If you want to hear a serious discussion about development, trading, liquidity, and ways to monetize Digitex well into the future don’t miss this in-depth interview with Adam by Cryptotrader and guest trader Nic Brunelli. Both have been with Digitex for a while now and regularly participate in the Telegram trading chat. They wanted to know Adam’s response to the recent leaks and subsequent FUD, as well as progress toward mainnet and other futures plans. Check it out on the link below, or catch the written summary.
Cryptotrader and Nic Brunelli Ask the Hard Questions
The interview opens with a brief introduction as to what attracted both Cryptrader and Brunelli to Digitex in the first place. Brunelli comes from a traditional futures trading background and says that, as a scalper, “commissions for me is a huge part that can make or break an entire strategy.”
When he first heard about Digitex through ’s Doc Severson, he thought, “Wow, this is unreal, a complete game-changer.” All three men agree that the single most attractive thing about Digitex is commission-free trading, “that’s why we’re all here,” Cryptrader states. Adam says that he’s glad to hear an experienced trader like Brunelli saying that. Then, they dive in with the questions.
Let’s Start Off Addressing the FUD
While no one questions the value proposition of Digtex Futures, both Cryptrader and Brunelli are not immune to recent events. There is a lot of talk on Telegram, and they saw the Facebook leak of last weekend and heard a fair amount of negativity toward Adam and the project. So, let’s address it and clear the matter up.
Q. Why Did Adam Buy DGTX from the Treasury?
Cryptrader says that there have been some leaks recently and that one of them was Digitex KYC documents posted on Facebook. Not only that, but the document showed that Adam purchased thousands of DGTX from the Digitex Treasury and sold it. He wanted to know what the thought process was behind that.
Adam immediately clears up the fact that it was . It was emails only. He says that all sensitive user data is immediately passed on to our KYC provider and that we don’t hold on to that. However, he confirms that the leak did indeed show that he bought tokens and sold them in September.
He confirms that this is true. He made a one-off Treasury buy in order to help fund the project. “You have no idea of the cost,” he says, “We’ve got a team of like 15 marketing people, 26 developers in Moscow, it’s very expensive to keep things running at times. That particular week I needed an extra $35,000.
He believes that this action doesn’t merit a slew of negativity and talk about Digitex being a scam. He did it to ensure he met his overheads, plain and simple. He laments that development takes so long, far longer than he thought. He believes that once we , the FUD will stop. We can all finally focus on the product and judge the product on how well it works, how many signups we get, rather than wasting time on spreading FUD.
Q. Do We Know Who Was Behind the Hack?
Cryptrader asks Adam if he knows who was behind the hack and, if so, what measures are being taken to ensure nothing like this happens again? He also asks Adam if he is persuing any legal channels. Adam replies unequivocally that yes, he knows who it was. “It’s a deep betrayal, the team is very upset,” he says.
This person “was a key part of the team and had access to our KYC.” He admits that “mistakes were made,” and that this person was left as an admin on Facebook. Adam obviously never thought he would do something like this. “He was on team phonecalls, hearing a lot of confidential information. When you have someone like that working against you, it’s very difficult.”
Adam says that it’s hard to measure the damage that has been done since this ex-employee is also talking to people on Telegram spreading a lot of FUD under different accounts. But, Adam has all the logins and evidence and 100% proof that it was him who got into Facebook and kicked off all the admins. Moreover, just before exporting the KYC data, he edited his own two wallet addresses.
Adam confirms that he’s “very disappointed.” He says that he can handle people attacking him and calling him a scammer. “People can say what they want,” he says, “I’ve just got to prove them wrong.” But when someone is working against you while taking wages and being so underhand behind your back, it’s exceptionally painful.
Q. Are We Taking Any Legal Action Against Him?
Brunelli asks Adam if he’s taking any legal action against him, to which he replies, “honestly, I don’t know, we’ve got the logs… The leak of KYC information and the Facebook hack is a criminal act, but I’m not sure if it’s worth the time or attention. He’s a pathetic little irrelevance. I just want to move on now, at least people can take FUD from him with a pinch of salt.”
Cryptrader agrees. He also says that he believes that if the hacker had any more substantial information, it would have come out already. Moreover, the token price isn’t necessarily down because of recent events.
In fact, the price is “holding out quite well with no real demand for DGTX yet until the mainnet” when the price will go up. Brunelli agrees: if Digitex were a scam, we would have known about it by now.
Now, Let’s Talk About Digitex Futures
Having agreed to put the topic behind them, the discussion moves toward Digitex Futures, development, testnet, functionality, and more. Cryptrader asks:
Q. Does Digitex Have the Rights Over the Code Base of the Exchange?
He asks as SmartDec is making the exchange for Digitex, does Adam have the rights over the codebase? Naturally, SmartDec will still know how to build an exchange afterward, but what is the situation there? Adam confirms that he owns the codebase. Moreover, we have a non-compete with SmartDec that says they will not produce a futures exchange that competes with us.
Q. After Spotware, Why Didn’t We Choose Another ‘Plug-and-Play’ Template?
Brunelli asks Adam why, when Spotware did not work out, he did not choose another plug and play alternative that could have been customized easily and faster. Why not go with another software company–why start from zero?
Adam replies that, on paper, it sounds like a good idea, but after his experience with Spotware, he knew that he had to own his own technology if he could have the freedom to do what he wanted rather than being told that the features he wanted could not be added or worked in.
Cryptrader adds in that it almost feels like “destiny with SmartDec,” and that they have done a really good job so far so:
Q. Why Didn’t Digitex Use SmartDec from the Beginning?
Adam confirms that this is his biggest regret. In fact, we were working with SmartDec from the start as they handled our ICO contract. He just didn’t know that they could build the exchange and if he could do one thing differently, it would be that.
Q. Is your Philosophy to Make this Exchange as User-Friendly as Possible?
Adam confirms that yes, on desktop and on mobile. They then begin to debate whether Digitex will lose serious traders if the company aims to attract a segment from the gaming and gambling market. For example, both Cryptrader and Brunelli have noticed that through the , even the graphics look to appeal to gamers. Is Adam worried about discouraging pro traders?
He says, not really since he believes that pro traders will be attracted by the liquidity. Moreover, it may be possible to provide different interfaces for gamers who want to learn simple scalping on a mobile and pro traders who may want a more traditional experience. Interestingly, Cryptrader says that there was a similar debate in online poker sites over whether they should be more friendly for the pros or beginners. But in the end, the pros want there to be beginners as well, as it’s an easy way to earn from their losses.
Q. What Markets Are We Adding and When?
Adam confirms that we will stay with crypto markets for a while and then probably go with the ones that “people have heard of,” the main commodities like gold, oil, and tech stocks. Brunelli asks if there is a plan to add expirations or just stay with perpetuals? Adam says that there are some advantages with adding expirations but that we are thinking of sticking to perpetuals on everything.
“It’s not a definite decision, but perpetuals leave out a huge layer of complexity,” he says. They also discuss the DGTX peg system in some depth and ask what Adam has in mind. Adam says that he is still looking at alternatives from a stablecoin to a borrowing and lending style system. “I’m open to suggestions and ideas, it’s something that hasn’t been figured out yet.”
Q. Is the Mainnet Date Still On-track and When Is the New UI Coming?
Adam confirms once again that the mainnet date is “not negotiable.” He says, “that is something we are definitely doing, that’s not under debate. Regarding the new UI, he says that it’s “looking amazing.” Adam confirms that it is already running internally but that we have to be careful about integrating it as everything you add can cause new bugs.
He says if it were up to him, it would be out already but confirms that the developers lead these decisions. So, either little by little or all at once, the new UI will be up and running on the testnet long before the mainnet launch.
Q. Do We Plan to Remove the 10% Treasury Bonus from March 1?
Adam responds that we are not sure yet. He knows that there is a theory that the bonus is sending the price down and that people are buying, selling and waiting for their bonus which is their profit. He also adds that he’s pleased we sold out the Treasury, however, he’s not really crazy about selling tokens in March so quickly.
Adam would like there to be tokens in the Treasury available for traders to buy when the mainnet launches. So, we are discussing it internally and will decide what to do with the Treasury moving forward as soon as possible.
Q. What About the Transparency of the Market Makers and Insurance Fund?
Cryptrader says that he understands that the developers must be very busy, but is there a plan to add into the UI a transparency page so that people can see the market makers are actually programmed to lose and see the funds in the Treasury?
Adam confirms that the developers are, indeed, very busy, but that the page has already been designed and already being worked on. He’s not sure how long it will take but “it’s in the pipeline,” and will hopefully be ready by mainnet.
Both Cryptrader and Brunelli believe that this will be incredibly important as Digitex will be able to provide complete transparency to traders that they are trading with no commissions and even have an edge in their favor. “That transparency will clear out the doubts,” Brunelli says.
Other Ways to Monetize Digitex
Now that most of the tough questions are out of the way, the discussion turns to other ways to monetize Digitex in the future. Cryptrader says that Adam mentioned market maker rebates as well as losses, is that still something he’s planning? Does he have any other plans for the gains made from the insurance fund?
Adam says that he has thought about losses, rebates, and perhaps using the gains to pay out refer a friend rewards, but it depends how much funds we have and we will see which strategies work best. Brunelli confirms that this “can be done with trial and error, trying all those strategies and see which works out.”
He says that he loves seeing the market makers working for the traders and that,m coupled with zero fees creates an incredible edge. Adam says he’s really pleased to hear a traditional futures trader say that. “I just want to create this place that’s like a Nirvana for traders, we don’t want to extract as much value from traders as possible. We want it to be fun, interesting, and allow them to actually make money.”
He says that there are many ways to monetize the exchange in the end without charging commissions. Brunelli says that we can charge listing fees on the spot market, maybe provide a monthly subscription, which many traders would pay to sustain a commission-free exchange, particularly scalpers. Adam agrees, he says we could also provide upgrades and packages for traders who want to trade higher amounts as well as develop trading bots and strategies.
The DGTX Price
Of course, the DGTX price is a concern for many people right now, but Cryptrader says he’s not worried about it as the real demand will come with mainnet. Adam says he’s confused and surprised with what’s going on with the price.
They discuss this for a while and Adam says he believes that some people were burned on previous launch attempts, he thinks they are being cautious. However, he thought the price would rise once people saw how robust the testnet is.
Cryptrader says for him, the price is irrelevant right now until the demand comes in. When people see the product, the demand will kick in when the demand comes in, the price will rise. It will be different from “speculation demand.” Brunelli agrees, saying that it’s a good thing that now the people who are token holders and trading on the testnet are the ones who really believe in its potential and are willing to stay, not just speculators.
So That’s a Wrap
The discussion ends on a high note. Development is advancing nicely, the new UI will be implemented soon, and the DGTX price will recover when real demand kicks in. A big thank you to Cryptrader and Brunelli for taking the time to ask the hard questions and for supporting our project. We look forward to more interviews in the future.