Blog

Aug 27

2020

AMA Recap: LIVE section with the CEO Bitfxt and Abitnetwork, and the Tatcoin community

Welcome speech by the CEO Bitfxt 

The CEO Bitfxt took out a few minutes to recognise the presence of all who were present and proceeded with the agenda of the day.

Introduction to what Bitfxt is all about

According to the CEO Bitfxt, one of the things the company is focused on is listing cryptocurrencies with strong fundamentals and valuable use cases. "Majorly, we have a very strong focus on the Nigerian market".

Statement of the problem 

"After listing Tatcoin, we realised that 80% - 90% of the users were newbies to cryptocurrency. Newbies usually find it difficult to trade using technical analysis, predict the market and read charts hence, we organised webinars to teach them how to trade Tatcoin. These videos can be found in our YouTube channel. Afterwards, Tatcoin was enabled on the Quick buy and sell and users began to use this method to quickly fund their account without the need to read charts or trade. Along the line, we experienced a glitch on the trade section that made the price of Tatcoin to nose dive i.e, go down. This was because the market was not liquid enough as users were mostly selling. One person bought a lot of Tatcoins and sold all thereby, dumping the price heavily to #1.2/tat".

"There was also not enough liquidity on the quick buy and sell to process transactions. We experienced not having enough tats to match the number of tats in people's account balance. There was no way for us to use the naira we got to buy at #50/tat. This gave me and my team sleepless nights as we struggled to figure out what to do. Thanks to Bitcoin Chief who gave his suggestions, opinions and support. Our prayer is not for the price of tat to go down but to keep going up, but, we do not have enough liquidity". 

"We also have the username and details of the people who took advantage of the glitch. Some of them have already withdrawn large sums from the exchange".

The solution 

An address by the CEO of Abitnetwork 

The CEO of Abitnetwork, Gaius Chibueze a.k.a Bitcoin Chief suggested that we find a solution to the problem and hear from the people directly involved. 

In response, the CEO of Bitfxt stated that the team has come up with four (4) solutions to this problem. Viz; 

  1. To have a separate meeting with the affected accounts to refund their naira, if they have not withdrawn it already. 

  2. Buying back tat at a reasonable price so we can begin processing withdrawals. 

  3. The total amount of tats in users balance is about 3 million tats but the number of tats available is about 800,000 tats. We need funds to buy back tats. 

  4. Meter the total amount of tats people can withdraw at a time so that people with large amounts will not empty the portfolio. 

A request for the CEO Abitnetwork's reaction to the above suggestion was called for;

The CEO Abitnetwork affirmed that if not that he has locked up the remaining Tatcoins as promised in the pre-sale, he would have given Bitfxt enough tatcoins to solve the issue but he does not have. He further suggested that we don't punish everyone for the sake of the few that took advantage of the glitch. The negotiation should be between Bitfxt and those who were affected.

Question and answer section

Here are some questions from the community:

  1.  I bought Tatcoin when it was N48, N44 and N40. I don’t think I should be affected by the current issue? 

Yes, you are not affected as well as all others in your category. 

  1. Please why is the robot reCAPTCH always showing up when I login in on Bitfxt?

The robot recaptcha prevents DDoS which is a major attack fraudulent people launch on exchanges to exploit the database of the exchange. The recaptcha was launched to prevent that kind of attack from occurring on our exchange in the future. Since some users are finding it difficult accessing the site due to their network or browser, we will find a way to reduce the sensitivity of the recaptcha. 

  1. When will tatcoin withdrawal be enabled?

Trade and withdrawal will be enabled tomorrow 

  1. Please my pending order wasn't cancelled before the tat/ngn was disabled

When we open trades, you will see your pending order and continue from there. 

  1. I hope this will not spoil the reputation of Tatcoin?

Tatcoin already has a strong reputation and the intention of the project is pure. Even if Bitfxt has issues, it will not affect Tatcoin. 

Closing remark from the CEO Abitnetwork 

He reiterated that, if Bitfxt has issues, it will not affect tatcoin. In his words, "I have sent my reserve balance to Bitfxt and it's still not enough so we still need to find a way to balance it". He suggested that, the affected accounts be refunded even if it's the exact amount then apologise to them to accept their loss. Let everyone involved see how to work things out. 

Watch the full video HERE

 

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