#FilesOfCZ #CZ: The demand for futures is growing rapidly. | kaymyg on Binance Square

--

#FilesOfCZ#CZ:  The demand for futures is growing rapidly. A key feature of futures is that it allows you to lock in a future price today.  As the market has been on a down trend lately, we are seeing high demand as a result.  This is a feature in high demand from the miners or merchants accepting bitcoins. I think we got lucky launching it at the right time.
#CT: Back in August, the ‘big three’ Chinese exchanges which includes OKcoin, BTC China and Huobi submitted joint comments on the controversial NY BitLicense proposal. What was the reasoning for this move and do you think this played a role in getting the comment period extended for an additional 45 days?
#CZ:  As OKCoin want to be an international player, we thought the NY BitLicense proposal could have wide implications. We felt it was our responsibility to comment. We also felt it would be stronger to respond together with other exchanges.  As much as we compete, when it makes sense to cooperate, we do. In our response, we did not ask for an extension on the commenting period as others have asked for it. We wanted our message to be focused.
#CT: Chinese authorities have been quiet in regards to Bitcoin in recent months. Do the exchanges have a better idea of the boundaries within which they operate now?
#CZ:  Since the December 5, 2013 memo, there has been no other official announcement. The December 5 memo clearly states it is perfectly legal for individuals to own and buy bitcoins. We are still operating by those parameters.

kaymyg

--

#FilesOfCZ
#CT: Some have expressed skepticism to the style of audit carried out by Ripple CTO Stefan Thomas. Notably, LakeBTC raised questions stating who were the people invited to look at their partially opened ‘database’? How would you address these concerns and are you planning do conduct future audits in a similar manner?
#CZ: Saying “partially” opened the database is incorrect. It shows a lack of understanding of the mathematics behind the audit. If a user is omitted from the audit, it is very easy for the user to find out. That would be very bad.
The Merkle Tree proof-of-reserve is not perfect. Like anything else, it has flaws, which are clearly explained on our audit page. But it is far better than nothing. We do plan to conduct future audit regularly.
Stefan Thomas is extremely knowledgeable, professional and rigorous. He made sure every detail is covered. We had to jump through a few loops to get a couple minor details completely inline. He also did the audit at no reward, just to help the Bitcoin community grow.
During the audit, Stefan said: “if we’d had started doing these kinds of audits years ago, the whole MtGox debacle could have been avoided”, which I thought was pretty classic.
#CT: Your company is obviously trying to expand its global presence with OKcoin introducing USD deposits back in July and recently becoming a partner with Cointelegraph’s Media Group. How have these moves panned out so far and where do you see you company in the future as a result?
#CZ: The international site is doing well and growing at a rapid pace. The global presence is strategic for us. OKCoin always wanted to be, will be, or is an international company. As the largest Bitcoin exchange in China, OKCoin has no Chinese name. It’s simply called “OKCoin”, even in China. This simple detail shows our international approach and ambition. A name can show a lot sometimes.
CT: You also launched your futures trading platform in the beginning of August. How has the beta stage been going and have you experienced a lot of demand?

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

BTC

91,614

+6.64%

Replies 0