Sometimes you should trust bots and they will do for you what you yourself won’t be able to do physically. And today we would like to tell you about the AMA session with our friends from Bot Ocean. The AMA took place on November 06 and our guests were Lorena Tincu, CTO of Bot Ocean and Dragos Lipa, CEO of Bot Ocean
The total reward pool was 2000$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club: Hello,Satoshi Club! We are happy to announce our AMA session with Bot Ocean! @loretincu welcome to Satoshi Club:grinning:
Lorena Tincu: Thanks for the invitation Mary! 🙂
Dragos Lipa: Hello everyone! Thank you for having us
Mary | Satoshi Club: Happy to see you here :+1: How was your day?)
D. | Satoshi Club: @dragosL @loretincu hello guys! welcome to Satoshi club! 😊
Lorena Tincu: It went great up until now thank you, but I hope it’ll be even better after our AMA today
Dragos Lipa: Great, I think everyone is enjoying the run that the market is having
Mary | Satoshi Club: We as well:+1: Could you please introduce yourself and tell us how did you start with Bot Ocean?)
Lorena Tincu: I’m an automations engineer and have been a developer for the past 6 years; from working on large teams that iterated on live products to building new ones from scratch. I’ve been involved both in startups and large companies but after all this while I decided it was finally time to choose a clear direction in which to go and at the time I had known Dragos for a while and decided to join as CTO and dedicate my time to Orka & Bot Ocean.
My specialization as a software engineer lies in machine learning & AI but over the years I’ve learned to become well-rounded enough to be involved in all the various parts of building an application. With the help of everyone else on the team it’s actually been quite fun to build the whole infrastructure for Orka and now Bot Ocean so it’s something I see myself doing for the years to come.
Mary | Satoshi Club: Great background, sure it will help Bot Ocean a lot:wink:
Dragos Lipa: Sure! Back in 2013 I initially started mining BTC with a small home setup but that quickly turned into a spiral which eventually concluded with me picking up trading and ever since then I’ve been doing that pretty much full time. After so many years though, I figured there must be a better way to trade, especially in a market that works 24/7 so that led to Orka Labs which is an algo trading fund. Right now, we are testing an average of 200M new strategies every month and we are in the process of increasing that.
After Orka Labs picked up we were able to relax a bit and so we turned our attention towards offering a similar way to trade to other people as well. To some extent, we really think that at the very least for markets that are live 24/7 algorithmic trading will become the new norm. After all, we’ve been aware for years now that automation will slowly become embedded in our system. Time has come for the same to happen in trading too.
Mary | Satoshi Club: 2013, mining:joy: you are lucky man) btw, is this orkalabs site? https://www.orkalabs.com/
Dragos Lipa: yes, that’s the website. yeah I have been around for quite a while now. You can also access our YTD trackrecord there
D. | Satoshi Club: what is YTD?
Dragos Lipa: Year to Date. And that amount is in BTC. Basically our profits in USD are around 500% at the moment from the beginning of the year
Mary | Satoshi Club:
So, Bot Ocean is something like continuation of orkalab?)
Dragos Lipa: It’s more than that. Bot Ocean gives everyone the ability to do what we do at Orka Labs without knowing how to code.
Lorena Tincu: It can be seen as an extension of Orka yes. While Orka is aimed more towards institutional investors whereaa Bot Ocean is aimed towards normal people.
Dragos Lipa: Exactly. We aim to be the bridge between people that don’t know how to trade and industry proffessionals.
D. | Satoshi Club: is it safe to trust bot? 🙂
Dragos Lipa: In my opinion it’s way safer than trusting a human to do it. Just think about it, a bot can watch the market 24/7 and look for the exact opportunities that you would look for as a human. The only difference is that by going with algos you don’t have to worry about emotions
D. | Satoshi Club: im asking because im from the ‘normal’ people who don’t know how to use trading bots 😀
Dragos Lipa: We will provide the infrastructure so people don’t have to worry about technical problems, we will take care of that.
Q1 from Telegram user @mark_mitroglou
I can use your services by connecting them through API to my exchange accounts. Explain how safe is this. Is there any possibility to compromise my exchange account?
Dragos Lipa: Yes you just need to connect your exchange account to our platform through API keys. No, there is no way to compromise your exchange account other than if your 2FA and mail get hacked.
D. | Satoshi Club: do you have a guide how to connect?
Dragos Lipa: Yes, the UX will be really smooth, everything will be explained once you first log in on the platform. Besides we will have informational videos about all the features that we offer.
Mary | Satoshi Club: But there is a way to hack API and make market manipulations with price?) And this will also lead to losses.
Dragos Lipa: No, there is no way to hack the API en-masse
Mary | Satoshi Club: Ok, i will believe you)
Dragos Lipa: We take security very seriously, we have an expert on our team. As we have a security expert on our team, the code of the bot will be reviewed in detail. We will also do a 3rd party private audit on our backend code to make sure we haven’t missed any vulnerabilities. On top of that, all of the instances of the bots will be dockerized(sandboxed), so in case of a breach, the attacker will not be able to escalate privileges and access the rest of the platform.
And to give a bit more info on our security expert, he’s a member of a top global CTF team (no.2 in the world in 2019), has developed his own pentesting challenges in web, blockchain, and even quantum coding and in addition to this, he even won several competitions including DefCamp for 3 years in a row, which is the most important annual conference on Hacking & Information Security in Central Eastern Europe. We take security very seriously.
D. | Satoshi Club: you can’t tell his name now?
Lorena Tincu: He is on our website actually, he’s called Tudor
Mary | Satoshi Club: Greetings to Tudor🙂:+1: I think with him you will have strong security 😉
Q2 from Telegram user @kaidera
The utility of the token is important. I have seen several features on the website. How about the discount on transaction fees and the discount on different strategies? What are those fees in general and what will be the discount?
Lorena Tincu: The discount depends on various things, and it goes up depending on specific volume and other such details. Additionally, the token also gives access to various exclusive features such as reports from Orka Labs periodically and early access to new features and updates.
Mary | Satoshi Club: Do you have different plans for your users?
Lorena Tincu: We will be releasing the Whitepaper this week which goes into detail about how the various mechanisms work.
Mary | Satoshi Club: Thanks🙂 Waiting for your updates :+1:
Q3 from Telegram user @b_dima
You have mixed the right features to outpace any human trading strategy and test it against massive historical data. On what is your data based? Why do you think it’s better than other similar trading bots?
Lorena Tincu: Our backtesters are built from the ground up and the backtesters show a level of accuracy of 5 decimal points, in other words it is has a precision 99.99999% when compared to the live data.
Now this is how strategies and bots are tested in order to have a good idea of their overall potential performance, but you have to understand that everyone will be able to create their own strategies. It’s true though that at the beginning we will be offering some free strategies from Orka so people can start using it directly.
Mary | Satoshi Club: Will it be hard? To create my own strategy? I know, that i don’t have to code, but which basic knowledges i will need to have?
Lorena Tincu: The interface will feature a drag & drop interface where people can select indicators and connect them to one another with conditional statements, thus making it zero-code and well quite easy to use to be perfectly frank.
So to answer your second question, you simply need to be familiar with technical analysis and how trading works in order to connect indicators in a logical way that generates consistent results.
Mary | Satoshi Club: It’s clear:wink: I think i want to try:joy:
Lorena Tincu: Haha sure we’d be glad to see you there 🙂
Q4 from Telegram user @alex_satang
I tried to find the list of exchanges that you are supporting at the moment but couldn’t find it. Can you tell us with what exchanges does your product work and what others will it support in the near future?
Dragos Lipa: We have a pre-register form on our website botocean.com where you can select which exchanges you want us to add. But for sure we will support the big ones right from the beginning.
D. | Satoshi Club:
will you be expand the list of supported exchanges?
Dragos Lipa: If we have a request to add an exchange we will obviously add it, this is not a concern.:smile:
Mary | Satoshi Club: I just wanted to ask about DEXs and CEXs:joy: I see, you have a nice choice) Btw, can you tell us how much money approximately do a person need to start trading using trading bot?)
Lorena Tincu: As for the minimum, there isn’t one. It should obviously be higher than the cost of the trading fees themselves but that’s it.
Q5 from Telegram user @vir_leroy
How is the pool of traders from which you can copy trades formed and will this traders earn % from each trade I will make using social trading?
Lorena Tincu: Any strategy creator can choose to publish his strategies. All strategies are tested with the backtester and given a rating score in addition to some more minute details that individual users can check out.
The strategy creators do earn a percentage of all the transactions you make while copying their strategies, yes. Similar to eToro.
D. | Satoshi Club: since the question about earn some %…will you have an affiliate program?
Lorena Tincu: That is an option we are considering but we will be releasing the exact details of this a bit later.
Mary | Satoshi Club: You will be decentralised eToro)
Lorena Tincu: Yeah that’s a pretty fair comparison
Q6 from Telegram user @Okkk0p
On your roadmap, in Q2 2021 you stated that you will be “preparing necessary license for custodial investments”. Tell us please what is custodial investment and in what jurisdisctions will this license be valid?
Dragos Lipa: This license will be valid in all EU states to begin with, as we grow our user base we want to add more services to our offering.
D. | Satoshi Club: and what is ‘custodial investment’?
Dragos Lipa: We meant that users will be able to hold funds on our platform directly. At the moment we are non-custodial, meaning that users only connect their exchange account to our platform. they don’t hold funds with us directly
Mary | Satoshi Club: Will it be accessable for USA citizens?)
Dragos Lipa: This is something that we will decide later on, right now we are focused on launching a first version of the product in Q1
Mary | Satoshi Club: A lot of work to do or it is almost ready and tested?)
Dragos Lipa: It is around 90% done, we have been working on it for some time now
Mary | Satoshi Club: It’s closer to ‘ready’:joy: Wish you successfull launch :+1:
Part 2 — live questions from the Telegram community
Q1 from Telegram user @nzikak
Can you give an estimate of the expected returns obtainable from using your trading bots?
Dragos Lipa: It all depends on the strategy that the bots will be trading. To give you an idea we did around 500% at orka labs this year until now. We will make some of our strategies available on botocean right from the beginning so users can start earning right away
Q2 from Telegram user @thaiquoc
There are many people who need to look at the whitepaper to know the project’s features. So when will you release the whitepaper and its benefits?
Dragos Lipa: We will release the whitepaper next week. Join our group and stay tuned for that
Q3 from Telegram user @Idee01
How is Orka Labs related to Bot Ocean? In your article, you mentioned putting up some Orka strategies for users to learn from. Can this strategies help improve trade decisions for me and my friends when we apply them?
Dragos Lipa: By using our strategies you won’t need to do anything anymore, other than monitor your account. The bot takes the signals and trades based on them.
Lorena Tincu: Orka is a company owned by the same team behind Bot Ocean and it is simply our institutional grade solution. We will be offering strategies from Orka that users can either use to learn / get inspired or simply copy them consistently. And yes, I think they can help people.
Q4 from Telegram user @BboyForteVZLA
do I need to pay for a membership to be able to access your trading bot?
Dragos Lipa: The access to the platform will be free, but in order to place trades using the bot you will need to pay a subscription.
Q5 from Telegram user @xitrump
In your website, I see Bot Ocean is doing a survey “What exchanges are you using for trading?”, so what are your main purposes for this survey and are there any unique features be integrated for chosen exchanges?
Dragos Lipa: We want to figure out which exchanges most of our potential users use so that we can integrate as many of them as possible for the launch.
Q6 from Telegram user @CryptoZaratustra
Bot Ocean has a partnership with Hyve. How does this tailoring contribute to Bot Ocean’s success? What are you basing on when choosing partners?
Lorena Tincu: We’ll be allowing HYVE users to use Bot Ocean strategies while also allowing Bot Ocean users to request the development of a particular indicator or other necessities by making a task on HYVE.
We usually make partnerships with teams that share our overall vision and where our products can collaborate in some way.
Q7 from Telegram user @Pratze
I read in your TELEGRAM, that you have no plan in listing token to UNISWAP Or other exchanger. Could you please tell to us the reason?
Dragos Lipa: We will list on uniswap.
Q8 from Telegram user @Yulafciyildiray
What kind of benefit does Botocean offer users who use bots for trade?
Dragos Lipa: We offer a reliable infrastructure so you don’t have to worry about technical problems, only about the algorithms themselves.
Q9 from Telegram user @Giniwhite
What are the advantages as a non-custodial platform? how efficient is the bot on Botocean? Is there any informative material to guide me to use the bot?
Lorena Tincu: We are never in posession of funds which removes the necessary trust component. The strategies on Bot Ocean will have different levels of performance, the users can choose whichever they like best.
Q10 from Telegram user @Idee01
So many risk are associated with crypto trading and most crypto users are afraid of exposure to these risks. With Bot ocean, I can earn BTC while your bots do the job. So how reliable are your bots? How fast do they execute orders and cut losses?
Dragos Lipa: It all depends on the strategy that they are using to generate signals. Depending on the risk profile of the user he can choose accordingly from the marketplace
Q11 from Telegram user @AmitGoyal1444
When will we can expect launch of Beta, and how will we access to it??
Dragos Lipa: Beginning of Q1 2021, just pre-register on the website now and you will have exclusive access to the beta
Q12 from Telegram user @Sallubtc
I trade manually always so can you give me reason that why should i go for bot trading?
Lorena Tincu: It’s physically impossible for a human to outperform a machine. Turing proved this in the second world war when even the most basic computer was able to outperform some of the brightest minds alive.
This is especially true when we take into consideration the large amount of information that is analyzed in order to make a trade decision. Furthermore, a bot has no delays nor any emotional feelings. It simply does what it’s programmed to do, without having an opinion about it.
Q13 from Telegram user @cryptolover1010
BOT token currently relies on the Ethereum platform- But, as we know ERC20 Blockchain currently has many scalability issues – Then . What’s the main reason behind choosing Ethereum, not other blockchains?
Lorena Tincu: Ethereum just released the ETH2.0 deposit contract in the last few days, so the scalability issue of Ethereum will become much smaller as time passes. Furthermore, Ethereum is by far the most comprehensive ecosystem as things stand right now.
Q14 from Telegram user @Emidm37
Will there be a discount fee for all those users who hold the Bot Ocean token? Do you offer benefits and advantages to all holders?
Dragos Lipa: Yes, there will be a significant discount if you pay using our token. All token holders will benefit from the advantages.
Q15 from Telegram user @konditer_rolex
It will be very interesting to try yourself as a shipbuilder in your Ocean. Can I test my ship before sailing? Can I use the help of experienced shipbuilders? What tools are provided so that inexperienced captains do not sink their ship on their first voyage
Dragos Lipa: We will have paper trading available so you can test your ship before sailing:smile:
Q16 from Telegram user @Okeesha_Vinula
What are you plan For Non-crypto peoples to use your platform?
Lorena Tincu: If eToro was able to attract crypto users to a non-crypto platform we believe we’ll be able to do the same. Now leaving jokes aside, we are first and foremost a platform where users can for the first time make an algorithmic trading strategy without the need to code. Even TradingView lacks this feature, so I believe there will be quite a few traders interested about this, especially as the overall population starts becoming more educated in regards to personal finance.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Bot Ocean. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1400$.
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