Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Bybit, a cryptocurrency spot and derivatives exchange offering inverse, linear perpetual, quarterly futures contracts with up to 100x leverage. The AMA took place on August 30 and our guests were @ConorWithOneN and @nanadze (community managers).
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 COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Bybit! Welcome to Satoshi Club.
D. | Satoshi Club: today our guests – @ConorWithOneN and @nanadze! happy to have you here guys!
Conor: Thanks for having us!
Nazar: Hello everyone! We are happy to join you here today.
Mary | Satoshi Club: And we are happy to see you here today! So, let’s start our AMA. Could you please introduce yourself and tell us more about Bybit?
Nazar: Sure! Myself and Conor are community managers at Bybit Global (https://t.me/BybitEnglish)
Bybit is a crypto derivatives and spot exchange founded in 2018 which allows trading up to 100x leverage. We have built the most reliable crypto trading platform that is always online, even during significant price movements on the market. Crypto is never down, neither is Bybit. And >1.6 million traders trade with us globally!
Mary | Satoshi Club: Wow! It’s a huge number! Can you tell us how many new users come during 2021? It is always interesting to imagine the scale of what is happening during bull run.
Nazar: I cannot tell exact number for the platform but our community on Global telegram has almost +10k members this year.
Mary | Satoshi Club: Did this bull run changed something in Bybit strategy? In your goals?
Nazar: We have launched Spot exchange. Probably that is the biggest change.
The main focus we had and have is user experience. And we try to provide best services in the industry in trading, customer and community support.
Q1 from Telegram user @Asela1112
BYBIT have no native currencies as I noticed. Most of Exchanges use native tokens with lot of usecases in order to protect their investors, users & give them more benefits. What is the reason for not adding a native token in to BYBIT platform? What are the benefits of being without a native currency? Won’t there be any reward for BYBIT users such as redistribution a portion of Transaction fee? So what are the benefits, you offer me for Using BYBIT exchange rather than the other Exchanges? Didn’t BYBIT community push you towards the idea of generating an own token yourself within BYBIT ecosystem?
Nazar: Yes, we do not have a Bybit token but we provide support to the crypto community and our traders in a different way and give back to those who trade with us.
1. Market Makers do not pay but earn (0.025% rebate) on every order with Limit Orders. That makes Bybit perfect for all kinds of traders, especially scalpers. In contrast to our competitors who charge fees for Market Maker and Takers orders. Here can be found more details.
2. Bybit is committed to supporting decentralization and the crypto community in general. We have pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. To read more and learn please check these links:
This is a bit different approach what other exchanges do and we believe this will bring a lot of value for the whole crypto community not only to token holders.
Mary | Satoshi Club: So, you don’t have native token or don’t have yet? Are there any plans in this direction?
Nazar: No plans for native token.
D. | Satoshi Club: that’s a bit unusual nowadays, every single exchange aims to make their own token.
Nazar: Yes, it’s different from what other do.
Q2 from Telegram user @Higher
You recently announced the commencement of The World Series of Trading (WSOT 2021). I learnt that WSOT is a trading exhibition where traders can partake by putting their trading dexterity into play with an opportunity to earn a share from the 7.5 Million USDT pool, NFTs and much more. Can you tell me how to win from these trading series? Is the event for your old users or can new users register and participate? What is the difference between the Troop and Solo competition, and can a user join both? What are the minimum equity requirements that users must meet and how will reward be shared?
Conor: Yes, this is the big one! WSOT is the largest competition that Bybit does every year. Traders put their skills to the test and as rewards there is the 7.5million USDT Prize Pool as you mentioned! We’re also giving away over 1,000 NFTs this year and they look great.
WSOT is open to all of our traders, old and new. There are some criteria to meet which I will explain in a moment. Entrants can participate in both the Solo Showdown and the Troop Throwdown, there is no need to only pick one. 🙂 The general idea is that the higher P&L (%) that traders get, the higher their rank will be and the bigger prize they can win.
So we have the Solo Showdown, this is like a single player competition. To enter, traders need a minimum of 300 USDT, (or 80 EOS or 500 XRP) upon registration. For this competition, participants can trade USDT perpetual, EOS inverse perpetual or XRP inverse perpetual. The prize pool for this section is 1,500,000 USDT.
Then there is the Troop Throwdown, where traders create a troop with their friends! Each Troop has a leader and must have at least 10 members, and the Troop with the best P&L % will be the victors. For this, BTC & ETH inverse contracts are traded, and the prize pool is a massive 6,000,000 USDT. You can learn all about WSOT here, and if you want you can register any time up until September 4th!
Mary | Satoshi Club: Do participants have to be KYCed?
Conor: Nope, KYC is only necessary for those withdrawing over 2BTC daily.
D. | Satoshi Club: cool! Can you share with us what kind of NFTs you will reward winners? this is your own NFT or made with collaboration with some famous artists?
NFTs follow the theme of WSOT, which are Dragons and Cities, and there are also special Winners’ Cups NFT which are unsurprisingly the rarest. Here are some of the NFTs you can collect!
The rewards calculations require a bit of reading, you can find them all on this page: https://www.bybit.com/en-US/wsot2021/
Q3 from Telegram user @Jmagsss
Recently, Binance had imposed a new rule about their KYC protocol and requirements. The crypto exchange now requires all its users, new or old, to comply with their KYC requirement in order to trade any asset in any form (spot, margin and futures) and to use its products and services. I have learned that Bybit only require a user to register a KYC if that user wishes to withdraw more than 2 BTC a day. Nonetheless, KYC in Bybit is optional. A lot of user/traders are against KYC’s because of trust issues and personal risks, so may I ask, will Bybit maintain its KYC rule for its users? In the future, will you also do what Binance have done, requiring all users to fully comply for a KYC registration? How would you convince your users that KYC is not a threat to their funds and personal information?
Nazar: We value the privacy of our traders and KYC is not necessary for traders who withdraw less than 2BTC daily. This KYC requirement was introduced recently with the spot exchange launch. There are no plans to change KYC rules in the future.
But we cannot promise that it will stay so forever as crypto moves fast and we have to act fast as well.
As for security and users’ private data, we take it very seriously and utilise best practices and tools in the industry to protect all the data associated with our traders.
Mary | Satoshi Club: Yes, we understand that no one can guarantee btw I have a question.
As I know from another exchanges if I lost my 2fa I can get my acc back only if I am fully KYCed there. What about Bybit?
Nazar: Yes, you can get your account back. We have dedicated help center article: https://help.bybit.com/hc/en-us/articles/900005776423-Losing-your-Bybit-Account-s-Google-Authenticator-GA-2FA
Q4 from Telegram user @DK177
When checking your spot markets, I noticed that you support only six trading pairs, four USDT pairs, BTC/USDT, ETH/USDT, XRP/USDT, EOS/USDT, and two BTC pairs, ETH/BTC, XRP/BTC. As I spot trader with a low risk appetite, I wonder why should I join BYBIT exchange! Why did you limit your spot markets to six pairs? Please let us know why you have included EOS which is at the 31st rank in the CoinMarketCap, neglecting coins with higher ranks. Are you going to expand spot markets in the future? What are the advantages that a SPOT trader get by choosing you over other exchanges?
Conor: So the spot market is a very recent addition to Bybit, and as such, it’s continuously being rolled out as we speak! While these pairs were the first ones that we listed, you can rest assured knowing that there’s plenty more in the pipeline! We have some really exciting listings coming up, and we believe that traders will be really happy with the upcoming pairs.
By choosing to trade spot on Bybit, you’re safe in the knowledge that your trades will always be executed. Bybit’s liquidity is top-notch and as crypto never stops, neither do we! The exchange can handle the weight of as many traders that are online at any given time. There’s no fear of it stalling even when price volatility is at its highest.
On top of that, the fees are great! We charge ZERO maker fee and only 0.10% taker fee for spot, so you can’t get much more competitive than that!
Here’s a comparison between Bybit’s spot fees and some other top exchanges.
D. | Satoshi Club: and as I see in stable assets you prefer USDT to USDC. why?
Conor: Of course, USDT is the most popular stablecoin so we want to give people what they want, of course we’re also willing to provide other options if there is enough interest.
D. | Satoshi Club: can your community vote for future listings on Bybit somehow?
Nazar: Yes, we did few polls before to check what coins our traders are interested the most. Probably we will continue with such practice.
Q5 from Telegram user @Jonahapagu
Bybit boasts of 99.99% System Functionality and availability even through volatile market periods which is very impressive. but I discovered that before now, Bybit has experienced about more than four disruptions on the platform. one in December 24 2019 due to abnormalities in your AWS Servers, another in March 12 2020 due to malfunction of one of your servers, on June 17 2020 there were abnormalities in your inverse perpetual trading platform due to strain in some of our Message Queue Clusters servers. and just this year, there were about two disruptions on Bybit, one on the 29th of April which was due to a decentralized denial of service (dDoS) attack on your platform which caused temporary service disruption. and the other on June 22 2021 due to temporary glitch with our CDN vendor… Did any of these disruptions cause any serious impact on your platform or the funds of users? and how does Bybit respond to this kind of issues to be able to maintain 99.9% system availability and functionality, what improvements do you have on your platform to hinder the reoccurrence of most of these disruption issues.
Nazar: Thank you for your question. Yes, you are correct we faced a few short-term disruptions and we take them very seriously. Most of them were caused by 3rd-parties who provide servers, hosts services, etc. Even though that these disruptions were not on Bybit’s end, we have fully compensated our traders who faced trading loss because of these disruptions. We treat every trade fairly at Bybit. Should price gyrations cause your position to be unfairly closed, Bybit will compensate you back to the fair market price. So, traders can rest assured that their funds and trades are safe with us.
Moreover, we communicate every single incident with our community publicly as we believe transparency can build real trust and confidence. You can scroll over our announcement channel and check all relevant reports we sent to our community https://t.me/Bybit_Announcement.
Mary | Satoshi Club: I am sure your community appreciate such communication!
Do you still work with that third party services or changed them?
Nazar: We reviewed them and make backups and other necessary changes.
Q6 from Telegram User @victorogb
Bybit currently offers Cloud mining and DeFi mining services on its platform with over 20 pools and options, with an attractive APY and SAPY to choose from. With specific emphasis on your Cloud Mining feature, can you properly elaborate on the benefits of this, how can investors participate, how is the Static Annualized Percentage Yield (SAPY) calculated for respective pools, and I noticed the high fees associated with the various mining pools, why is this so? Finally, there is also an option to offer Dual Asset Mining which is currently not available at the moment. Can you graciously elaborate on this, how soon should we expect this service to be functional?
Conor: Our ByFi Suite is all about providing alternative products that can create some other forms of passive income for our users.
As for Cloud Mining, it’s designed to provide some of the benefits of mining crypto without the need for purchasing hardware or running up gigantic electricity bills. Simply put, it’s the practice of utilizing a remote data center with shared computing power to mine crypto. Users can purchase hashing power from Bybit to mine crypto assets with no requirement of running their own hardware.
In terms of assessing the static output and static annualized percentage yield (Static APY), the static analysis method is used to calculate these figures. The static analysis method assumes that ETH’s spot price, block reward & mining difficulty remain unchanged in the future. Calculations are then made on the basis of this assumption.
The Hashrate Fee is calculated by like this: Hashrate purchased * Service Period * Hashrate Unit Price.
You can read about this is more detail here:
Given the SAPYs such as this one (425.91%), I wouldn’t consider the fees as particularly high. That may depend on your own goals.
Mary | Satoshi Club: Thank you for your answers! Everything is clear for me!
Conor: As for the Dual Asset Mining, we can’t give away too much at this stage. There’ll be more details very soon.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram user @alberto_vzla
You mentioned that you guys are facing some short term outages and you take them very seriously. Most of them were caused by third parties providing servers, hosting services, etc…
How did you compensate for these damages to your merchants? did you lose a lot of money?
Nazar: We did not lose any funds. During these short term outages some traders were liquidated and were not able to adjust their positions. So, we compensated them. All funds were and are SAFU.
Q2 from Telegram user @coinresearcher
What is the uptime guarantee on Bybit? Binance is always down when there is a market crush on coins. Can you stay up better than Binance?
Nazar: You can register with us and check if Bybit is online when our competitors are offline. Just check yourself next time.
Q3 from Telegram user @surendra040
Does Bybit has local community supporting different language for different customers?
Conor: Yes, we have 13 local communities with fantastic ambassadors from all over the world. If you come to our Global Chat we can direct you to where you want to go: https://t.me/BybitEnglish
Actually at the moment we’re looking to expand our local communities and as such we’re looking for more ambassadors to join the awesome Ambassador Program. Specifically, we’re looking for Malaysian, Swedish, Italian and Thai ambassadors to shape those communities. If this sounds interesting you can apply here: http://bit.ly/3r3y4wf
Q4 from Telegram user @DK177
You have named your Telegram Group as “Bybit English”, but I could not find any local groups in addition to this official group. Does it mean that your project is limited to English speakers? Don’t you think non-English speakers will also be useful when building up a global community? Can’t we use your exchange if we are not from an English speaking country? Please explain the steps you have taken to expand the community.
Nazar: We have 13 local communities and looking to open more. You can check current local communities here https://t.me/BybitEnglish/426939
Q5 from Telegram user @highpee
Bybit will utilise a DUAL-PRICE mechanism that can protect users against POTENTIAL LIQUIDATION arising from uncontrollable drastic PRICE GYRATIONS or MANIPULATIONS. How will this system make use of a fair price instead of last traded price to trigger liquidation? How does this price system guide against any form of exploitation and unnecessary liquidation?
Conor: Hi Johnny, so our Dual Price Mechanism is there to prevent traders from falling victim to market manipulations so that the trading floor is as fair as possible for everyone!
The system consists of the mark price and last traded price. The last traded price is anchored to the spot price using the funding mechanism. This way the price on Bybit is unlikely to deviate significantly from the spot market price. You can read about this in more detail here: https://help.bybit.com/hc/en-us/articles/360039261074-What-is-Dual-Price-mechanism-
If there is a suspected manipulation, we will compensate any traders that lose out as a result!
Q6 from Telegram user @Gemshunter22
How easy is to use Bybit interface for a beginner and do you have any guide to use BYBIT? Also Can I do paper trading or not?
Conor: Bybit has a wonderfully intuitive user interface on both our desktop site and mobile app. It’s all laid out very nicely and easy to use, and looks very sleek as well.
You can certainly practice trading with us with zero risks. To do so, you can set up an account on https://testnet.bybit.com/en-US/ and ask our Live Support team for testnet tokens!
Q7 from Telegram user @Nensam
Can you tell us more about the ambassador/referral programs in Bybit? Do you have any currently and where can we join them?
Nazar: Can you tell us more about the ambassador/referral programs in Bybit? Do you have any currently and where can we join them?
Q8 from Telegram user @Nonerlike
How good is your live support and do you value customer’s feedback? one of the problem in exchange like Binance is no good support and late replies.
As for feedback we’re always listening so we can improve our services. If you ever have any feedback for us, share it and we’ll make sure it reaches the right ears.
Q9 from Telegram user @nadee5
There are so many crypto newbies. Specially this time period.
How do you motivate such crypto newbies to join with Bybit? do you have any educational tutorials to learn how to use Bybit?
Nazar: We have quite a few incentives for newbies where they can earn and learn:
1. You can claim bonuses and coupon at The Rewards Hub (https://www.bybit.com/en-US/task-center/rewards_hub/) for completing simple tasks
2. We have daily chat activities (https://t.me/BybitEnglish/404273) where everyone can participate and be rewarded
3. We have announced WSOT trading competition with quite a few campaigns participating in which traders can earn rewards as well. Check here (https://t.me/Bybit_Announcements/461) here (https://t.me/BybitEnglish/407732) and here (https://t.me/BybitEnglish/407003)
Q10 from Telegram user @csgonub
I see there is a really huge competition on Bybit I wonder how can I able to join your competition?
Conor: Yes, you’re referring to our WSOT competition!
The registration runs until September 4th so you can still join until then! It’s simple to join, you just need to register on Bybit, visit https://www.bybit.com/en-US/wsot2021/ and follow the instructions.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about BYBIT. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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