A discussion on the business model of Cobinhood - 討論Cobinhood的商業模式,P.S. 華人加油!

in #cobinhood7 years ago (edited)

Steemians,

This post is to provide a brief introduction of the recent ICO of Cobinhood and to discuss the business model as well as their management team. This is a collaboration post between @wilkinshui and @deanliu as we discussed about this new token recently. The main reason for me to do this post is not because I understand this one well, Wilkins knows more about how cryptocurrency exchage should work, it is because, to my surprise, this project has a significant Taiwan component. Let me say something before we give you some opinions on this token. Taiwan actually lags behind a lot in this new race of blockchain as its Asian neighbors accelerated during the past few years. This is probably due to her pass industrial niches residing in mostly the hardware sectors. So as I gradually come to realize the power of the soft in the coming future, I feel worried about Taiwan's future. So, for me I am very glad to see such a ambitious project burgeoning in this tech island... Let us look into it now... [you may refer to its website or articles on Medium to find out more about it.]

Cobinhood has a very simple concept in which their objective is to provide a crytocurrency trading platform without any transaction fee and to support the use of different fiat currencies. The exchange plans to make money from providing margin financing facilities in which they will charge interest if any user would like to take out loan for leveraging purpose. They also plan to help distributing ICO by selling their token to their platform user in discounted price and to charge a service fee from it. To me, this has a lot of potential to grow as in 2017, the total amount of ICO is around 2.2b USD according to Coinschedule and by taking small fee and getting a small market share already mean a good profitability for Cobinhood.

Their management team is also very impressive despite of young age. Their CEO Popo Chen, is one of the co-founder of the most successful live streaming (M17) within Asia. Two of the developers are also ex-Google employee. Recently, the company invited Tony Scott to provide business consultation in which he has a very strong resume of having worked as a CIO of Microsoft, VMware and also the US Fed Reserve in the past.

Overall, we think Cobinhood should have a very bright prospect by being the first mover to provide zero fee exchange and the ICO distributing business. Do bear in mind that this is only an ICO so never put all your investment in one basket.

各位好,

這篇文章是我跟 @wilkinshui合作,主要分析內容是由他主筆,作者收入也會主要歸於他。會介紹這個未來要從事加密貨幣交易所與承銷商的Token,Cobinhood,除了是因為我最近與Wig有過一些討論之外,主要還是由於我其實常常希望能多看到一些與台灣有關的區塊鏈項目,這次好不容易看到,這個項目雖然很國際化,但許多主要成員來自台灣,所以我在情感上也希望能多幫幫忙。因為台灣過去幾年,可能是因為產業結構傾向硬體產業的關係,這類的軟的、虛的、商業類的新科技,普遍都發展的較落後,也讓人有點著急... 所以,藉由我們的討論,希望也讓更人可以認識這項目,讓華人在這方面的發展,能夠有更多機會與能見度。

Cobinhood 這個名字,應該是來自於大家熟悉的羅賓漢,Robinhood 這個英文字。如果你剛好有投資美國股票的話,你對Robinhood應該不會陌生,它們就是以無交易費用而成名的。

Cobinhood的理念非常簡單就是要針對目前昂貴的加密貨幣交易費用而去提供一個免費的交易平台並且支援多國法幣。在交易員的角度來說這當然是非常好的消息,可是如果要投資這一個ICO,我們必須要問它的盈利模式是什麼?

1) 融資利息費用

事實上,在傳統的交易經紀商,由於入門門檻不高,所以廉價甚至是免費的交易費用已經是非常普遍的事。可是有一樣事情你可能不知道的就是其實他們最大的盈利是融資利息費用 (Margin Financing Interest)。什麼是融資利息費用?簡單來說就是賺取借款利息,例如你今天要買100元Bitcoin,可是你發現自己只有50元,你可以問經紀商借款50元便可以買入100元Bitcoin,而你的成本便是要支付借貸的利息。

可是要注意的是此業務的風險,由於加密貨幣仍然屬於新興市場,波動性自然會比其他金融資產為高。一般來說經紀商會監控資產的價值去控制借貸風險,在資產價格下跌時,經紀商會透過保證金的制度來控制自己借貸的風險。必要時更可能會自動把客戶的部位平倉。可是假如市場發生閃電崩盤或流動性太低的時候,經紀商有可能因為未能及時平掉倉位而導致損失。比較著名的例子有 2015年歐元兌瑞士法郎閃崩,導致美國著名的外匯交易商FXCM損失超過二億美元的事件。

我們曾就此事,詢問過Cobinhood 得知他們也非常清楚箇中風險,已經聘請擁有金融背景的人負責這一項目並說明不會在未準備好的情況下貿然讓這功能上線,這樣投資人應該可以比較放心。

2) ICO承銷商

這是我們認為Cobinhood 最大的亮點,ICO承銷商這個商業模式就像投資銀行為客戶上市的費用。我認為假設Cobinhood如果交易平台做得好的話,其他公司絕對會有興趣透過Cobinhood幫助銷售,第一是可以立即在Cobinhood的交易平台交易,市場價值也會因此得以提升。第二就是透過Cobinhood的經驗可以幫助其他公司更容易發行成功的ICO並且因而減少不必要的費用。目前知道的是已經有五至十家的潛在ICO 正在跟他們進行商討。

根據Coinschedule 計算,目前2017年ICO 的總金額已經達到了22億美元,而假如你是加密貨幣的信徒,相信這數字未來也會持續攀升。假設保守一點用一年ICO金額30億美元做估算,假設平均每承銷一個ICO收取5% 的費用並得到10%的市場份額,這便代表大約一千五百萬美元的收益,差不多是這一次集資額的一半。加上背後也有火幣網杜均的支持,相信在中國大陸內,他們也已有一定的人際網絡,協助未來在此業務的推展吧。

說完業務模式當然也要看團隊的背景才能分析他們的執行力。整體的團隊年齡可謂相當年輕。CEO 雖然只有26歲,經驗卻已經相當豐富。其中最令人注目是,他是亞洲最大的直播媒體 M17 的創辦人。而其中兩個負責開發的也是前Google 的員工。而最近亦成功邀請有力人士 Tony Scott 站台,負責擔任顧問的角色。Tony Scott 過去曾經擔任過Microsoft,VMware和美國聯邦儲備局的CIO。這亦證明了雖然團隊年紀輕輕但執行力是非常高的。順帶一提,他們的辦公室是跟JP Morgan和 Bloomberg同在一個大樓的,這批年輕人的實力真的不容小覷啊。

最後也說一下法規的問題,目前Cobinhood雖然總部是在台灣,註冊地是在開曼群島,所以突然要關門的風險是比較小。未來Cobinhood打算在台灣加入出金,入金的服務並初步已經有合作對象的銀行。在目前台灣要加強反洗錢執法的時刻,加上亞太防制洗錢組織明年也會到台灣進行稽查,要以虛擬貨幣公司的身份去跟銀行合作可謂是相當困難但這亦告訴我們Cobinhood內部的KYC程序應該是做得不錯,不然銀行是不太可能願意跟他們合作的。當然未來也存在很多的法規風險(尤其是在台灣),但跟很多金融機構一樣,就等它實施後再逐一解決就可以了。

總結來說,我們認為Cobinhood的著眼點是對的,既然便宜的交易費用是大勢所趨,現在針對其他業務反而可以得到先行者的優勢,而團隊的實力也是相當不錯的。但是還是要記緊注意風險管理,切勿把所有資本放到同一個投資內。

Cobinhood的Telegram頻道內每天都有許多訊息,有興趣跟蹤了解的可以加入,我們就不針對ICO買幣這些細節予以多說了。


投資一定有風險,基金投資有賺有賠,申購前應詳閱公開說明書。
images from Cobinhood and pixabay


祝福各位在克里普托科仁西空間愉快悠遊!


...內建熱帖廣告...關於加密貨幣投資這碼事 ...內建熱帖廣告...


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Zero trading fee is such a big attraction!
But I am curious about how they would implement decentralization for the exchange in the future.

Let me get @wilkinshui to answer this....

There were issues with Cobinhood management.

Firstly, tokens were not locked till ICO was over. Early buyers capitalize on this opportunity with the extra bonus they had and start selling on Ether delta even though the ICO was ongoing.

Next, there was some drama in the telegram chat yesterday. There was a leaked info of Ian Balina Pool. His pool with a cap of 3000 ETH was offered 150% bonus COBs. Some investors got to know of this and felt threatened that some with the large bonus will dump their tokens once they get a hold of it.

Ian Balina was a so-called "Strategic partner" for cobinhood but the others finds it unethical due to the fact that the pool was created in the middle of an ongoing ICO.

Well, Cobinhood management did a video to apologize and explain themselves. Ian Balina pool got void in the end as the pool info was leaked which in violation of the pool terms between Ian balina and Conbinhood.

Don't get me wrong, I invested a small amount in Cobinhood and believe they can achieve something with it but the process of their ICO worries me. Makes me think that they are not capable. Well, I hope things change for the better after the ICO.

Thanks, understood the issue. I am not sure why they choose not to lock the contract for the private sales buyer and i am perfectly understood why people are upset about the situation. But as a investor, i would like to focus on their business model to decide whether i want to invest in it. Afterall, cryptocurrency is not an asset class where it is perfectly regulated and i guess this is something we need to embrace. I wish cobinhood all the best to deliver what they have envisioned but do keep in mind that ico is always a high risk investment and again dont put everything in one basket. Thank you for bringing that up, a very valid point.

I felt similar catch in hk too, oneside is cryptocurrency is a unstoppable beast waiting to rampage out to our lives, yet the HK government is one hand saying "support" fintech development, while on the other hand doesn't spend time to explore the possibility of cryptococurrency/ blockchain technology development in HK. We lag behind so much, especially when we see soooo many ico were base off in singapore....it is so clear the the 4 little dragons of asia grow into different shape and size....HK is just too afraid of the money laundry stuff, yet not dedicating efforts in having deeper studies.

for cobinhood, I like the idea of low to none transaction fees, but everything will need to wait when things are actually running~

yes, but anyway lower transaction fee is always good news for us traders.

I wish Cobinhood all the best and overcome the regulatory requirement, this is getting complex everywhere.

“zero trading fee”相當值得注意與期待呀!👈

對啊!Steem內部也是zero trading fee,但只有自己的幣。:)

Do they have an answer for the liquidity issue that most decentralized trades have?

please refer the other reply in this thread. thanks!

Do they have a solution to the liquidity problem that most decentralized exchanges have?

Hi there, they would not launch the decentralized exchange for now. I believe the solution is to build the community with the traders and once more sophisticated traders are drawn to the community, the liquidity won't be a problem because the traders will self correct the market price by providing market maker service (afterall, trading the bid-ask spread is one of the sure bet for the traders once the market becomes more mature).

Thank you for sharing dear it is amazing and information for every one.really helpful post for us
keep it up.
and please friends follow me.

@mahmoodhassan
And please upvote my post i also upwote your all post friends..

you are welcome!

thanks, hope it helps.

Zero trading fee =) o jea baby =)

Very powerful, huh?

Nice information, thanks for sharing;)

You are welcome.

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