction! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Hello, dear community!
Octician | OCTION: Hello everyone!
Gold Rocket | Satoshi Club: Today our guests are @cryptonite8888 @octymeister and @octician!
Octmoon: Hello Satoshi club!
Octstar | OCTION: Hello Satoshi Club!
Маry Satoshi CLUB: Hello, guys! Happy to see you here🎉
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, guys!
Octmoon: Glad to be here 🙂
Gold Rocket | Satoshi Club: We are very excited about the upcoming AMA to be honest😉
Маry Satoshi CLUB: Let’s start🚀 Guys, please, introduce yourself and tell us more about Oction🚀
Gold Rocket | Satoshi Club: Introduce youreself please. How did you get to be involved in crypto & Oction? Tell us please about yourself and your position in Oction.
Octician | OCTION: OCTION is the world’s 1st CeDeFi Options Trading Platform built on the Binance Smart Chain!
Gold Rocket | Satoshi Club: Sounds very ambitious😁
Маry Satoshi CLUB: Awesome! So, are you pioneers on BSC or all over the cryptoworld?😀
Octician | OCTION: For me, I was formerly in Investments for a Sovereign Wealth Fund and an Economic Consultant. I was an early believer in Blockchain technology and was one of the pioneers in South East Asia to initiate OTC trading across borders. From there, I undertook several Blockchain projects since 2018 and through the knowledge and connections garnered, eventually led to the launch of OCTION!
Octstar | OCTION: Hi Guys, Octstar here, I am a Tech Lover, a blockchain enthusiast and is a Certified Blockchain Expert by the World Blockchain Council. He also graduated with flying colours from the Ivanontech Academy. In addition, I work with FTA (FinTech Academy) of Singapore to hold blockchain classes for ACCA (Association of Chartered Certified Accounts), ISCA (Institute of Singapore Chartered Accountants), NUS (National University of Singapore), NTU (Nanyang Technological University), I also plan to offer a full diploma program with PSB Academy for Blockchain
Octician | OCTION: We were initially all over the crypto world. However, we noticed the recent increase in interest on BSC and realized that it solves many significant flaws for projects run on the ETH chain. Hence we have decided to built OCTION on BSC!
Маry Satoshi CLUB: Yes, BSC is gaining interest now because of its low fees👍
Octmoon: Yes low fees and fast transactions:)
Octstar | OCTION: Yes it was the natural choice.
Octstar | OCTION: 35x cheaper, to be specific, as compared to Ethereum.
Octmoon: For myself, i was formerly an oil and gas trader, and an early adopter of cryptocurrency. One of the pioneers in South East Asia to initiate OTC trading across borders. Also managed, consulted and advised several other blockchain projects since 2018. During this period, i have gathered enough experience and connections to eventually launch OCTION, which is currently lacking in the crypto space 🙂
Маry Satoshi CLUB: Are you in crypto since 2018 or earlier?
Octician | OCTION: I was in earlier but started REALLY getting into it during the 2018 boom;)
Маry Satoshi CLUB: Great experience! We are here for tech😉
Octstar | OCTION: Yes I live for tech
Gold Rocket | Satoshi Club: As we can see you guys have a great background! And big plans with Oction
Маry Satoshi CLUB: What is better oil and gas or crypto?😀
Octmoon: OMG is this even a question! in crypto we see 50x 100x, for O&G we see margins:)
Gold Rocket | Satoshi Club: absolutely right! in crypto we are attracted by unlimited possibilities
Octmoon: the sky is the limit!
Gold Rocket | Satoshi Club: Well! Thanks for the intro! Ready for community questions?😉
Octstar | OCTION: We are ready to rock.
Q1 from Telegram user @Winner_don
I have heard about centralized decentralized Finance (CeDefi) but never heard of one that offers option trading features on binance.
How will oction make this feature work and boost mass crypto adoption?
In line with the trading leverage, will you be able to assist the traders and investors in minimizing risk?
What challenge can we face as an investor, trader and a newbie?
Octstar | OCTION: We are offering options trading on the Binance Smart Chain. Technically speaking the ability to buy CALL and PUT options, from the perspective of Smart Contracts, is just a transaction. Therefore, existing smart contract capabilities are good enough to perform this. However, we do have an-house team to calculate other parameters like expiry periods and max/min options sizes and etc.
Octician | OCTION: an in-house*
Octstar | OCTION: As for trading leverage and risk mitigation, this is automatically handled by the nature of options trading. Options Trading, by its very nature, implies limited downside (you only lose maximum the amount of premiums you used to purchase the option contract, in the first place)
Gold Rocket | Satoshi Club: sounds very good
Octician | OCTION: Yet, it allows opportunities for investors to enjoy the unlimited upside that crypto typically offers
Маry Satoshi CLUB: Which style of options will you trade? European?
Octician | OCTION: We will be doing both American and European options
Маry Satoshi CLUB: Or American?
Octstar | OCTION: As an investor, trader or newbie, if this is your first time using a decentralized platform, you have to get used to the fact that you will be governing your own wallet. As compared to Binance or Deribit, your wallets are automatically created and assigned to you, on a decentralized platform, you connect your own wallets, there is no centralized platform to create or govern your wallet for you.
Octician | OCTION: This was designed to provide options for traders. On one end, they could “pay less” and go for European options or they could “invest more” and go for American options which offers greater flexibility
Gold Rocket | Satoshi Club: American legislation is quite strict in the regulation of crypto
Octician | OCTION: Yes that is correct. However, although it is called American options, it is just a name used to describe the type of Option that is on offer, rather than it being named based on its locality
Gold Rocket | Satoshi Club: How do you manage to address these issues?
Octician | OCTION: American options essentially mean that these options will be exercisable at any time during the contract period. European options on the other end will only be exercisable at the contract expiry
Gold Rocket | Satoshi Club: Thanks for the clarification👍
Octician | OCTION: All good!
Маry Satoshi CLUB: Will this both options styles be available from the beginning?
Octician | OCTION: Yes that is the plan!
Маry Satoshi CLUB: Great! Thank you, guys for your answers! Do you want to add something or we can go to the next question?
Octician | OCTION: We feel that having both styles in place will allow for greater flexibility for the investors on our platform, particularly from a risk reward perspective
Let’s go to the next!
Q2 from Telegram User @AmirJosh
According to the information on your website, the OCTION team and advisors are seasoned professionals with rich experiences across Blockchain, artificial intelligence and investments. You also mentioned projects that they previously served, but how can investors verify this claim without you revealing teams names / identities? Do you have plans to atleast reveal the OCTION project’s founder?
Octstar | OCTION: Hi, as we are a decentralized platform – there is no CEO or COO, there are only project leads and we do show our faces on page 19 of our whitepaper. Ultimately as this is a decentralized platform, in the long term, we foresee the governance of this platform gradually but surely shifting to the hands of the community.
Octmoon: The fact that 1. we have managed to get onto BSCPad has already shown at least a level of credibility.
2. Many of our private investors already know of our background and we have passed Due D checks before any funds were transferred or before any agreements were signed 🙂
Gold Rocket | Satoshi Club: please share your white paper with Satoshi Clubbers🙏
Маry Satoshi CLUB: You had or will have sale on BSCPad?
Octmoon: Will have!
our IDO is on the 9th of April on BSCPad
the whitelisting requirements have already been released
Маry Satoshi CLUB: Can you share this requirements with us? I know our members like to try to get whitelisted 😉
Octstar | OCTION: #OCTION IDO Launch Information:
—————————————————————————————
Info:
✅ Allocation Round: Friday, April 9th 8 A.M. UTC
✅ FCFS Round: Friday, April 9th 1 P.M. UTC
✅ PancakeSwap Launch: Friday, April 9th 4 P.M. UTC
✅ Public Sale Vesting Schedule: Vesting 50% TGE then 25% per month
✅ Public Sale token price: 0.11 $BUSD
📸1st Snapshot: Monday, April 5th 5 A.M. UTC
📸2nd Snapshot: Friday, April 9th 5 A.M. UTC
👉Hold your #BSCPAD tokens in your address between 1st and 2nd snapshot times👈
This way you have a guaranteed allocation in the #OCTION presale.
For bronze🥉 (1000-2499 tokens) & silver🥈 tiers (2500-4999 tokens) it is necessary to fill in and complete the whitelist form below!
—————————————————————————————
📃Whitelist form:
1. Join the #OCTION Telegram: https://t.me/octionofficial
2. Follow #OCTION twitter: https://twitter.com/octionofficial
3. Follow #BSCPAD twitter: https://twitter.com/BSCPad
4. Create a tweet on your twitter account with #BSCPAD & #OCTION hashtags and share the link in the whitelist.
5. Follow the steps inside the white list form:
https://bscpad.wufoo.com/forms/mpweflw1tyq3gs/
📃Inside the form:
1. Add your #BSC compatible wallet address
2. Provide your telegram handle
3. Copy paste the link to your tweet with #BSCPAD & #OCTION tags in it. ( Create the tweet on your own twitter account, dont comment on one of our posts )
Gold Rocket | Satoshi Club: Pay attention Satoshi Club!
Маry Satoshi CLUB: Good luck, guys😉
Octmoon: Thank you everyone for the well wishes!
Octician | OCTION:
OCTION Whitepaper
Octstar | OCTION: https://t.me/octionofficial
Gold Rocket | Satoshi Club: Wow! it’s very soon !!!🚀🚀🚀
Octician | OCTION: For more information on the whitelist details, you’ll be able to find it on our official Telegram group here
Octstar | OCTION: Do visit our Telegram group for more information
Octician | OCTION: Yes! Exciting times!
Octmoon: Yes i know it is very soon! the community and team are all very excited
Gold Rocket | Satoshi Club: Thanks for sharing👍 and good luck🤞
Маry Satoshi CLUB: Thank you for your answers! Everything is clear for me. Ready to proceed?
Octician | OCTION: Let’s go on!
Q3 from Telegram user @dudeiebitch
Hey in your discord channel you talked about staking oction tokens to receive 1% settlement fees per transaction but I would like to know how much is APY when we stake the token with the platform that give us the opportunity to stake apart from the oction platform.
Octician | OCTION: The APY will be determined based on the amount of settlement fees generated from the OCTION platform. This comes about through transactions, i.e. when a buyer purchases an options contract. Essentially, how it works is that every time someone buys an options contract, a premium is paid for this options contract. A portion of this premium will be distributed to those who have staked their OCTION tokens. The more option contracts are purchased on our platform, the higher the APY 😉
Маry Satoshi CLUB: Logically 😀
Маry Satoshi CLUB: Which fees will your users pay? Can you tell us about their structure?
Octmoon: the total amount of money paid = rate
rate = premium + settlement fee
for eg. rate is $100
the premium will be $80 and settlement fee will be $20
Маry Satoshi CLUB: Not bad!
Octician | OCTION: Those that stake their OCTION tokens will earn $20 in this example. The $80 will be distributed to those that have contributed to the liquidity pool that takes on all option contracts purchased
Маry Satoshi CLUB: When do you plan your platform to go live?😀
Octstar | OCTION: Hi Mary – excellent question. We project 6 weeks to 10 weeks for platform to go live. But rest assured that the platform going live is the first step. We will include more assets to be speculated on and more functions to be unlocked along the way. One of our most exciting features is the OCTION Positional Shield.
Маry Satoshi CLUB: That’s great! Our next question is about this feature😉👍 Ready for it?
Octician | OCTION: Let’s get it!
Q4 from Telegram User @garrinepotter
I see you have the opportunity to expire early options through the “OCTION Positional Shield” system, receiving a refund of part of my premiums. I have recently started to study options trading, but if I understand correctly, one of the parties to the transaction suffers losses during early closing. Using “OCTION Positional Shield” gives partial reimbursement of losses?Or what does it mean:”reimburse part of your premiums”?
Octician | OCTION: Excellent question! 👍🏻 I think the best way to describe this is through an example. If someone purchased an options contract for $50 for a position in 1ETH (market price = $2000) at a strike price of $2000, with a 2 week contract duration. Now after 1 week, if the market price of ETH stays at $2000, “technically” the options contract should be worth $25 with a 1 week contract duration balance. However, if the options contract holder was to now decide to exit his options contract, he would have this alternative which is to receive e.g. $15 back in return for giving up his balance 1 week contract duration. Statistically speaking, the liquidity pool would “earn” $15 LESS because of the reimbursement, however the liquidity pool aka writers would also face less “time risk” by providing this reimbursement through the OCTION Positional Shield aka insurance function
Маry Satoshi CLUB: Excellent example! You know, guys i love when someone can describe something complicated in simple words
Octician | OCTION: So it’s always a relative comparison between time risk and the value of monetary risk. Happy to be of service! 😌
Gold Rocket | Satoshi Club: Thanks! the answer was really flawless🚀
Маry Satoshi CLUB: OCTION Positional Shield feature will be available from the launch or later?
Octstar | OCTION: Nope, this is a feature that will be available in Q3 2021.
Маry Satoshi CLUB: Also, as always i am here with my favourite question 😂🤦 what about your platform audit? Did you have it or plan it?
Not so long to wait😉
Octstar | OCTION: Yes. We plan to have the Liquidity Pool and Staking Pool smart contracts audited by Certiks.
Маry Satoshi CLUB: You choose best😉 We will wait for the updates about audit! Thanks! Ready to jump to the next question?
Octstar | OCTION: Yes. We spare no expense when it comes to security. Nobody’s money is easily earned, we protect it at all costs.
Маry Satoshi CLUB: Awesome 👍
Octstar | OCTION: Yes we are ready.
Q5 from Telegram User @Korryl
Oction is a CeDefi Trading Platform on BSC, but you mention that Oction also integrate with NFTs, can you explain how is the NFTs work for your trading platform? What are the use of NFT in your platform?
Маry Satoshi CLUB: NFTs😍😍😍
Octstar | OCTION: NFTs are integrated with the OCTION platform in the following manner: We plan to offer NFTs as an asset class. In other words, you will be able to purchase CALL/PUT options on the price of NFTs. We also have our OCTION Collectibles in the Opensea Marketplace. Oction NFT Marketplace: https://opensea.io/collection/oction-collectibles
Маry Satoshi CLUB: They are beautiful 😍
Gold Rocket | Satoshi Club: Yes! 😍 it’s awesome. I dream of an octopus on the beach 😁🐙
Octician | OCTION: It’s our way of bridging the gap between Options and NFTs!
Маry Satoshi CLUB: You’re on BSC but NFTs are on opensea?😉 Why?
Octician | OCTION: It’s just meant to be a collectible item for our loyal OCTION family! The main focus is more on providing Options on a new asset class on top of the traditional cryptocurrencies, aka NFTs
Маry Satoshi CLUB: Yes, i understand, do you plan NFTs on BSC?
Octstar | OCTION: Since the Binance Smart Chain is EVM compatible, what we will do is our in-house tech team will build bridges to the Ethereum chain so that we can feed live price data even from Ethereum-driven NFT marketplaces.
Маry Satoshi CLUB: Got it😉 bridges everywhere, it has sense 😀 And just one 6th question left from this part 😉 ready?
Octmoon: ready.
Q6 from Telegram user @yiselen
OCTION aims to educate both users and traders about the differences in the different types of financial derivatives that are offered in the market. Can you tell us what you are developing at the moment? Describe what CeDefi consists of and what are you implementing it for?
Octmoon: We are developing the world’s first fully integrated CeDeFi options trading platform.
now, with regards to what OCTION is currently developing, its very simple we want a level playing field for both crypto traders and holders alike.
providing holders with a way to mitigate risk and new comers or exiting crypto traders to earn the potential upside on crypto because all you are losing if you purchase an option, is the premium.
Маry Satoshi CLUB: A lot of users still are not familiar with options market and are afraid of it😉
Octmoon: well what i can say is that, futures and options are very different. when you purchase a future you wont have a future anymore.
but when you buy an option, you are mitigating your risk associated to your current market positions
Octstar | OCTION: CeDeFi refers to Centralized-Decentralized Finance. For the options trading platform, certain mechanisms like the hosting of the website is still centralized as we want a smooth user experience for all traders but elements such as price feed, option contract execution are decentralized because these are the elements which are critical to price transparency and fairness.
Маry Satoshi CLUB: Yes, i understand 😀 hope todays AMA will help to those who are still afraid 😉
Gold Rocket | Satoshi Club: thanks a lot for your answers! it was very interesting and informative! 👍
Octician | OCTION: For those that still have any questions, please feel free to come to t.me/octionofficial to hound us for clarifications and answers 😉
Octmoon: dont be afraid of options. its actually very simple! we are happy to share more if anyone needs information 🙂
Маry Satoshi CLUB: Sure! Now we know who can help us! Waiting for your platform launch! And of course, for IDO😉
Part 2 — live questions from the Telegram community
Q1 from Telegram User @highpee
🙋♂️Hello
For your PUBLIC SALE that is happening April 9, the token sale price: 0.11 $BUSD. Are you only accepting payment in BUSD or it will be possible to pay using other token like USDT or BNB?
@cryptonite8888
@octymeister
@octician
Octstar | OCTION: Only BUSD. Our liquidity pool on Pancakeswap will be BUSD/OCTI
Q2 from Telegram User @surendra040
Hello! @cryptonite8888 @octymeister and @octician
Many Binance smart chain projects are on hype recently doing AMA in satoshi club and very hard to find trust worthy project and some rugged pulls too. Why do you have a team anonymous and will your team be public in future?
Octstar | OCTION: Hi our team is not anonymous. Please refer to this link below to download our whitepaper and turn to page 19. All our faces are shown there.
Q3 from Telegram User @JuanSB07
You mention that “OCTION” is based or built on the Binance Smart Chain (BSC) . But what are the main reasons for choosing this chain over others? Ethereum is not a more solid option ? And talking a little bit about the benefits of relying on Binance Smart Chain in “OCTION” what would they be ? The low fees are related to this chain ?
Octician | OCTION: Yes the low fees are related to BSC. We have deliberately chosen BSC over the ETH chain. The reason for this is because with the current congestions and high fees on the ETH network, it makes it very difficult for option traders to trade profitably. The price you pay for an options contract could be $50 but if the gas fees cost $200, it will be incredibly difficult to be profitable. BSC solves this problem through the low gas fees.
Octstar | OCTION: We chose the Binance Smart Chain.
Because as of now, gas fees are 35x cheaper as compared to the Ethereum chain.
It also supports higher transaction throughput.
Last of all it’s unique POSA (Proof of Stake Authority) Consensus mechanism allows for easier upgrading/soft forks/hard forks of the chain in future.
Q4 from Telegram User @highpee
🙋♂️Hello
Am not too familiar with options trading on decentralized platforms but I can see you mention AMERICA and EUROPEAN options. What are these? How are they traded and what is the difference between the two?
@cryptonite8888
@octymeister
@octician
Octmoon: The key difference between American and European options relates to when the options can be exercised.
EU options may only be exercised at the chosen expiry date of the option. ( a pre defined point in the near future).
US options on the other hand may be exercised at any time before the expiration date.
These are just terms used for options trading dont get confused by the word US or EU options. They are just option types
Q5 from Telegram User @Carolina0012
In the summary statement of your paper, make it clear that they refer to a “CeDeFi”, it is a period in which token holders cannot transfer the tokens from their wallets. Does this strategy apply to all token holders?
Octician | OCTION: If I am not mistaken, this is in relation to the vesting schedule. We have implemented various vesting schedules for our Private Sale (20% unlocked upfront, 8% per month thereafter) and Public Sale (50% unlocked upfront, 25% per month thereafter) investors, along with even longer vesting schedules for the Team and Advisor (6 month cliff, 8% per month thereafter) tokens. This is meant to protect the project and to show the dedication of the Team and Advisors towards the long run growth and scalability of OCTION.
Tokens traded on Pancakeswap will be freely traded and will have no vesting schedules applicable to it
Q6 from Telegram User @lzamg
🌟One of the main features of OCTION is the options contracts. Can you explain how do these contracts work? Which benefits do the options contracts provide the OCTION users? Also, how do your contracts difference from the traditional options contracts?
@octician
@octymeister
@cryptonite8888
Octstar | OCTION: Look at each CALL/PUT options contract that is bought on the OCTION Ecosystem as a single transaction on the Binance Smart Chain and therefore is supported by the current Smart Contract Protocols offered by the Binance Smart Chain.
Being decentralized, OCTION prevents unnecessary disruptions and interventions by a centralized platform
Example: Recent halt in trading by Robinhood for GameStop shares (NYSE: GME) on 28/1/2021
2. Zero-time decay as all orders are instantly taken up by writers (liquidity pool)
3. Maximum efficiency of liquidity as all unutilized liquidity is immediately available to underwrite new options contracts
4. No market maker is required to provide liquidity via sitting limit orders as all orders will be taken up against the liquidity pool
5. Lower commissions compared to full-service brokers
6. OCTION token holders will benefit from the development of the OCTION ecosystem with advantages when being a writer (earn transaction premiums and guaranteed liquidity for liquidity providers), holder (discount on transaction premiums) or just a token holder (earn settlement fee)
Q7 from Telegram User @K2ice
How soon do you think the Liquidity Pool and Staking Pool smart contracts will be audited by Certik? Will appreciate a timeline.
Octician | OCTION: As stated earlier, our intended timeline for the development will be 6-10 weeks. Once this is done, the contracts will be sent for auditing with Certik
Q8 from Telegram User @Isabellqueen4
there are several competitors such as Hegic (Eth), Oddz Finance (Multi-chain) and Hedget (BSC).
How does OUCTION plan to have a better market share?
and What is your strategy?
Octmoon: Firstly, we are the first to be built on BSC which also means that our transaction speed and transaction cost is 35x cheaper.
The model that Hegic and Oddz finance uses are totally different from ours. Oction provides value to both holders and writers aka (buyers and sellers)
Moreover, we also have an Oction positional shield that is proprietary.
when it comes to market share, its natural that users will only move to a platform that has more option types for them and also a safety positional shield mechanism and most importantly a platform that has a lower transaction cost and higher transaction speed.
Q9 from Telegram User @Sumione
Hello! 🖐️
@cryptonite8888 @octymeister
@octician
What is your official token address of OCTI?
Octician | OCTION: Our official contract address is: 0x6c1de9907263f0c12261d88b65ca18f31163f29d
Q10 from Telegram User @smelekin
Do you make any off-chain transactions or trades for the orders of your customers?
Octstar | OCTION: No we do not. Because any off-chain transaction is susceptible to fraudulent adjustments.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of OCTION. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
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