AMA time: 2020/09/19， 20：20（UTC+8)
With the popularity of DEX, more and more people who are curious about the blockchain market have entered into crypto world. For novices, the difficulty hindering them is the simple trading instead of understanding the quality and content of projects. We also know that novices like to buy in when prices raise up and sell out when prices go down. But in practice, novices don’t even have the chance to do this. Therefore, the high threshold in crypto trading has become a more and more prominent problem. Given this situation, Ubpots will provide mature solutions to facilitate novice trading from the perspective of professional traders. In the future, novices will be able to use Unpots to get a good trading experience on well-known exchanges such as FTX, Binance Broker, Xdex.AG, etc.
1, Self-introduction of Benjamin Duval (CEO) and Neil Sisson (Marketing Director):
Today, we are glad to invite Benjamin Duval (CEO) and Neil Sisson (Marketing Director) of the Upbots project to our community to tell us how Upbots makes trading and judgment simple.
Ben: So, I’m Ben, one of the founders of UpBots & 4C trading, among others.
I’m Belgian, commercial engineer, serial entrepreneur and trader for more than 10 years.
In early 2017, I created Crypto-Addicts, just a simple twitter account about cryptos and trading, which later became 4C-trading with hundreds of users and a community of several thousand people. In fact, to get the full story, I was just doing this for fun, and then I had a few dozen people following me, then hundreds. As a result, I started offering subscriptions and we developed many trading tools on telegram. We were actually the first to have crypto trading bots on telegram in addition to an online dashboard. Thanks to this, we had a significant growth, until we had about ten people working on the creation of algos, analyses, etc….
Then in 2019, thanks to feedback from our community, we had the idea to work on UpBots, a new generation of trading interface … but most important an one-stop-shop for all the trading and cryptos tools. And that’s when this new adventure started.
At present, we are more than 20 people on UpBots alone with more than 30 people working for our eco-system. And it’s a huge opportunity that I have, because every day is above all a pleasure to see so many people passionate about what we create.
Neil: Hi, I am Neil Sisson, Marketing Director for UpBots. I built my first website in 1999 and fell in love with the internet and the potential it had for business and I started learning about online marketing and SEO before when those were just emerging as concepts in the early 2000’s. I bought 3 or 4 bitcoin around 2013 but didn’t really understand what it’s purpose was and had no idea how popular it would become. I subsequently lost the keys for the wallet those BTC are in.
In 2017 I finally “got” crypto and started working in the space around the time of the ICO boom, as well as just (up until that point) play investing with small amounts hoping they’d moon.
I met Ben by chance in Bali when we were both there and he started telling me about this cool project he was working on in crypto that was going to make it so much easier and safer for people to join the crypto space. Naturally I was fascinated and we kept in touch and then about maybe 8–9 months later I reached out to him to see how he was doing, and he told me “actually I’m writing a job spec atm for LinkedIn for a Marketing Director….this is a very timely coincidence” and I think in less than 2 days I signed on as Marketing Director.
I don’t really believe in fate, but sometimes in life things come along and it seems like their meant to be!
2, Several questions about Upbots:
Thanks for your introductions. Here comes the first question of our AMA.
Q1: Ben, could you tell us what Upbots is?
A1：Ben: UpBots is an all-in-one trading interface that will allow any level of trader to trade any asset class on any exchange of his/her choosing. (centralised or decentralised). We will also offer access to cutting edge DeFi solutions. People will be able to use powerful bots that we have built into the platform to trade on their behalf either to execute their own strategies and algorithms, or algo’s and bots from our marketplace.
Users will also be able to automatically bot social copy trade their favourite rock star traders all from the UpBots platform interface. We will have all the major, quality assured (we will quality check for user safety) signal and training providers in the market place.
It is in our plan to add Forex and Commodity trading to the platform too so that traders in this space find it easier to access crypto trading.
One of the most important points though is that we will be continually evolving the UpBots platform so that it makes trading easier and safer for beginners, while also offering advanced decision support and trading tools for the advanced trader. Ben and the 4C Trading team are all traders, so the platform has been designed from that perspective in conjunction with a team of UX designers to ensure the platform is not only gorgeous but highly effective.
Q2: From the white paper, we see that Upbots proposes to use next-generation trading solutions to deal with the current cryptocurrency trading problems. Here, we will invite the senior trader Ben to give an analysis of the current crypto trading problems and Upbots’ solutions .
A2：Ben:Very good question. So there are many points here that we could mention.
There is the security, the slippage, the exposure to the market or to the dollar for example (if you trade on stable coin backed in USD), the transaction cost on Ethereum for swaps, etc … but also more simply, from the user point of view the possibility to have all his wallets in the same place to be able to manage his assets (crypto, forex, etc …) to be able to place complex orders on exchanges, since this does not really exist, etc …
Without going into too much detail, all these elements are elements that we are trying to fight.
Let’s take an example: exposure to the dollar. In 2021 we will propose the Forex market. This means that we will be able to make cross-market trades if the user wants to. Do you trade on BTC/USDT? The bot could open a position automatically in the Forex market to reduce your exposure.
Another example is slippage. In order to guarantee the security of the trades, when the user decides to enter a trade, our bots will analyze the current order book and market making to give an estimate of the slippage and alert in case of risk.
But all the other points mentioned above will of course also be addressed!
Q3: From the last question, we know that Upbots provides a very good solution for the current crypto tradings, but can it really lower the threshold of the cypto world to attract more people to enter into it? Neil, could you please tell about Upbots’ target user and how to get the traffic?
A3: Neil: Yes, this is a really great question. We have been building communities all over the world of users who are really keen on seeing what the UpBots platform can do for them. We really really want to create a product that changes people’s lives by leveling the playing field so that the little guy and the beginner trader are empowered with the right tools to create a great financial future, where they own all their own assets.
I think that message resonates with a lot of people and that’s part of the reason we have such awesome communities. It’s also why Ben and I are spending our weekends virtually travelling the world speaking to communities like your own one here so that more and more people can hear about what we are doing and get involved.
Oh I almost forgot…UpBots will never be a stationary thing. It will constantly evolve to bring the hottest/best investment options in the crypto space to the users. The great thing about having awesome communities all around the world is when you combine that with our Ethos (Kaizen — to always be improving) it means that even though the 1st version will be as perfect a v1 as we can build, we know that there will always be even more we can do to improve. After the 1st release，every version will be an improvement driven by our community’s feedback.
Q4：I think everyone has received the UNI airdrop, the most lucrative airdrop in recent two years. We would like to ask Ben and Neil whether there still exist get-rich-quick opportunities in crypto world, and how can a novice find these opportunities on the Upbots platform?
A4：NEIL: Yeah that was a nice development for me! :-) It’s always nice to wake up to find free money in your wallet. I don’t know about Get-Rich-Quick…I’ve never been a fan of the idea that you can get money without having to do the work to deserve it. I don’t think anyone really wins in those situations. Don’t get me wrong, I’m as partial to an airdrop or hard fork as the next guy and when those opportunities come along it’s great. I just also think as a life choice rather than running around spending all your time airdrop hunting, it would be more beneficial to spend that time learning to be more skilful in a life skill that will never go away, like trading or investment for example.
But to answer your question, I do think for the foreseeable future we will have free money in crypto. ESPECIALLY with DeFi and some of the really cool open finance projects we’re seeing now. But I think the number of projects that will make a person “rich”from a single event will get less and less.
Then again I would have said the same thing a year ago and $YFI would have made a liar out of me. Hahaha
Q5、Why does Upbots choose to use blockchain technology to advance trading? What are the advantages and disadvantages of centralized solutions and decentralization?
A5：Ben: Very concretely, part of the application is on-chain and part is off-chain.
The idea is to have a maximum optimization of the processes, in the sense that we see it and with always this need for the absence of a trusted third party.
Let’s take the payment of performance fees when you connect your account to one of the algorithms. The developer can set performance fees between 5 and 25%, so you will only pay him tokens if you make a profit. To do this, and to assure the developer that all the fees are paid, as well as to block the user’s capital during the transaction, in a smart contract, and the best solution was to use the blockchain.
Thus, when the trade starts, a certain amount of tokens is blocked in a smart contract and released at the end of the trade. The developer can at any time check and be sure that he receives what he is entitled to.
Afterwards, the disadvantage of decentralization at the moment is the cost in gas. But we are already implementing several solutions, such as a grouping of transactions, a layer 2, and other options being studied with the team. The idea is obviously to ensure a low transaction cost.
But we all know it, blockchain is the future, it’s what we are fighting for ! Let’s show to the world how powerful it is.
Q6: I saw that Upbots put forward the concept of “Trade by yourself” on white paper, how to understand “Trade by yourself”?
A6: Our goal is really to be able to meet the needs of all types of traders. From the most junior to the most experienced.
The junior arrives and can plug into a bot, or follow a Master trader to do copy trading. If he has a little more knowledge, he can trade with classic tools. Now if he’s an expert, he can become a Master trader, develop algos and bots… and rent them to the community.
But we think that a trader is a status that evolves. And juniors are also there to learn. That’s why we have a market place for courses, tutorials and community helpers to help them develop themselves, develop their skills and become one day, maybe, a Master Trader too.
3, Free questions and answers
Here comes the free question and answer session, Ben and Neil, you can choose some questions to answer.
User1: Why Upbots is “One Stop Shop Trading Platform” and how to realize it?
Answer1: On UpBots you will be able to trade manually or with a Bot. For Bots you’ll be able to create your own based on your own strategy, rent signals (executed by bots) from QA signals companies, social copy trade automatically with a bot, do training courses to level up, trade in and out of DeFi solutions, such as vaults and staking options and many more things as the platform evolves to offer the best, safest capital investment options
User2: Why cooperate with FTX and why choose FTX to do IEO?
Answer：We wanted to do an IEO on one of the most dynamic and interesting exchanges at the moment. That’s why we went to FTX. FTX is also Alameda, it’s one of the fastest growing exchanges and we’re proud to have been able to do an IEO with them. Thanks to them, many doors are opening up for us, and this is just the beginning.
User3：DeFi is one of the hottest topics this year, but its sustainability is also the biggest issue. What kind of strategies does UPBOTS adopt if it wants to develop for a long time?
Answer：We are not a DeFi project, but we aggregate DeFi projects. The difference is that regarding the evolution of the market, the tools, the features and the blockchains, we can add or withdraw providers and partners. That’s our big advantages. Our objective is to offer all the tools in one place, and simplify all the process.
Thanks Ben and Neil for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.