Bitrue is a Singapore based cryptocurrency exchange based in Singapore. Victims of a $4,5m hack of XRP and ADA cryptos back in May 2019 the exchange was able to recover some of the stolen coins and ensured that customers did not suffer a financial loss. Despite this social media contains many negative discussions, and sadly, despite our best efforts many Bitrue questions remain unanswered.
Update: We have still heard nothing from Curis or Bitrue and the major questions posed were not addressed during the AMA (Ask Me Anything).
Despite carrying a wide range of cryptos on the exchange, Curis Wang (CEO) and Bitrue as a whole, have positioned themselves as the premier supporters of the XRP cryptocurrency. Bitrue hosted an XRP Community meetup in Amsterdam which included speeches from Curis Wang himself, as well as Wietse Wind of XRPL. They have also very recently swiftly answered the call of many to run a XRP validator (thus strengthening the decentralization of the XRP Ledger), a huge boost to the XRP infrastructure.
But many Bitrue questions remain unanswered
As mentioned above, various threads on social media a circulating regarding the validity of some of the statements made by Bitrue. In an effort to gain clarification for their XRP Community following, and for investors in other cryptocurrencies, we addressed a number of them with Bitrue. In an email sent to them by us on 12th July we asked them to respond to some of they key points, initially through their support email address as this was the only one we could find, and then directly to Curis Wang after he provided his email to us. The email to Curis was sent on the 13th July after which he confirmed its receipt via DM on Twitter.
Despite a couple of reminders about these questions both Birtue and Curis have so far sadly declined to respond to the questions, and indeed to any form of communication from us.
The questions we collected and put to Bitrue and Curis are as follows:
1. The Interest rates being offered on the Power Piggy. Many feel these rates are disconcertingly high for a financial product, especially in relation to the limited information available as to where the interest comes from and it’s financial origins.
The reason for asking for clarity on this was the vague and open ended replies from Curis on this point (see below) and the fact that this response triggered further questions about sustainability.
Certainly, good question. In short term it’s like a marketing campaign we reserve budget for that that’s why we set daily cap so everything is controllable. In long term, Bitrue will become a financial platform and our Power Piggy will become sustainable.
— Curis Wang (@Curis_Wang) July 11, 2019
2. The statement made on your website that customer funds are insured up to $1m despite there being no evidence or explanation as to how this insurance actually works.
The reason for this question was the reply given in the tweet below and the responses it triggered regarding the vague and open to debate point of this insurance being ” based on our affordability” and due to the fact that no updates have been provided on this since January.
Thanks for kindly reminding us. To add clarity:
1. We would cover against the token/coin our customer holds on our platform.
2. It's 100% covered with up to 1 Mil USD (worth of token/coin) per customer, which is based on our affordability. ❤
— Bitrue (@BitrueOfficial) January 16, 2019
3. The lack of legal information available on your website about your company. Where are you registered as a legal entity. What financial licenses do you have to offer a trading exchange product. What license do you have to offer the interest rates published?
Nowhere on the Bitrue website or on any of their other channels is there any mention of a legal status in any country, nor is there any mention of licenses to provide financial services, banking (offering guaranteed returns) or otherwise.
4. Why you have chosen the business model whereby customers are encouraged to store their currencies with you for the Power Piggy? Given the number of exchanges that have been hacked, sadly yourselves included, do you feel it good practice when everyone in the crypto world is fearful of hacks and is advised to store their assets offline in their own care?
Given their own hack, and the huge financial loses incurred by exchanges and private individuals do to the constant stream of hacks this was a key point for many people, ourselves included.
We truly hope that Bitrue and Curis will provide detailed and conclusive answers to all of these points sooner rather than later. As indicated in our initial contact with them we at their disposal to circulate clarification through detailed responses so that open questions and negative threads on social media can be put to bed once and for all.
Here are all the answers from the AMA with Bitrue CEO Curis Wang
On July 22nd Bitrue held their first ever Bitrue Ask Me Anything, a session where Twitter users could throw out any questions that came to mind to the Bitrue CEO Curis Wang.
If you didn’t get a chance to watch it go down live, then here’s a full recap of all the questions and answers from Curis.
1.Do you plan on implementing the new “X-address” format for the XRPL wallets? —@ScyScript
A: Yes! This solves a big problem for us, as when our users make deposits without tags it can take a while for us to solve their problem. We just started talking about this today so no timeframe yet other than “soon“
2. How do you plan to sustain the interest rates pay out in power piggy? — @moex36
A: Bitrue’s goal from the start was to offer many different kinds of financial services, including things like loan products, financial planning advice, etc. When we launch these they will generate the revenue to sustain Power Piggy.
3. Are there any security modifications being made to prevent any future hacking? @Crypto_Kushman
A: We’ve made many already actually. We’ve moved 100% of Power Piggy funds to cold wallets and revamped our security processes. Security has to be treated as an ongoing process and we make many improvements every week. To protect our community is always our very important job.
4. Can we get a rundown of what else is to come for the usecase of $BTR — @Kid_Just_play
A: #BTR is the thing for us to build up a financial platform that connect crypto and traditional market, and decentralizing current banking system. That’s the most important thing.
Other than that, trading fee, individual daily caps for Power Piggy, voting rights, interest deductions on loans, and VIP benefits, etc, are the things we are considering and working.
5. Can we also expect a Price alert function? Would reduce a lot of our stress levels I think!- @Kid_Just_play
A: This is something I hear everyone asking for, so I guess we need to listen to all our users, right?
6. What is your next big step going to be in the process of becoming the best XRP exchange? — @ArmoredCat1
A: One single stop for purchasing #XRP and then alt-coins against #XRP. Some people started to see one of reasons why we are adopting XRP as base currency because they can move their XRP and trade in seconds. Now the next is to make it easy for people to purchase XRP on Bitrue.
Bitrue is the most XRP-friendly exchange and making it even more friendly every single day. We can’t stop the train!
7. How much time is left for you to rest Mr. Wang on a normal day? How do you manage stress and how does it affects you productivity? — @whoknows237
A: I can rest for 20 minutes at lunch time, and spend a few hours with my family at the weekend. Other than this I am working or traveling non-stop. The biggest problem is I travel too much and got complained by my family and didn’t celebrate my baby girl’s 1y birthday on time.
For my case, two things can really help dealing with stress, 1) I have a very strong goal I believe in. 2) I have a supportive family and Bitruers.
8. Hey Curis, I’m interested to know what do you think are the next steps crypto needs to take to encourage mass adoption? — @SethStanley17
A: Strong use cases need to be shown to big businesses. Adoption certainly takes time but the fastest way is to have corporate level to engage, adopt, and integrate blockchain/crypto first into their existing products and have influence to individuals.
How we can bring crypto to traditional market is the key. But even if they don’t come on board, crypto will still go mainstream eventually. It will just take a little longer.
9. What is one upcoming event which you are most excited for Bitrue exchange right now? — @Holmes74007524
A: That has to be a secret, we have not announced it yet! But I went to a Bitrue meetup in Amsterdam 2 months ago and enjoyed it a lot. I hope there can be more of these events where I can meet our users and speak with them directly.
What really made me more excited is what we are doing to deliver for the next. And then we will talk about it at next event. 🙂
10. Curis, what has been your biggest regret and proudest moment in the past year since the launch of Bitrue? — @COYS1976
A: My biggest regret is we launched Bitrue too late. We spent lots of time preparing our system before launch. I so hope that we could have the world get to know us earlier.
And the proudest moment I would say is probably we are running the most XRP-friendly exchange in the world right now and have 52 XRP pairs.
People saw us as a joke when we did that and now we are seeing more and more people follow us doing the same thing and embracing XRP. Not just exchanges but also many other crypto currencies they want to be paired with XRP as well. That’s the power of #XRPcommunity
11. What is your dream? p.s Tell me a delicious restaurant (food) in Taipei — @TyadoRipple
A: I hope I can be still be energetic even someday I turn into 70 years old. My goal/dream is to keep delivering things that are helpful to change the world into a better one. The more people I help, the more value I see in myself. And I hope I can keep doing it for my entire life.
I hope I could be your tourist guy. 🙂
There are tons of them I can think of but definitely give a try to these Braised pork on rice; Mango smoothie; Beef noodle — remember to try their secret beef tallow
12. Where do you see Bitrue this time next year? — @therealpaulpalo
A: I want to stay realistic, I hope we can be a top 20 exchange at least. If we break into top 10 then I will be incredibly happy. I think at that time the team will have doubled in size and we’ll have some really unique features online that show the use of BTR
And the most important thing is deliver our mission, to give more people equal access to financial services. And that’s the reason why we are having #BTR today. — Decentralize banking, — Connect crypto and traditional market, — Maximize your return
13. Did you finally have the chance to celebrate your daughters first birthday? — @KilliDB
A: Lol, we just got a chance yesterday to have a very small party celebrate her 1y birthday. I’m extremely sorry about that but we were just extremely swamped in the past month. I hope she could understand that daddy has lots of responsibilities to carry. Thank you for asking.
14. What is Bitrue’s roadmap to increase BTR’s adoption? — @YazTwits
A: Bitrue will become a financial service platform that connects crypto & traditional market. Every morning I think about is the question how to increase the number of crypto holders from 20M to 200M.
Trading is just the beginning, our mission is to give more people equal access to financial services. The current banking/financial system just need people like us to improve!
15. What can be done to get more spots available for #XRP Power Piggy? It’s never available for me to join. — @keith61191885
A: I know it’s hard to get in, I see every day that we hit the cap in minutes or seconds. We’re thinking about making it so that BTR holders get a personal cap that they can invest every day, what do you think about this idea?
16. Are you planning on doing more ads in the future? Bitrue needs to get to the masses. — @XrpDeutschland
A: Today almost 100% of Bitrue all from organic growth. And thanks to where we stand as of today very soon there will be some valuable partnerships and I believe that will be the best ads and endorsement. I agree, Bitrue needs to get to the masses.
17. What makes you unique? Mention 3 killer features — @GopeRadhe
A: 1. Community focused 2. We will be the only exchange offering financial services 3. We will be the one to disrupt financial services and connect crypto and traditional market
18. — Still plans to become a xRapid partner, any news? — When BTR on CMC? — Why is BNB listed on Bitrue if you think that exchange tokens shouldn’t be on more exchanges? — → Efforts planned to add $BTR on binance? — @cration2017
A: We will try to get ourselves ready for xRapid and then it will be Ripple’s effort to make that call.
We are preparing the last piece of information for CMC, and I don’t think there will be any problems.
About BNB, we don’t really care if the token belongs to an exchange or not, what we care about is if the project can help increase returns for our users. As long as the token is legit and has potential we will list it, for the benefit of our users.
19. If 100% of our funds in PP are stored in cold storage, how will that affect unfreezing funds? Wouldn’t it essentially be locked for a day? — @DoYouTakeXRP
A: We will put a certain amount of funds in the hot wallet to ensure we have sufficient liqudity. When you initiate a withdrawal, we will tranfer the funds to you from our hot wallet first and then move the funds from our cold wallet later.
20. What do you think about crypto wash-trading and what is Bitrue currently doing to improve market practices in this regard? — @XrpCenter
A: This is of course something that we despise, we aim to be a transparent exchange. We’re also working with third parties like CMC and Coingecko to combat this, and we’re committed to the CMC Data Accountability & Transparency Alliance (DATA)
21. Tether (USDT) as a cryptocurrency acquired a bad reputation although it is your main stable coin. Why did you stick to that one? Should I not worry if I keep my assets in USDT? — @otvictoria
A: This is a good question. Tether is a dilemma in this market. Obviously many people don’t trust them already but still in Asia market there is a secret power backing them up. So it’s not 100% dumped by the market yet.
Bitrue is also working with other stablecoin, some partnership will be announced soon. Should be exciting.
22. When moon? — @Mousey00242123
A: I just checked, the next full moon is on August 15 😉
23. When will the IEOs on bitrue platform start? — @AMurali35121543
A: There are lots of projects approaching us for IEO. We are just very careful dealing with that to make sure projects are really quality ones. The last thing we want to do is to hurt our community. So yes, we are looking for a good one.
24. What was the first coin you bought your son? — @CryptoStudentt
A: Unfortunately he has to work on his own. Daddy can teach him how to fish but can’t give him fish. That’s just our family tradition. 😉
Hope you found these questions as interesting as we did! Sorry to anybody who didn’t get their question answered, but there will be more opportunities for questions soon. Keep an eye on our Twitter to keep up with all the latest Bitrue news.