Wednesday, Oct 13th, 2021 marks the second community AMA(Ask Me Anything) event of eCash, once again project lead and benevolent dictator Amaury Séchet himself attended the live Q&A session, answering questions from the Turkish community. Below is the recap of the Q&A session:
Q1. Turks love you very much. They think you are a genius. Have you visited Turkey? Do you have a Turkish friend?
A1. I visited Turkey several times. I have a few Turkish friends, for instance, Ali Çehreli, the author of a book about the D programming language and Emin Gun Sirer.
Turkey is a good example of the problems that mismanaged currency can cause. In recent years, the lira was changed because the previous version became almost worthless. I remember paying 1.5M for a bus ticket when I was in Turkey, which, while a fun curiosity when you are a foreigner, is devastating for the people living through it and losing their savings.
Q2. Will xec make deals with other corporate companies? If so, please specify a few.
A2. That is the type of matter that should be discussed at the GNC in November.
Q3. How close are we to an avalanche after consensus? Will it be ready by the end of October?
A3. The avalanche consensus itself is there and working and has been for many months, but the part that still requires work is peer discovery. It is unlikely that it'll be production-ready by the end of October. Unfortunately, we are solving problems that have never been solved before, so it is very difficult to know the precise timeline. In any case, we are working as fast as we can to deliver this.
Q4. What is your personal view on becoming a universal digital currency that can be used by 7.6 billion people in the world? Can XEC achieve this?
A4. My view is that it is very difficult to displace existing currencies. You have to be ready to pick up where they left when they fail. And fiat currency always fails at some point, because they rely on the central bank to be trustworthy. There is always a point in time where the central bank becomes untrustworthy and the value of the currency goes down. This is when people want and look for an alternative. People want a currency that is usable on a day-to-day basis, but also where they can keep their savings in without seeing them go away. XEC is designed to have good properties as hard money and be a good medium of exchange, so it can achieve this.
Q5. What are the positive aspects of breaking up with Bitcoin, which is the sole ruler of the crypto market and considered the god of the crypto market?
A5. Bitcoin is valued because it is the biggest crypto. It is like the Kardashians: they are famous because they are famous. In the same way, Bitcoin is big because it is big. Unfortunately, Bitcoin has taken a road where it isn't a good medium of exchange. This forced the ecosystem to use trusted intermediaries instead of using Bitcoin directly. Most lightning network wallets are custodial, and widespread adoption efforts, such as what we see in El Salvador are custodial too. This turns out to be very similar to what the current banking system is doing. In the end, it also creates the same problems.
Q6. Why did people choose XEC? What is the most important feature that distinguishes it from others?
A6. Most coins don't really have any unique value proposition and just do marketing. This works for a while, but not long-term. These projects are pump and dumps, and constitute most of the crypto market today. XEC is not a pump and dump scheme. Even for coins that try to solve something, I think the approach they are taking doesn't make a lot of sense. For instance, BCH says they want to be a good medium of exchange, but rejects technologies that can ensure confirmation in seconds. BTC say they want to be censorship-resistant, but the road they are taking put intermediaries as gatekeeper. The 3rd big category of projects is smart contract platforms such as Ethereum. These projects can be very successful, but they don't solve the problem of money. XEC has the properties of a good store of value and a good medium of exchange, which makes it a superior form of money.
Q7. Do global bosses want to support your projects? What kind of demands, if any, are there?
A7. I'm not sure what this means. XEC has less institutional support than BCH did for instance, but on the other hand, the support BCH attracted also was its downfall. It attracted the wrong people. With XEC we have a very sane culture we can build upon. It's more difficult short term, but I think there are better prospects (in fact, XEC valuation has grown more than BCH's ever did).
Q8. Where do you see XEC after 5 years?
A8. Hopefully, in 5 years, it'll be clear that this is a crypto project that is here to stay and not a gimmick. I think XEC is in a good place now, and I hope we can grow it dramatically over the next years without sacrificing the culture.
Q9. When people type eCash on Google, they want to encounter many news. When will the marketing team be established?
A9. There is already some marketing effort that is being done. I suspect many of you are here thanks to that effort. Producing a lot of news needs to be a long-term effort. We will accumulate coverage over time. It is possible to generate a lot of noise all at once, but the problem with that strategy, is that it is not sustainable, you then get replaced with the next shiny thing. Steady wins the race.
Q10. eCash is revolutionary with its online feature." By realizing this revolution, you may become the new Satoshi Nakamoto of history. What do you think about this? Is XEC really a revolution?
A10. I do not think about it too much. I try to focus on what the project needs to make it big more than what I'll do if that happens. I think this project has the potential to grow much bigger than it is now over the years. The community is strong, the roadmap is solid and I think there is a legitimate need for it.
Q11. Your agenda looks quite different as CEOs analyze the market for their own products and products only on Twitter. (Politics, Covid and other daily developments etc.) Why don't you share extensively about XEC?
A11. Julia Galef talks about the scout and the advocate mindset. many people on Twitter or in the media generally adopt the advocate mindset. They are here to convince others and know what position they will have before knowing the facts. I try to adopt the scout mindset. I'm here to bang ideas and learn. This is not as good as a sales tactic, but if I wasn't doing this, then I would not have understood distributed systems, economics, cryptography, bitcoin and many other topics to the degree I would have needed to get where I am now.
Q12. eCash aims to be digital cash and the hope is that it will be used as such in the future. In Dash and Bitcoin Cash (both coins with similar goals) there have been paid campaigns to encourage merchants to accept their coins in stores in for instance Venezuela and Columbia. How do you view these types of campaigns and do you think they will lead to long-term success? Another model is acceptance of coins in a very local area like for instance Townsville for BCH or back in the day Arnhem for BTC which both seem to be adoption built around an already active local community. Do you see any of these two models as something that would be beneficial for eCash to try and replicate or do you believe the road to success is a different one
A12. I think Dash is indeed a serious competitor. BCH is not. The BCH community says they want to be digital cash but are not taking the steps required to improve the digital cash properties of their coin. There is a saying in English: "Actions speak louder than words". This is very common in crypto, a project has a goal, but then acts in a way that demonstrates a different goal.
When it comes to adoption, I think people focus too much on getting the coin to be accepted. Having a merchant accepts a coin and then dump it on the market doesn't help. What is important, is to get the merchant to want the coin, then they will accept it. Arnhem Bitcoin city and Townsville are great for that. Generic payment processors such as bitpay are also providing a great service. One creates an ecosystem where there is both supply and demand, the other provides scale.
Q13. News has been published about the European Union's search for a common cryptocurrency. As a European citizen, have you thought about informing the European Union authorities about eCash?
A13. The EU is indeed considering launching a cryptocurrency, but do not be fooled, this project has nothing to do with the cryptocurrency space. The technology will be similar, but the coin will be 100% under the control of the ECB. This is not a tool of freedom, but to the contrary, a tool for political instance to have total control over the people's money. These technologies are a great threat to the freedom of European citizens, but let's not be naive, to the freedom of everybody worldwide, as if the EU is successful, every other country will want to do the same. Providing an alternative to this is an important reason why I think XEC is important.
Q14. Will there be applications to other exchanges other than the current exchanges? coinbase is highly requested
A14. The best way to get XEC on exchanges is by letting exchanges know that there is demand for it. This is one thing that the community can help with. Let the exchange you use know that you want to have XEC listed. As to coinbase specifically, hopefully, we'll get there at some point, but I do not have anything to share at the moment.
Q15.Users who want to buy more stuff with it believe xec will delete 2 more zeros what do you think about itWill there be applications to other exchanges other than the current exchanges? coinbase is highly requested
A15. I never make price predictions.
Q16. My question is how to deal with institutions, what kind of promise and impression will be given to make themselves accepted as the world currency. How will you provide security for money and world giant hackers?
A16. The cryptography that powers Bitcoin and eCash is very solid and has not been cracked at this time. It doesn't mean that exchanges or wallets don't get stolen, but the protocol has remained solid over the years. We intend to keep it this way. This is a very robust and proven technology.
Q17. Why did the eCashin upbit conversion not affect the price? Why is the volume on the Upbit exchange not reflected in other exchanges?
A17. I do not make price predictions.
Q18. How about these: What are you most excited about regarding eCash? What do you think will happen if other countries like China start acting against crypto? What can eCash supporters do to help the project the most?
A18. When countries act against crypto, they show they are scared. This is a bad thing but it is a necessary part of the process. When there is a change, you see the incumbent complain about the newcomer, in a more and more forceful way. Country banning crypto is a sign that crypto has become big enough so that they cannot ignore it anymore. This is very similar to newspaper and TV blaming Facebook. The reality is that Facebook and Google have collected a ton of ad revenue that traditionally went to newspapers, and they don't like that, so they paint these new companies in a bad light.
What people can do to help the project at this time is to build companies on it, if they have the skills. Let wallets, exchanges and other services that you use know that you would like to see it supported. And help build and maintain a strong culture.
Q19. This is what XEC plans to be the coin of the future. As investors, we believed in this and invested in the future. Will XEC be affected by US and SEC regulations?
A19. The team working on XEC are not US citizens, so there are no worries on this front. We are not selling the token - it is mined, just like Bitcoin. The SEC does not have a problem with that at the moment.
Q20. Is there an internet search engine that works with the ecash network and will the ecash network be able to interact with electronic devices (like iota, iotx)?
A20. I am not sure what a search engine would do with XEC, or crypto in general. There is no reason electronic devices cannot interact with XEC (for instance Tobias Ruck has implemented NFC cards that can do payments in XEC and eTokens). IOTA's focus on the internet of things is mostly a marketing gimmick. the reality is that most crypto can do this. On an aside, I would recommend staying away from IOTA, as the cryptography they use has often been broken in the past.