FLASH Monthly Q&A — Ft Flash Co-Founder Chris Kitze (March Edition)
Interviewer: Chris Kitze, today we’re gonna go over a couple of brief updates with regards to the mammoth exchange. We’re gonna talk a little bit about Bitlounge and the new partnership there and hopefully get those guys on the line. I’ve had a couple of questions regarding Cryptopia. Chris is going to give a very brief update on some of the marketing push we’re working on, some partnerships that we’ll do, and our usual flash web address wallet update. He will also speak briefly on FTI.
Interviewer: Just for everybody today’s 26th of March 2018 and we’re nearing the end of q1, so a lot of patient flash investors and holders and spenders out there.Chris how you doing today?
Chris Kitze: Doing great, great to be here.
Interviewer: Yeah great to have you on board as usual, we’re going to get this call started off. I think your knowledge in the crypto world and just your involvement in what you’ve been doing over the last few years, I always love hearing about your take on cryptocurrency as a whole and I’m not talking just Bitcoin. Everybody seems to think of Bitcoin when they hear cryptocurrency but obviously in the the first quarter of 2018 we’ve seen somewhat of a pullback to the December highs and the overall market was sort of pulled back a little in general. Would you be able to give a bit of insight on what you think is some of the main contributing factors there and any general crypto investors and newbies is there any sort of moving forward statement. Can you give and maybe just a hot tip — in regards to some coins which you think are about to pop aside from our very own Flash?
Chris Kitze: Sure well starting with the market I mean it’s you know obviously everyone looks at their portfolio every day and it’s terrible it’s all red it’s horrible. The prices are down but just remember this you know compared to two months ago all the coins that you hold whatever coin they are they are now two months further along they’ve got two more months of hard work that’s been going on, and you know and as far as the actual coin itself the most it’s probably two months better. The price is just a way to look at you know how it’s doing and and what people think about it in general but prices are you know what I think people are now realizing is that a lot of pricing is now controlled. It never used to be this way. You know there have been crashes, I mean Bitcoin went down 80 or 90 percent multiple times you know. When Mt.Gox the big exchange in Japan got hacked I mean that was where most people were doing their trading and that was a place where you know a lot of bitcoins were stored on that exchange and they got lost and when that thing died when that thing went under. A lot of people lost a lot of coins and there was a huge crash and we haven’t had anything that negative of that magnitude. Also part of it is because everything is more global now. As far as the negatives that have been weighing on the market, the main cause is the Sec which basically said we’re going to enforce the law and we think that utility tokens are security coins, which I think a lot of people disagree with but that’s what the SEC says.
Chris Kitze: A number of other things I have been weighing on these things. For example some of the exchanges went back and forth in South Korea people in South Korea said: well we’re going to regulate. It never was instant, then they said we’re not gonna regulate it as much, then they said we’re going to put this out of business and they’re not going to put it out of business. So I think finally what’s happened is people are just tuning all that stuff out. I think the big factor right now in the markets is the futures and these are Bitcoin futures they are they are based on price of set by a number of exchanges but the prices are it’s all settled in cash. It’s not settled in bitcoins so in other words, you’re now allowing fiat money which can be printed in unlimited quantities to determine the price of Bitcoin and because every other coin is tied to Bitcoin that also determines the price of every other coin. That’s been the strategy that they’ve used to do this now.
Interviewer: Why is this important? Why do they want to see the price down?
Chris Kitze: Because I believe right now there are a lot of people who want to get into the crypto coin market. A lot of these are all family offices. There’s probably 500 billion dollars the family office money. There’s probably another one or two trillion dollars of sovereign money that wants to come in and they don’t want to pay $20,000. They’d rather pay $6000, $7000, $8000 or $9000 for their bitcoins and that is pretty much what’s happening.
Chris Kitze: There’s a lot of demand that’s coming in but there’s also a lot of people who are original Bitcoin holders who are looking at the barbed wire that’s coming to the Prairie and saying we don’t like it. They are probably saying we’re going to hit the sell button and these are people who are big holders. These are people who hold ten, twenty fifty or even a hundred thousand coins and what ends up happening is these people they just they want to get out and so we’re seeing probably two to three million coins for sale right now on OTC (Over the Counter) markets and this is and there’s probably more than that but these are just ones we know about. You do have a lot of buying so I think what’s going to happen is this will probably clear through I would say in the next month or two maybe a little bit longer once that happens prices will be able to go up because then there won’t be as much supply and you know people will still want to buy. That’s kind of my take on what’s going on with the markets right now in general flash and certain coins other coins have their own life of course and you know to some extent they’re driven by the overall market, but I think in a lot of cases they’re going to be they’re going to be driven by you know whatever the coin is doing. What kind of new features, what kind of new developments have happened for the coin and I think that you know in the case of Flash will, given some of these developments here in a minute, with a lot of exciting stuff on the horizon.
Inteviewer: Right yeah, I mean from a contributors perspective there’s a lot of stuff going on behind the scenes which a lot of the other team are working on and just quickly before we move on from this topic are there any hot investment tips and I mean I know you’re not an advisor but is there any particular cryptos that you are following outside of the Flash world? I know there’s Monero you’re always bullish on and pretty keen you mentioned elf recently.
Chris Kitze: Yeah well, to be truthful I just sold about a third of my Monero last week and I mean it had quite a run that I think just as an investor you just have to maintain your discipline. You know the issue for the private coins and I think this is a big trend you’re going to see is exchanges are becoming centralized that’s just a fact of life now there will be decentralized exchanges which will not require the KYC (Know Your Customer) and all the other things the reporting and everything else they’ll just be trading between individual people. Anything that’s on a regular exchange is going to fall under the full weight of regulation and I think it’s possible that some of these private coins are going to have a hard time on exchanges and the reason is because you know when you send money from bank to another bank they know where the money came from. It came from that mother bank and then other Bank has KYC they have anti-money laundering policies and what not. Banks are very comfortable with other Banks. When you send a Bitcoin to somebody and then get Fiat money back out of a bank for it the banks are scared to death about money laundering because they can’t know exactly who the person was who had the bitcoins. Now, they could run it through scanner and say oh this coin was used on Silk Road it was used for ransomware or whatever and then they can say we don’t take those kind of coins, but the problem is they know there’s a lot of things that they just don’t do with these coins they can’t tell you who owned the coin so that is a that’s one of the one of the big problems with the exchanges. In the near future I think you know some of these some of these decentralized exchanges. By the way, with Flash we’ve been talking to a lot of these people we really we want to support all the decentralized exchanges. We’re actually on Cryptobridge right now but I think it’s safe to say you’ll see us doing a lot with these decentralized exchanges. The problem we have as most of them are erc20 coins. Flash is not an erc20 coin, it’s a Bitcoin family coin and so for that reason it’s the technology is a little bit different but that’s the that’s the kind of the overview of what’s going on in that realm
Interviewer: Interesting, i’m glad you talked about Monero and a few other privacy Coins back in july last year and I hope done at that point because I took your word pretty seriously and you seem to be well involved in the community so yeah it’s good to hear that that sort of their perspective on the privacy and at the end of the day it’s and it was inevitable. I think and you’re right centralization of exchanges is going to happen and there is going to be involvement from those authorities so great that that’s a good sort of wrap up on that general crypto Bitcoin pocket of news. We’ll move forward here and obviously get into the meat and potatoes of the the reason we do these calls and that is to talk a little bit more about where we’re at with Flash now. Obviously there’s all sorts of things happening right now and the two previous monthly update calls have been very informative we’re sort of nearing pretty much nearing the end of q1 and I know Deepak (Main developer) and Driftters (Staff member) and a bunch of the guys that are doing a bunch of work right now and we’re pretty close to some pretty exciting things. I can imagine you’re pretty short on information because you’ve already given a lot of it out to the to the public but the word on everybody’s tongue right now is Mammoth. Just a quick spill on where we’re at and how far we’re out from seeing this going live. Also, one particular question: Is there a possibility to map out the relationship timeline that was from one of the users on disk or to come in by the name exact but start off with that can you just sort of lay out that timeline.
Chris Kitze: Well timelines are hard when you’re dealing with regular businesses you have to get a lot of things done. I mean the issue right now in Liechtenstein is and I’ll be going back there in a couple of weeks to get some more things finished up. In the last couple months, I’ve probably spent you know well over a month there. What we’re looking for is you know I would say the the Fiat to Crypto trading. The crypto to crypto trading we’re clear to do that right now and we’re just waiting for we’re waiting for the software to get delivered. I’m hoping for that in the next week or two that we can start looking at it and then it’s probably another two to four weeks will not do some more testing we have to integrate the KYC. Then we’ll be able to get gone then that’s just for the crypto to crypto. The Fiat to crypto it’s possible that we could do a vending machine type of an approach and that would be primarily for people in Europe using Iban and then the other people and the rest of the world you know we’d have to have a way for people to send in wires and basically you’d be like an OTC trade. For people that’s how it would be done and that’s possible too we can we’re going to be start doing OTC trading for bitcoins in cash there as soon as next week. OTC trading for Flash you know that’s definitely on my radar most of the initial demand is for Bitcoin and Fiat from that point of view so the other part is that once we have that running it’s possible also to do what I call a vending machine. Which is to put away that people can pay using a credit card is problematic because you have to get approval from the card Association and from me you know the merchant banks the acquiring banks and you know turns out that Bank Frick which is our bank partner over there. They are deeply involved in this and they’re they actually have some customers who are starting to do this. The issues are mostly around chargebacks and fraud and so you know you can say well I don’t care I’ll pay the chargebacks and everything else but the problem is the Card Association thinks that if you’re over 1% you are a bad person and you get kicked out so you have to you know really run a clean ship with that and we’re kind of waiting to see how some things turn out for other people. That’s on our deck right now and if that can happen in Liechtenstein I would say it’s probably anywhere from two to six weeks away.
Chris Kitze: The other bit of news is that there is there’s another exchange in Canada I can’t say who it is but it looks very promising that as soon as next week we may be up on that and they are offering Fiat to crypto purchases and that’s for people in Canada. I don’t know if it includes the US might include the US but that could be and from Canada you can actually serve the rest of world as well so that could be that could actually beat Mammoth out the door in terms of something done for Flash and that would be a very positive development for Flash because they are interested in using flash as a coin pair for a lot of other coins now. I can’t mention the name in exchange we don’t have everything finished yet but it that could be that could be very positive for Flash.
Interviewer: I mean the people in Canada do the math there’s only so many Canadian exchanges out there right so that’s I’m excited. I’m living in Canada to spot the accent and that’s huge yeah that’s a very pleasant thing.
Chris Kitze: Yeah I think so I mean there’s there’s about 30 million people in Canada, so it’s about 10 percent the size of the US but I think you know Canada the nice thing about Canada is you can actually serve a lot of the world from Canada. Generally most people and money service businesses avoid the U.S. just because of all the regulations and rules but they can certainly serve just about anywhere else in the world and just and anybody almost any country can get a bank account in Canada with two forms of ID hard to believe but that was I was told that a couple of years ago. I’m very positive about we’ve got an exchange in India. While I’m on the topic of exchanges I might as well just go through it we just completed a deal we haven’t it hasn’t publicly announced yet but we just sent some 8,000 dollars’ worth of bitcoins from our community fund went to pay for an exchange that’s based here in the US. There’s another exchange in India that were we’re waiting for they were supposed to give us an address to deposit and we were kind of going back and forth with them a lot of a lot of exchanges want to charge lots of money and you know we’re a community coin so it’s everything that’s paid for is paid for by the community. We know it’s not like you know we have one giant whale who just pays for everything that doesn’t happen with Flash we have we passed the Hat on a lot of things and the community comes out and says yeah we’ll support it but I think this exchange in Canada if that works the way I think it does it will be a stepping stone and there is another a large fund it’s interested in investing as well in and buying some Flash OTC. They will assuming that happens and assuming that this exchange happens, they have told us that it’s a very real possibility that we can get on to one of the larger Chinese exchanges now you know that’s one of those from my lips to God’s ear right but the fact is that you know when you have people talking about it why is it that Flash is now being considered for these kind of things well it’s simple we are not a security token so we don’t have all this baggage of we didn’t I see oh are we security are we not a security. We were extremely careful when we started the coin so we don’t have that kind of baggage that we could be deemed to be a security we’re purely a community coin so what does that mean all the people right now because the markets pretty much flat the ICO market is pretty much flat because of all of the these issues with the security tokens. What are people looking for now, they’re looking for undervalued coins that are community coins that have certain features that are very fast that have low transaction processing fees and then have a large user base. Well guess what with Flash, that’s where we are so that’s the good news and I think there’s going to be a lot of opportunities that we’re going to be able to jump on in the next three to six months and assuming we can do that you know I think the you know P. I’m not going to say any price because I want this, what’s the price going be I don’t know. I don’t make forecasts for price but people are telling me you know numbers that I’m thinking Wow but if you think about what it is we’ve actually got here with Flash, it’s certainly worth a lot more than where we are now in my opinion yeah.
Interviewer: Well enough said there I think that speaks for itself for Flash. I think the more people move away from that the SEC sees all the security tokens and whatnot and they see the value and the undervalued coins like Flash then we see movement but just going back to Mammoths there I just want to sort of wrap up a couple of questions there. What coins other than Flash is mammoth planning to support oh you know the initial coins are all the Bitcoin, Litecoin, Bitcoin cash you know basically top ten coins.
Chris Kitze: Monero that’s one of the coins we’re going to support. Erc20 tokens so once you support erc20 you can support the whole family. Now we do have to go through and be careful liquid science a little bit different in terms of what they consider to be utility versus security they are the regulator there is not as tough on people for calling everything as security like the SEC is so I’m actually very hopeful that we’re going to be able to add a lot of coins I mean I talked to people like Metal I talked to I know Marshall Haines I know I talked to one of his people I was in a show on Puerto Rico and I like what metal is doing and they are no longer in the US but they’re in there on Chinese exchanges and I think that’s an interesting point. I like that coin I like what those guys are doing and that might be one that we would look at for mammoth so these issues really it’s just a question of how much time and money it costs to review the compliance and then review the tech because a lot of coins have individualized specialized block chains and you know you have to do special work to support.
Interviewer: Metal recently delisted off Bittrex is that what I was reading correct yeah?
Chris Kitze: Yeah but did a bit of a purge a bit of a cleanup yeah is that because they’re no longer based out of the US and Bittrex is no you know I don’t know the reason for the for that I mean maybe the trading volume went down too low but they actually you know they metal got listed on Cryptopia and then I think on Binance or who will be one of those and so I think most of the trading is actually taking place over in China or in Singapore or Hong Kong now. I don’t you know if you know that I know Bill with Bittrex and I don’t know his reason for that but you know Bill’s a good person and there’s probably some reason maybe. The SEC might have said you know there were us people involved and they got tokens but I thought the Metal coin I thought was very clean it was actually done very well they sold equity and then what they did was they just gave people tokens I said here we go try these things we’ll play with them and then the tokens turned out to have value they put him on in exchanges like wow these things were worth a lot and you know and then it went from there yeah. I’ve sort of been following Metal close, not closely but like in the background of all the rest that’s going on in the crypto world and people seem to be very great bullish and very high on it so a good little insight there
Interviewer: So there that sort of wraps up regards to what other coins flash you’re planning to support. Another question and obviously decentralization everybody wants to know more about it, is any part of mammoth decentralized or is any plans for it to be decentralized?
Chris Kitze: No, it’s a regulated market and I mean when you do regulated things they tend to be centralized I mean you can’t meet all the compliance requirements without being centralized. With that being said you know I am the way I’m looking at this now it it appears to me that we’re going to see a bifurcation of the way crypto coins get traded you’re going to have coins that are within the system they get scammed. They didn’t pass they didn’t have any problems with any kind of ransomware or any other bad things they get they get they’re able to be on boarded into the exchange which means that as soon as it goes on in the centralized exchange it’s in a centralized wallet so if someone’s holding the coins for you, which is really one of the requirements of these remember I said before that there were family offices and sovereign funds that want to get into this their requirements are they like centralization they like regulation. They like the fact that there’s a licensed custodian who is holding the coins that has insurance or that has some kind of way to make sure that they’re going to get their coins back so that is the that’s the long and short of it that’s where that’s where the centralized part of its going now what about the decentralized not everybody likes to keep their coins on an exchange well once you get further along is it possible that some centralized exchanges they have a policy that you know if you leave if your coins leave for the wild they may not be able to get back in. They could do that they could actually say that and then what you end up with is two different groups of coins the coins that can play inside the system but can’t leave and on the ones that are free range and it’s entirely possible that you have different pricing for each of these coins. One might be worth more than the other, I don’t know but that’s something the market will figure out but that’s a that is a fundamental issue that I think all these coin you’re going to have with these exchanges. Flash we just want to support we don’t care one way or the other we are our coin actually we because we have QT wallets and wallets that are independent of any system those coins are decentralized you’re holding your own private key now if you want centralized you know the Flash web wallet that is a more centralized wallet now we’re not storing your key you’re generating it when you log in and you have a recovery phrase that helps you regenerate it if you forget it, but that’s the idea there is that all of those kind of web wallet things. Probably most of them will probably end up being regulated and that means that it’s at some point in the future you’ll be in the lab of KYC and AML, that’s know your customer and anti money laundering.Those are going to be regulated wallets. Now if you want unregulated decentralized you just go get yourself a QT wallet or Coinomi or one of the other wallets where you’re just and in fact our new Android wallet might be a possibility too I have to take a look at that but as long as you’re holding your own key and you’re downloading the software yourself and you’re responsible for your own key guess what you’re basically you’re off the grid, you’re decentralized. You know as far as decentralized exchanges that’s one of the things one of the tasks I gave to somebody who’s one of our volunteers I said hey go make a list of all the decentralized exchanges that are out there and there are new ones cropping up every day most of them are ERC 20 compatible and the reason is because it’s easier to do it. You only have to do basically one coin and then you use a smart contract on ERC20 downside to that is to do discovery in other words to find someone who’s selling a coin most of these guys come to me and they say I have this new decentralized exchange. I said okay do you have a website? Most or all of them say yes here’s our website I said well if you have a website you are not a decentralized exchange it’s just that simple. I said you have to get rid of the website you have to be a protocol and then you have to have a signaling plane where you can offer you have your users who download the software can use an independent blockchain to offer to advertise offers to buy and sell. It’s done by the individual person just like Craigslist or something like that hi I have a new I haven’t used you know Coleman sleeping bag I want to sell great I want to buy a : sleeping bag and that’s how I can that it just puts people together and then they can go and make up the wrong deal if I’d go visit you and I say yeah this this is a Coleman sleeping bag it’s in good condition I’ll pay you ten bucks for it which is what your it would you’re asking and that’s how and then you have settlement that’s a separate thing. The problem with most of those things is that in order to post something to an either an Ethereum blockchain it’s going to cost you fifty cents now. If every time that you click the I want to offer things to buy or sell and you have to pay 50 cents that’s going to get expensive and you’re going to get tired of that real fast. What I think it’s going to happen is that a blockchain light flash and we’re already working with one decentralized exchange to get them so that they can build an application and in order to put data inside of our blockchain it’s not widely known but you can put up to 50 bytes of data inside every transaction what we do is we charge people a special fee for that and now there’s a there’s a very very nice revenue model for the flash community and for the people who are doing the application so that’s a that’s something that I think is a very interesting. The thing is if you look at Flash the Blockchain, the goal of Flash is to have the blockchain publicly run what that means is it’s like it’s like a public utility anyone can connect up to the power company and get power they don’t say well we don’t like your business because you sell you know you sell a certain kind of flower we don’t like that we’re not going to give you electricity they don’t do it they just they provide their common carrier they provide power to anybody UPS pretty much the same way if it fits in the brown box and it’s a you know it’s not an explosive corrosive or something that’s going to cause a problem and get their planes to fall out of the sky they’ll stick it in the Box they’ll charge you for it they don’t want to know what’s in the box they just want to know it’s not going to cause problem and that’s it. That’s where that’s where I think Flash Is, the blockchain wants to be as low price as possible people who want to make money off of Flash will build applications that’s what — when that’s what we’re starting to see now
Interviewer: I think we may have already covered this question and I think we in fact I think we did with regards to what Fiat to Flash bearing will there be for example I want to send my so-and-so a payment with Flash what if you wants to exchange it then back into Filipino peso will you be able to do that in the Flash web wallet or the flash wallet well
Chris Kitze: Here’s the deal that is a that is what a massive use case so it’s an excellent question. The question is if I have if I’m a merchant the problem I have is someone pays me with Flash bitcoins like coins it doesn’t matter what kind of crypto I have to just make a choice of what I want to do I want to keep the crypto and write the what ride the wild Branka buck or do I want to just take my crypto sell it and get cash and most merchants will take the cash rout. Some are just looking at it like well it’s small enough that you know I’ll just hang on to the crypto and they’ve been very happy. The first Flash transaction that I’m aware of was James bought a haircut for 10000 Flash and you know it’s like a 15 dollar haircut 20 dollar haircut and it became worth 300 bucks today right so it’s a lot of money and and that’s the benefit of holding onto a crypto that’s appreciating but on the other hand if you if you’re a merchant and you have a tax problem you have to you have to take you have to pay tax based on the revenue that you got and the value that you got at the time that’s in the U.S. Canada is pretty similar to that and a number of other countries follow that too so the Filipino example you asked about we have to have a way for merchants in the Philippines to be able to take the Flash and convert it. Now there’s two ways to do it you can convert it into another currency at some place like mammoth. In other words you converted into euros Swiss francs what I think is going to happen is you’re going to have local exchanges in places like the Philippines and they’re going to say okay we’ll take Flash and we will convert it from the Flash directly into Filipino pesos and you’re done and it’ll go right into your bank account and that’s just and they’ll charge a fee for that now. If you think about it that’s actually a pretty good deal for the merchants because the cost of taking a credit card for online transactions at least 3% let’s say they can get the fee down to under 1% person sends the coins they, get the coins go in their wallet immediately compared to a credit card which you don’t get for three days you have three days settlement with a credit card plus you have a whole back account you don’t have that with Flash so it’s a very in particular for companies like coffee shops which I think are terrific application. I want to talk a little bit about what’s going on in Canada right now CBC which is the big Canadian Broadcasting Corporation they’re one of the large largest media companies in Canada they went to a to a shop in Halifax that that that takes Flash and they were doing a story on. What happened is they saw how big this thing was they said hey you know what we don’t we want to do more than just a you know 30-second little blurb. We want to come back tomorrow and spend all day with you guys and go over this and so what happens is now they’re coming and they’re looking at this they’re saying now why is it that you want to take Flash and then the person who owns this said well we want to offer our customers the latest and greatest the most current most modern things that’s we that’s where our business is. That’s what we want to offer our customers, but there’s also very good economic reason it’s a coffee shop you buy you buy a cup of coffee let’s say it’s a five dollar super mocha latte or whatever you get this you get this five dollars you say I want to pay with a credit card. Well with a credit card is typically thirty cents plus three percent so you’re going to pay out of five dollars you’re going to pay three percent of five dollars is fifteen cents plus thirty cents that’s forty five cents. Forty five cents on five dollars it’s almost ten percent now you compare that with paying with flash and flash is going to cost you a fraction of a penny and it’ll clear right away so if you’re a merchant which one makes the most sense well flash makes a heck of a lot of sense and it’s even faster than credit cards are takes only about two seconds to get your transaction through people love it and I think that what you’re what you’re going to see you know. With people like this this person this merchant doesn’t care about transferring it over and converting it into cash although I think with some of the exchanges coming in Canada with a fiat gateway they’ll be able to do that directly and it’s going to make a lot more sense than a credit card. The speed of life in general the transaction per seconds all that stuff adds up to a very important use to the public for with from Flash.
Interviewer: Thanks for briefing us on that I’m excited for the Fiat to flash bearing as well but as you said that use case across the globe is unsolved right now in the cryptocurrency markets. Moving forward will there be fees in Mammoth’s especially for fiat to crypto market order?
Chris Kitze: Yes, there’ll be fees we don’t know how much yet. It kind of depends on the volume. It’s going to depend on the value and how much it costs it’s going to depend on you know what exactly it is people are doing. You know if you look at just the fees for mammoth there will be fees for you know every time there’s a transaction there’s going to be a fee, you know what is the fee going to be if you’re a market maker and you’re a big player you’re probably going to pay a lot lower fee than someone who’s coming in and trading you know to Monero or you know or 500 flash you’re going to pay a bigger fee than that person which which just makes sense you know will there be free transactions. No I don’t think we can ever make anything for free because it actually it costs a lot of money there a lot of hidden costs to running an exchange now some of them once they get to scale it’s very profitable because you’re just you know running the Machine and you know everything just comes in and goes out and you’ve got a you get a nick out of every try it out of every trade so it can be very profitable once you once you achieve the scale but it’s hard to do that. I mean if you look at the number of exchanges there’s probably I don’t know hundred now on Coinmarketcap and you know some of them started like a million dollars a day in trading and go up to you know several billion dollars a day a trade. Oh it’s really a question of you know what coins you’re going to list what you’re going to charge those coins my personal philosophy is list everything let people, let the market decide and for the coins that don’t have a whole lot of trading maybe you charge a higher fee because there’s there’s there is a cost to running a wallet on an exchange and you know if someone’s trading you know one or two bitcoins a day of a coin. I mean quite honestly Flash has even been like that the last couple days you know we’re a little spotty we go up and down we traded as much as I don’t know 50 or 60 bitcoins a day or a while ago but it just it goes in waves and you know and the way to handle that I think is a fair way to do that it’s just to either have a fee or lower the fee when the trading goes higher and make it higher when the trading goes lower. That’s basically what it is I mean it’s just how do you account for this stuff and how do you make sure that that people basically pay the fair share for what you’re doing. I think that’s all it is that sort of that’s that question then so in short yes there will be some fees but all we will be there for us to see and an experience hopefully in the next little while here.
Interviewer: Well that sort of wraps up my questions of mammoth as we know sort of it’s a brief summary on everything then and it looks like we’re still a little bit of ways away but not too far workers. Chris’s working very hard on this as you know as he said he’s going back to Lichtenstein in the next couple of weeks so we wish him the very best there and hopefully we can have some more exciting things to report on when he’s back and hopefully an announcement to make. We’re gonna move forward here there’s been a lot of work on the the marketing side of things everybody’s been calling for this and down on the marketing side and the team has come together on this can you do you want me to give a bit of an update or did you want a sort of sort of weighing in their way on the weigh in on the brief update.
Chris Kitze: Yeah first of all we have a new redesign and I’m very happy with the with the design that one the claim that one it’s like a golden ring it retains the Heritage it’s a you know black and gold are really high-quality colors. I mean there are premium colors and the first thing we wanted to do is to position Flash as a premium coin that’s number one. The second thing is we actually have a whole website redesign that’s coming on as well that will take into the account this design the Flash web wallet you know all the different elements will be will be redone with this with the style and with this design so it’s quite a bit of work but once that’s done I think that we’ll be able to we’ll be able to focus on multiple languages and then multiple coins in the Flash wallet and allowing the interchange between Flash and other coins. The other thing I wanted to get into a little bit is the you know what we’re doing as far as the GOV nodes and as far as the development work that’s happening right now it that’s been delayed by a couple weeks. We had someone who took off on vacation and he’s back but we were also going to be adding a couple more people to the team. Someone who I think is I don’t want to mention his name here but he’s uh he’s he’s not widely known but he’s been doing crypto coin work for a long time he’s expert and he’s the person who did the Trezor. He literally did the Trezor in about six hours and the Flash coin version for that so you know he’s very capable guy and I think he’s going to add a lot but the main thing that we’re doing right now is we’ve got to get the TestNet and we’ve got to get the basic stuff done for the for the GOV nodes and for the to decentralize the mining a little bit more. Once that’s completed and that’s probably another two to four weeks away it’s behind schedule right now I apologize for that but that is that’s something I’m really looking forward to having our community tear into it you know find things that can be improved tell us what they like what they don’t like because the next step after we get this is what I think is probably the most exciting thing for Flash. We have been approached by a lot of people who want to build a community coin for their community. They don’t want to use the Flash blockchain, they want to run their own blockchain and what the goal of Flash is and this is why we set this foundation up in Lichtenstein is so that people can go and we’ll be able to use all the source code for Flash to build their own community coin. There will be automatic you’ll be able to use all the tools you’ll have automatic interchange between your coin and Flash you’ll be able to run your own little exchange just for your community members so that they can trade between Flash coin and because flash will be listed on a lot of exchanges you’ll have a way to go and get it and turn it into bitcoins and other things. That is one of the hardest things for new coins to solve and that is the it’s what I call induction and it’s like an electric circuit where you have a wire that forms a loop that’s the first requirement and then how do you get the electrons to move well you can use a battery does that it’s got you know positive and negative sides and it will it has a potential difference which then causes the electrons to flow, but there’s another way it’s called induction. You use a magnet to run it on the outside of the wire and move it around that is basically a generator and that is what an exchange does for crypto coins so by doing this we are going to save all the years we spent working on Flash we are going to save other communities years of time they’ll be able to use all the tools they’ll be able to use the wallets they’ll be able to use Flash itself as a way to interchange and move it now if you’re a Flash owner this is very good news because what it does it creates a lot more demand for Flash. If you are if you’re a community you know somewhere that wants its own coin this is a great way to do it you know we don’t have smart contracts so it’s not a smart contract coin. Alot of those could become potentially securities so we try and keep things very simple just focus on the settlement focus on doing it very well and quickly and The GOV node people will be able to decide how many good nodes do I have. If I have one GOV node that’s completely centralized, that means one person is deciding all the policy for the coin and there are coins that that are like that that in small countries for example they may decide well we want the central bank to do this and we this we want our central bank issuing crypto coins and here’s how it will work but they will then be in charge of their coin supply and if you think about it because the coin supply because it’s pre mine the coin supply is limited and you have transparent blockchain. Now if you’re in a corrupt country and the government says these are where all of the accounts are where people and people figure it out where all the coins are that the government holds and that the government officials have. You will know every time they spend it or receive money someone bribes them you’ll see the money coming in someone they spend money and they waste it on their relatives you’ll be able to see that.I think it’s a fantastic thing for a lot of communities and even states and governments. I think we’ll find this very interesting it basically will be a way to keep people honest now some people say well that’s not what they want they don’t want something honest. On the other hand look at Venezuela, those guys have literally blown up their currency and you know they just keep adding a zero on the end of it every month. It seems the problem that you have is that when someone steals money like that no one trusts the government anymore.How are you going to get people to trust the government? Well you have to be open and transparent that is what open-source software is all about and that I think that is the big promise of flash and the whole crypto coin community.
Interviewer: There we go. Thats some great summary That’s pretty much the end of the marketing update I can’t I can’t add any more right now. I’ve got I’ve got the Bit lounge guys waiting in the background to join the call. so just to wrap things up here Chris we always do our quick count on where we’re at with the addresses with balances.I think we’re up ten percent in addresses with balances. I think it was about 490,000 addresses with balances last time we chatted we’re up to about 540,000 so there we’ve cracked half a million wallets. That’s a that’s a milestone in itself so that’s good and just to sort of go over what the websites showing us right now is in the last 24 hours have been a thousand odd transactions with an average transaction time of 1.7 seconds. That’s exciting I recently bought some more Flash and had an experience of my own where it it took less than two minutes to go from cryptopia to my Flash wallet so another example of where Flash is going to benefit its new investors and spenders and just quickly FTI any more news on there or we just sort of status quo from where we left off in February?
Chris Kitze: You know we’re just waiting for them they’re out raising money I know they had some more success raising money but I have not heard back from them. It’s a good question I mean as far as i’m concerned you know things the balls in their court we’ve done everything on our side and it’s now up to them to do whatever they want to do but you know i’m hopeful that they’re going to be successful pulling something across the line, but you know from flashes point of view this is why we do a lot of deals because not every deal works out and some you know some do very well and some just it takes a long time and others I mean you know everyone’s talking about well when are we going to go on Bittrex and how are we going to do that and all this and I’m like you know we’ll go on Bittrex when we go on Birrex and as soon as we know you’ll know. It’s um you know all we can do is just keep doing what we set out to do the good news is there is a lot of demand for what we’re doing right now and it’s not just for speculation and those things were actually now starting to see people who are for professional direct marketing companies approaching us and wanting to do things using Flash. That is to me what’s exciting. Rome wasn’t built in a day and as the team continues to work on certain bounties and everything with regards the website, the rebrand the partnerships, Mammoth we’re in good stead for q2 it looks like we’re going to reach to all those that have been pitching.
Interviewer: It’s probably the end of this call, any final parting comments Chris before we switch over take a break and connect the Bitlounge guys?
Chris Kitze: I don’t really have anything else I’m just very happy to be working with everybody here I think we’ve got a really great community you know Flash is something special because the way it’s been designed and the way that it’s the way that the community implements it. I mean it’s you know when I tell people is it’s good for saving and spending.
Interviewer: Let’s call up just to tie up a couple of things I had on board thanks again for your time on this Sunday afternoon and we look I look forward to connecting again at the end of April.
Chris Kitze: Perfect thanks for having me.