Visit to BAIBIT EXCHANGE in Seoul, Korea

I used Google Translator for this now
It's not bad to read
But I'll fix wrong translations from now on

You can ask me if you have any questions for this interview

The link for an Original post in Korean
(https://coinpan.com/free/115169143)

Baibit exchange link
https://www.baibit.io/#/

Baibit Telegram community link
https://t.me/baibit_chat

Baibit Telegram accnouncement channel link
https://t.me/baibit

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Everytime I invest to exchange coins after Purebit scam, I got into the habit of going into the office without any reason

The problem is that I live in Pusan, and there are not many exchange offices near my city.

Baibit is also not near to my city.

So I had to drive five and half hours from Busan to Seoul, and I thought I was dying of neck and shoulder pain.

But it is okay. Micro exchange office is in Brazil.
Seoul is in my country at least.

I parked my car in a building parking lot and stretch my neck to the left and right like a black crane

I waited an Elevator.

The office name was 705 DMS solution. I felt bit nervous.

Visiting date was Monday, 10th of December.

The entrance photo was taken by me.
But The inside pics were from Baibit.
Because they are working hard inside, I felt sorry to take pictures.

• Baibit agreed to proceed with the recorder on. I typed this interview with Baibit CEO based on the recording file, all contents are facts.

Question

(*) mark from now is what I explain as the author.

1. Both app version and the PC version are already made. Why do you open it in 28th of Dec?

• Both have been fully developed as I said. However, bug testing is important before it is officially open.
  Big problems or bugs have already been fixed before November.
  But you have to deal with a few bugs while trading beta test.

Even small bugs can be sensitive to individual investors.
The process of catching such a part is at least 2 months with industry FM.
Normally, Beta comes out and I have 2 months to do it.

1. Mutual listing with other large exchanges, your market, your target What are the competitors?

• In connection with cross-listing, I have contact with several other exchanges. But it will be in the future. First of all, the first thing to do is to buy a big coin.
  We will also invest in other parent exchanges.

1. Which server company do you use?
   Is it enough to handle massive traffics?

• You do not have to worry about the server crashing because we are using Amazon server and it is unlimited server.
  It can accommodate 1 million concurrent users. Rather, if the server goes off, we will hit the jackpot.

1. To summarize, 1 million contacts, 10,000 transactions per second?

• 10,000 transactions per second is possible. This is the minimum standard specification of the stock market.
  If we increase transaction throughput, we can increase the number of transactions to 1 million in a second, but we do not need it at this moment so we set it up low.

1. Is your team's development experience or skills good?

• I think the development career or ability is top in Korea.

1. Is there a separate development office?

• The development office is located in Apgujeong-dong, Gangnam. Please understand that visiting the office is not possible in order to keep the good development environment.

• Development office photo

The cost of the interior is only 300 million ...

1. Is the deposit and withdrawal system automatic?

• Can you even call exchange without automatic sytem exchange?

1. I think You're really proud of the technology you developed for Baibit.
   You talked about it in both Telegram and Kakao-Talk (the most famous Korean chat app.) community.

• I think you have already felt the difference if you're on a beta test.
  Our coding technology is differentiated compare to other new exchanges these days.

At first, That kind of exchange doesn't have coding skills. they pay money and buy the copied solution from the companies.

We coded the program based on stock market type exchange.
There are not many developers you can call them best.
The total number of people who can make an excellent exchange is only about a dozen or so.

Bad exchange sites are usually based on web design sites.
They are unable to handle requests, If many people visit their site at the same time.

In our case, even if the main site goes off, the exchange server runs well. Because the server is separate.

• Attached to the current beta test screenshot

Beta cyber money 100 million won (90,000 $)

1. the admin of Baibit chat room compared to Baibit and Upbit, Bithumb.

• Upbit is kind of well-prepared coin exchange. but Upbit and Bithumb are not a stock market type exchange.
  Bithumb also has been achieving a lot of improvements now, but their coding technology was not a technology that could handle traffic from the beginning.

In my opinion, there are only two exchanges in Korea that have stock market type systems, including those currently under development. (I asked the exchanges name, but he didn't answer it.)

1. Do you have a guarantee insurance policy?

• Guarantee insurance is meaningless. Can insurance company compensate over $10 million? No.

They only can cover a few hundred thousands. I can also pay that amount by myself.

The thing is not a major warranty insurance.
You have to block every single possibility for hacking. that is the thing.
If the exchange are attacked by a hacker, you should think that the exchange is over.
If someone advertise the exchange with an expensive insurance, you can think that isn't a good one.

1. When will major coins and alt coins be listed?
   Do you have a distinctive Alt coin that the exchange can represent? For example, the coin that was first listed on the exchange or the first won-listed coin,

• 16 major coins will be listed in the beginning. If there is a lot of coins, the funds are dispersed.
  It is useless to list several coins at once when trading volume does not hit.

On the first day of the official opening, starting from less than 10 major coins to 10, it will increase gradually.

Alt will be listed on domestic coins. I am familiar with domestic coin companies.
Overseas coins should only be listed on the top. Pumping 10 times, 20 times, and eliminating the body-stacked high-end coin.

Of course, there is a coin, which is the first listed on Baibit.
It is meaningful not to raise a lot but to list worthy coins.
I will squeeze a new plate and show it properly.

1. How many projects are under discussion for the Air Drop Event?

• too many. It is being screened.

1. Zynix was also a joint venture between Korea and China. However, after the government pressured the cryptographic funds, they eventually closed down. Do you have any plans to deal with the government pressure on the coin?

• First, we have received legal review. I think that government pressure should be able to cope with as much as possible from what has been said so far and where the law has been reviewed.

It is affiliated with the Korean Association of Block Chain Technology (a formal association accredited by the government).
We can not disclose the exact name of the association, but will integrate with other exchanges.
There are also technical associations such as Upbit, but I do not intend to join them.

What can I do if I get under the vested interests. We have to make vested rights.

1. I watched an application demonstration video on the site. Can I see it directly here?

• Exchange application is executed by the representative's phone and check the function. I can not shoot.

3 kinds of Won, BTC, ETH market fair.
The UI is in stock form.

Asset evaluation, real-time balance, options can be selected to check various indexes.

It is better to implement Kiwoom Securities than "Upbit".
It is more than you think. "

• For reference, development of the wallet itself is said to have finished like David.
  It consists of a domestic wall-top wallet development team.

Its own wallet Advantages: It is much safer in anti-hacking and security areas. A fast - traded exchange has no own wallet.

Disadvantages of own wallet: Listing may be slow. Even ERC-20 is required to code its own wallet, so only one or two coins per week can be listed.

• The pictures below are not the photos I took, but the photos from the room.

It is a good day with a price of KRW 700,000, a price of KRW 550,000.

I have already finished developing the application.

1. I can not say exactly what kind of exchange it is, but the technology has been a bull market, but the dividend coin may not be very exciting.
   What do you think about such precedents?

• I was originally in stock for about seven years. It is the person who started from speculation originally. I know more about speculation and investment than anyone else. Can not you just say that?
  I will tell you, I do not ...

1. You are from an investor, but I am curious as to why you have created the exchange directly.

• The idea was to keep the original exchange.
  I made preparations from last year. It was time-consuming because it was especially important to be a CTO or a developer.
  Initial funding is only around 3 billion. CTO competencies are especially important in the development team, with CTO annual salaries ranging from 3 to 400 million.

I did not have to do this before, but I made a lot of money.

Coin starts as an investor and I do coin development incubation,

He helped to produce white paper and listed it, but eventually decided to have an exchange.

There are a lot of businesses that I want to do based on exchange.
There is a part where Bithumb is little, and there are various things besides that.

In order to do that, the infrastructure must be a user.

For example, you can think of why cacao talk is a success.
KakaoTalk is user-friendly because it can not help but keep on running for a long time.

1. Is there any pressure on you to enter the exchange as a latecomer?

• I think this is the most appropriate time.

Samsung is a first-class company, but they do not make products first.
Once the market is formed, it is bent at once based on my global logistics system. Even if you have all the technology, you do not carry risks.

In our case, we are confident that we will be ahead of other exchanges with superior system and planning.

The coin exchange will eventually enter the system. In the process, two-thirds will disappear.
I can not get the technology, so I can not meet the minimum. Baibit is made to meet all that.

There are existing stock exchanges on the stock exchange, and platform companies such as Kiwoom Securities and Mirae Asset.

In the future, coins will also be tokenized into securities. (STO) We can do it.
So the more you enter the system, the more competitive you are. I think it is not the latter but the starter.

Upbit and Bithumb are ahead of trading volume and number of users. We can do this enough.

1. What is the expected dividend rate when the volume of trading is over?

• 1 st and 2 nd pre-sale investors 50% When the volume is released,

When the price went up to 1 won, investors who bought it also planned to do more than one pro for each dividend.
The higher the price, the higher the dividend will be.

1. It's the most important thing. Will it pump up to several units?

• I am frankly worried that the price will be too high.

1. I'll give you the final question. I came from Busan to Seoul to meet. It took five and a half hours to drive.
   Pull out a portion of the second volume or event quantity.

• I want to present it now, but there is no quantity. There are too many to ask.
  It is because there are too many people who visit to ask for quantity that we gave notice not to visit until official opening.
  Thank you for visiting.

1. Do you have something you want to say?

• Fortress customers want to spend money and mining money,

I know there are a lot of exchanges that do not turn around.

You can expect a different look from those exchanges. I would like a lot of support.

• Preliminary mining signboard

Visitor Summary

1. Baibit CEO is very confident ... all financing is from his own pocket. (more than 3 billion won)

2. 10,000 dealings per second, can accommodate 1 million concurrent users

3. when the exchange hit 200 billion KRW trading amount, 7% dividend income for public sale investors

4. When you go to Busan <-> Seoul, you'd better take a bus in stead of driving a car.

5. Right next to Baibit office is Costco. Good for shopping :-) salmon salad is my favorite XD

It is the second pre-sale start from tomorrow.

Thank you for reading

Baibit GAZUAAAA

*** December 12, 12:07 am EDIT Add

Oh ... I missed the important part.

If you answer Question 16

"Coin starts as an investor and I do coin development incubation,

I helped create the white paper and listed it. "

When Baibit CEO was out of business, he sold it to domestic exchanges, and he was listed on the coin rail.

In addition to Dent,

Zilika, icon, alone, Zero X, Wan Chain, Kaiber (when listed in Upbit),

And the hash graph

There's one more thing that's going to be a major alt coin,

Even though the representative was not himself, several people were attached.

Well ... You know how much they are pumped if you have been in this market for a long time.