Satoshi Club x Ghost AMA Recap from June 21

Satoshi Club x Ghost AMA Recap from June 21

Have you ever thought about becoming a ghost online? so this project is for you. On June 21 we had the opportunity to enjoy a new chapter of our AMA (Ask Me Anything) series with our friends from GHOST. Our guest was Josh Switch and came with a lot of rewards.

Rewards: $500 Prize pool was split as follow: part 1: $100 to 5 winners, part 2: $100 to 10 winners, part 3: $300 to 72 winners

In this AMA Recap we are trying to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Serg | Satoshi Club: Dear community, today we will have an AMA episode with Ghost! 👻 @joshswitch will be our guest. Welcome Josh! We are glad you came back here. 😊

Irina Kravchuk | SatoshiClub: Hi @joshswitch, how are you? Missed us?

Josh: Hey! I’m doing great. I did! Thanks for having me back.

Serg | Satoshi Club: Tell us a bit about your involvement in Ghost. 🙂

Josh: So I met John McAfee a few years ago. He really cares deeply about all ideas such as crypto, privacy, freedom etc. He came on as an advisor for Switch and 2018, and over the years as we kept talking it became more and more obvious that we needed to put out a privacy coin. It would work amazing with our products and our community, and there was just no other project really doing it the way we thought they should.

Irina Kravchuk | SatoshiClub: Sounds like a great initiative 🙂 There is not such thing as too much privacy or freedom when talking about internet.

Serg | Satoshi Club: We have collected more than 300 questions through our website. We have selected 5 for the first part.

Q1 from Telegram user @LuisMe7

If GHOST main idea is to remain its users and holders private, why is it listed on CEX (Centralized exchanges)? This way, GHOST traders and holders don’t remain fully anonymous.

Josh: GHOST is a privacy coin, and everything we are doing internally will be fully focused on privacy, security, and user freedom. User freedom, and freedom in general is often a 2-way street where there are often things going on that you don’t specifically love.

The reality of where we are in this space, is most people prefer CEXs (although that will change in the future). For now, we want to give our users as many options as possible, as we build out towards global adoptions. Overtime, with new products such as GHOSTX, a full atomic swap exchange we launched yesterday, people will move more and more away from CEXs and into the types of products we are offering. And a lot of exchanges that list ghost just do it on their own. We don’t have anything to do with a lot of them.

Irina Kravchuk | SatoshiClub: Yes, that’s a risk.

Serg | Satoshi Club: That’s interesting. 🙂

Josh: For instance, Bilaxy, HOO, Hotbit, and 1-2 others listed on their own.

Q2 from Telegram user @wicksterr

There are many privacy coins in the market right now. Since you’ve created your own, it makes me think that you have seen flaws in that coins. Why you decided to create your own privacy coin and what are the problems in other privacy coins that you want to avoid?

Josh: Honestly, there are a lot of privacy coins out there with really tech, that if you use properly, you really are anonymous…. however, what are you going to use them on? GHOST is building a full ecosystem of products. Marketplaces, GHOSTEsim service, gambling, and a whole lot more. The problem with a lot of the products within crypto currency today is that you can only speculate on price.

Serg | Satoshi Club: Can you tell us more a bit about GHOSTEsim service? I didn’t fully understand the tech behind it.

Josh: There’s no way to use the token on anything “real”. We are going to change that.

There is a link on the GHOST website with more info on the esim https://www.ghostbymcafee.com/ghostesim/. The ghost esim allows you to take the sim card out of your phone, scan the GHOST esim, and then you can use data on your phone while being 100% anonymous and untrackable. Works in over 35 countries and we are expanding to over 100 by the end of the year

Irina Kravchuk | SatoshiClub: How are you handling regulation issues? Given this set of services that you have or plan to have?

Josh: We don’t. GHOST is a decentralized team of people all over the world.  We will release good secure code that allows you to do private interactions with your money, your location, your purchases, and more, but we are not a business or organization. There is no CEO, no office, no information collected from anyone.

Serg | Satoshi Club: But how can I use it without a sim? Where is the data coming from?

Josh: It’s an esim. It only works on new model phones that can support esim technology. Think of it like a vpn for data. We partner with local carriers all over the world, but your data is fully shielded from them at all times.

Serg | Satoshi Club: I will definitely try it. 🙂

Josh: I will DM you an esim barcode after this ama. You can try today and get back to your community on how great it worked. 🙂

Irina Kravchuk | SatoshiClub: But it works via carriers network, right? not over internet?

Josh: Correct.

Irina Kravchuk | SatoshiClub: Very interesting. I didn’t know that it was possible to have network without the small plastic sim in the phone. 🙂

Josh: It’s very cool. I’ll send you one too so you can test!

Q3 from Telegram user @iam12312

There has been a talk that Ghost project has largely Plagiarized its whitepaper from PIVX? What do you have to say about that, Any type of Clarification?

Josh: We were never a fork of PIVX. As a PR move, we acted like we were, and released a white paper that was not plagiarized by any means, but very very very similar to theirs. As expected, press and everyone ate it up, and John did what John does and made it into a really nice initial boost in traffic for us before we released our real white paper. You can find our real whitepaper on the GHOST website. It’s awesome. Check it out!

Serg | Satoshi Club: That’s a smart move. 😄

Irina Kravchuk | SatoshiClub: 😀 efficient strategy.

Josh: Np! We are releasing the GHOST code base later today publicly, and there is 0 PIVX code in there 🙂

Q4 from Telegram user @Magoy12

The negative side of privacy is money laundering. Do you have any safeguards to prevent money laundering?

Josh: People will probably not like this answer, but what is money laundering? Someone trying to keep the proceeds of money they earned or have? Someone trying to avoid paying a tyrannical govt 1/3rd their income? Someone selling weed online?

We will provide secure code that allows you to be nothing but a GHOST online. What you do is your business.

Q5 from Telegram user @nyo_cant

Ghost Veterans – which already must be holding at least 20,000 GHOST – are getting a 50% (6/12) of the new GHOST tokens minted on each new block. Do you think that GHOST accumulation in a few hands could pose short-/medium-term risks for the project? Thanks!

Josh: This is something internally we have thought about a lot this month. If we could that part again, the only thing we would lower is the threshold to become a GHOST veteran. Large code changes like that can only be made with a community vote (which will have a mechanism for soon), and I do think one of the first proposals will be to lower that threshold to 5,000 or 10,000 ghost. However, the community will have to approve it.

Serg | Satoshi Club: Yes, I think it is a good decision to lower it to include as many Ghost hodlers as possible.

Josh: I agree. But to be clear, you can stake with any amount of GHOST at all. You just get increased rewards if you stake over 20k.

GHOST logo.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 2 minutes, around 800 questions were posted by the Satoshi Club community. Our guest chose ten of them.

Q1 from Telegram User @biegy

Excess token inflation is the most common problems, projects are facing nowadays… How Ghost is overcoming from such problem?

Josh: Our inflation rate is quite low and will take decades for the supply to 3x from where it is now. In that period of time we will onboard so many new users, that the inflation rate via block rewards won’t really effect anything. Also we plan to curb inflation more in the future by making some proposals that reduce the block reward as adoption and price increases.

Q2 from Telegram User @Rubenl57

Will exchanges which don’t support the swap keep trading GHOST? Therefore, will both mainnet coin and ERC20 token coexist and keep being traded? What are the disadvantages in case of NOT swapping?

Josh: So far it looks like these exchanges will support the main net drop and will list main net GHOST:

Bitcoin.com, HitBtc, Changelly, HOO, STEX, Bilaxy.

We are unsure about HOTBIT at this time. GHOST will continue trading as an ERC20 token on IDEX and UNISWAP. There is no expiration date for swapping your erc20 to main net tokens.  ERC20 tokens swapped for main net will be burned and removed from the supply. The 2 biggest advantages for swapping to GHOST main net tokens are privacy, and staking.

Q3 from Telegram User @Albert3990

Can you tell more about security of ghost to prevent attacks like 51%?

Josh: GHOST uses a proof of stake blockchain to secure the network. Unless someone were to gain 51% of the entire GHOST supply, that would not be possible.

Q4 from Telegram User @jpsarmah

Ghost is the future of privacy. We are coming for our top 25 spot on the charts. What main technological features of GHOST main net will make this possible and enable you to compete.

Josh: Software technology is being democratized. There is nothing protectable about coded features because all the code is open source. While GHOST is literally MONERO love privacy, and we will continue to build and innovate in this area, our main focus is creating the most marketed privacy coin, gaining adoption on our products, and growing a real network effect for a privacy coin. Something that no one has accomplished yet.

Q5 from Telegram User @huydo

What are incentives or benefit for holding GHOST in long time for loyal investors?

Josh: GHOST has an amazing reward schedule for users that stake their GHOST and help secure the network. There is a calculator on our website you can check out.

Q6 from Telegram User @bolodmia

What’s the difference between normal stakers and GHOST VETERAN? How can we become a GHOST VETERAN?

Josh: GHOST veterans are those that have 20,000 GHOST or more. They received an increased reward. You can find all the info on our website in the white paper.

Q7 from Telegram User @JoanaZ

Why do you believe that the combination DEX+ Privacy coin can provide a full control of their funds to the users?

Josh: When you have the ability to trade crypto, buy and sell products, pay your bills, cash in and out to fiat, gamble and more without submitted any documents about who or where you are, you are finally in control.

Q8 from Telegram User @Aleurich

If we want privacy, there is Monero, a consolidated project. What differences does Ghost have with this type of project? (Monero, Zcash, Zcoin).

Josh: What are you going to do with the Monero, or Zcash? That’s the point. You can’t really do anything but hold it and speculate on price. GHOST is growing an entire ecosystem of products and services that you can use for real life things while keep your privacy at all times.

Q9 from Telegram User @endtimeprophet

Kindly explain more about the proposed SWAP PROCESS, would you have a Token bridge for swaps or would it be only available on exchange and why did you launch initially on ETH Blockchain?

Josh: Here is the way the swap works

  1. First make sure you have your Ghost ERC-20 token in a web3 compatible wallet that can peform the swap such as MetaMask, Trust, etc.
  2. Then download official Ghost wallet and follow the steps to get your Ghost mainnet address.
  3. Go on to Ghost token swap website and enter your Ghost wallet address from step 2 into textbox.
  4. A popup will appear to connect to your wallet and send Ghost ERC-20 to a smart contract that will burn the Ghost ERC-20 and log the amount of Ghost mainnet coins you will receive.
  5. Please give the system some time to process the swap and your mainnet Ghost coins will arrive in your wallet shortly.

Q10 from Telegram User @DarkSoul2132

Since feeling safe is the most important thing today, my question is: How does GHOST provide security to its users when delegating their GHOST for staking?

Josh: Currently when staking, the network does have to verify the amounts you have, therefore GHOST has several levels of security. When staking, you have to expose the amount of coins you have for the network to validate it and pay you. Once you are paid, you can do 1 private transaction and all your coins, addresses etc are 100% hidden and no one can see where or what happened. Also private staking is on our roadmap as well. 🙂

Serg | Satoshi Club: Thank you for this cool AMA! We were glad to have you here as a guest. You are welcome to come here in the future as well. 🙂

Josh: Thank so much for having me! We will get one of the GHOST main devs in here before too long to doo a more dev centric ama on our tech and how it works! GHOST main net is tomorrow! Don’t miss it!

Thanks again for having me!

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about GHOST. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer.

72 users with correct answers were rewarded.

Ghost Quiz Results

– How many accounts does the official twitter for Ghost follow?

a)  4

–   What’s the name for holding at least 20,000 GHOST?

c) Ghost veteran

– What protocol does GHOST use?

b) Proof of Stake

– How many ghosts are in the ghost roadmap?

d) 7

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Our Partners:

GHOST Telegram Group:https://t.me/ghostcoinbymcafee

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