Summary of Mike’s Post-ICO AMA (November 9th, 2017)

November 9th, 2017, QUOINE’s CEO and Co-founder Mike Kayamori hosted an Ask Me Anything (AMA) Live on Facebook, where he thanked everyone who contributed to the success of the QASH Token Sale and answered some important questions pertaining to the ICO. Mike also shared his thoughts and visions on cryptocurrency, as well as the future of QUOINE.

Below is a condensed version of the AMA:

1. Will QASH be listed earlier than December 1st given the hard fork is cancelled?

We don’t know if the hard fork will be cancelled for sure but im assuming it wont be happening. Since we are working with the FSA, any amendment will need approval. To change our listing date from December 1st to earlier, we will need to go through the process of getting approval again. However, there might be a pleasant surprise. So stay tuned. I would love to bring positive surprise to all of you. But because we are regulated, we need to do all these things in a proper way. I cannot guarantee it yet, hopefully we could get it done earlier.

2. What will the QASH transaction fee be like?

The transaction fee for QASH will be similar to most of the other cryptocurrencies. I think we have a 0 fee promotion right now on QUOINEX and QRYPTOS thanks to our company being licensed by the Japanese FSA. QASH will be a quote currency. If you pay your fees in QASH, we will give you a 5% discount.

3. Will the rate of proration change due to the refund. What if after the refund, the total QASH funded is less than the initial 250,000,000 cap?

I want to make it clear between a refund and a return. We will prorate 55% of the funds and return the remaining 45% in the funding currency that you used to purchase QASH. There will be no fees for the funding return.

As per Pg.34, we would like to mention that the ICO purchases are final, as this is also in compliance with the FSA. In fact, refunding is actually against the FSA processes, but being the CEO of QUOINE with the interest of keeping everyone happy, I will give a full refund. We would like to emphasize that refunding is not a simple process, such that each and every refund needs to be manually processed (and might also affect referral reward outcomes). Having said that, QUOINE will honor full refund with a processing and handling fee of 10%. We will finalize your refund request by 6AM tomorrow morning.

Again, we would like to clarify that every contributor will get an absolute FINAL 55% of pro-rated QASH allocation

4. What’s the min ETH withdrawal?

We will discuss this internally with our CxO and our management team and announce it soon, it should be ~0.05 ETH. We will make an announcement and you will be the first to know.

5. What specifically are you aiming to achieve with regard to the approval of banking license in Q3, 2019?

This topic alone can be a whole new AMA. Having said that, the future of banking will be borderless, cashless, etc. Existing banking system cannot change, so we believe with the blockchain technology, we will be able to build a lot of new services/products on the blockchain. Keeping in mind, because these banking services are mostly regulated, we will need a license. We are keeping our options open. We would most definitely like to have a future discussion and AMA on this topic.

6. Other crypto exchanges are in competition with QUOINEX, are we going to have any partnership with any of them?

Eventually, we will want every exchange to handle/list QASH. But then again, there remains a lot of exchanges that do not even list other major coins. We are not particularly worried about that, as there is no immediate need to prioritize this over our other agendas. That said, we are in talks with an exchange in Japan that will be FSA compliant. Over time, we will have other exchanges (specifically in Japan) to list QASH. In the grand scheme of things, we do not see them as competitors. We are always in a position to work with other exchanges, given the proper risk & regulation assessment with all other things considered accordingly.

7. Did Taizo Son or Idei disclosed their amounts of contribution already? What about Mr. Idei?

I do not disclose personal invesment contribution. However, not only Taizo and Idei, but Jihan and others participated too. These contributions are in the multi-million range. I am grateful and excited.

8. Will people start selling QASH on etherdelta

You will not be able to withdraw QASH until the listing date. It is up to you to trade where you want, but it makes more sense to trade on Quinex as you will get benefits by doing so. Unless, there is a premium at other exchanges.

9. Do we get continuous rebates/5% for the referral bounty?

No, the 5% referral is now concluded. But fret not, there will be even more exciting referral programs (Katherine, head of marketing will be in charge), that might include incentives for both the referrer and the referee.

10. QUOINE was invested by Japanese VC last year, and QUOINE moved head office to Japan. Does it mean you are going to be listed in stock exchange in Japan? If so, when?

First of all, QUOINE was invested by Japanese VC last year. We raised a total of $20 million to date, and we still have that in our bank (plus a little more). We are proud to say that we are profitable, and we are bringing in the right people.

Why confine yourself in the Japanese stock exchange? Why even go public on a regulated/confined geo-restricted places like Tokyo or NYC? I think in a couple of years, maybe there will be equity tokens, obviously right now there already exists utility tokens.

11. Do you see OmiseGo as a competitor?

We will work with payments companies, processing companies, remittance companies, even exchange companies. Again, we are not seeing them like a competitor; OMG is not our competitor.

12. Which nearest competitor coin are you comparing QASH to? Thats what im using to gauge the growth and potential of QASH.

Bitcoin started after the global financial crisis. Bitcoin became as big as it is now. Now mainstream finance all come in to support Bitcoin. We are the bridge for Wall St. When I look at that, 99% of all our tokens are more like Bitcoin (i.e. coins like DASH and ZCASH are becoming more darker coins). Look at what are the white tokens out there that are regulation compliant. Maybe just Ripple. We just had people from Ripple visited our office. They are pro-regulations, working with large banks. Thus, from a pro-regulation perspective, you can compare QASH with Ripple (XRP). From market cap perspective, later on, we can be compared to Bitcoin (BTC) and Ethereum (ETH).

13. Should we be concerned about the time it comes to swap the ERC20-based QASH with the new blockchain based QASH tokens?

We will make an announcement when we will be able to swap the ERC20 token with our own blockchain QASH token.

14. What is our current relationship with Korea, considering that it is also a country active in cryptocurrency trading?

While it is too early for us to say anything, me and our CFO were in Korea last week. What we can say is that the CEOs of the top 3 exchanges in Korea (Bithumb, Korbit, Coinone) all have a good relationship with us. We will update you when things happen. Partnerships take time.

15. When will US residents be able to trade on QUOINE exchanges?

As of now, we don’t accept US residents to trade on our exchanges. That said, that will change. We are in registration process with FinCEN and what does that mean? US residents WILL BE ABLE to trade on QRYPTOS!! That will be huge. Stay tuned till we make the announcements.

Another announcement I wanted to make, is that we are going to integrate this telegram platform into our dashboard! The QUOINEX trading dashboard! However, the exact date is unconfirmed yet, stay tuned.

In summary, we’re in it together, that said, there will be ups and downs. If I were you, I will hold onto my QASH. Almost all of the recent ICOs have been hacked to some extent. We are, however, proud to say that of our ICO has been smooth and well-executed. Perhaps, what was even more surprising and ironic was the cancellation of the Bitcoin hard fork.

Before concluding the AMA, I again sincerely offers my heartfelt appreciation to all participants. Shouts out to Katherine, as when we started out, our community had zero user. In the first week, we had ~100 user. But as it turned out now, we have close to 3500 users! So engaging, and such a passionate community. For that I accept and can handle positive/constructive criticisms. I want this community to be THE place to talk about cryptocurrency.

On behalf of our entire team, I would love to extent my most sincere appreciation for everyone who participated in our QASH Token Sale. I am touched. We raised 350 million with the participation 4988 people from 98 countries. Some of these countries I can’t even pronounce. Our goal is for everybody to participate and it is a beautiful thing that there are people from all over the world who believe in our team and our product. Thank you everyone.