Topic: [ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets - page 73. (Read 144625 times)

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lykke is added to icoaltcoin.com

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I also have some doubts if Bitcoin will stay on top. But I have no doubts, that Cryptocurrencies will play a huge role and even if it's not that obvious yet: It will most likely be a threat for local fiat-currencies, simply because assets on the blockchain will give choice. And with choice also comes self-responsibility. I believe that people will use portfolios instead of single currencies in future. Bitcoin can be included but also company shares of software licenses - pretty much everything.

The interesting part is: That's not only about a technical change. It will have huge impact on society, at least over some time, since self-responsibility will be a much more important requirement than it seems to be now. A guy with a portfolio with 10 or more different assets needs to handle more informations and to think more to adjust his values smart than somebody with a bank-account for Dollar or Euro or whatever. And while the focus of the Crypto-space is still very much about the technical side, about the question how to make it possible for average people to use Cryptocurrencies easy and safe, the question how to get and handle informations to become really self-responsible will be much more interesting.

And Lykke - It's maybe not that obvious/visible yet, but this project will be a great school, a very educational project for everybody who will use it seriously instead of using it out of short-term-greed and like a casino. But, that's also a choice ;-)

Thank god. Someone with sense. Bitcoin is certiantly not jesus. Is grandma using bitcoin, is the average forex trader or swing trader using bitcoin, the soccer mom? Nope.

Bitcoin has its use. So did the Ford model T

Maybe you should open your eyes and understand that BTC is hardly known to the average user, it's worthless as a payment method (and it's getting pretty expensive too) since you'll be exposed to huge volatility. A currency needs to be stable, that's the bottomline, the dream that many have of BTC taking over the world could happen because of its blockchain and revolutionary tech, that what's valuable about it. But paying with BTC is the equivalent as paying with Amazon shares or gold, it just doesn't make sense. No company or average individual will adopt bitcoin for his daily business knowing that tomorrow it could be worth half because some exchange got hacked on the other side of the world, that's just the reality. Bitcoin will never be stable enough no matter the price, the same goes with any S/P 500 company so we agree it will eventually continue to grow but who knows right?

This may come as a surprise but national currencies will continue to exist, people will still use credit card companies, banks and fiat money, no fear mongering is strong enough to change this, the world is not going to end, Bitcoin is not Jesus. However using blockchain technology as settlement a lot of delays will be cut from days and weeks to seconds, same goes with expenses.

Lykke will give us the option to use whatever you want to trade, bitcoin, apple shares, lykke coins, mexican pesos, euros, etc. And Lykke can kill the competition (FX/CDF/ETF Trading exchanges for example) around the world by taking advantage of using a system that it's much more efficient.

But you can only sell your Bitcoin on the exchange you usually use because they are connected with a bank. And Lykke will not only be connected with one bank, but the goal is to be licensed and connected into the financial system all over the world to ensure high flexibility and high speed of all involved processes. You can think of Lykke as a combination of the best of both worlds, at the same time a little bit like a very fast revolving door between the "systems".


And if you look on their Roadmap:



It will also be about Lykke as payment-system and about Lykke Debit-Cards etc.. In short: Lykke will make much more possible than most people believe right now. It's not only be about being a crypto-exchange. And one major focus is also on forex-trading of course.

For those who doesn't know yet: The CEO of Lykke, Richard Olsen, is Co-founder and former CEO of the forex-platform https://www.oanda.com.

Why you need lykke or bitshares to connect with banks? Bitcoin is already connected to banks, you can trade bitshares in their exchange (BITusd/BITeur for example), then whatever you traded and profit there exchange it to bitcoin and sell your bitcoins for your national currency in your local or national bitcoin exchange. SO why withdraw USD from lykke exchange if you can withdraw BTC and then you sell your btc in your national bitcoin exchange. Lykke will take days to complete the withdraw to my bank as is a International transfer, while selling my bitcoin in my national exchange will deposit the $ to my bank account the same day.

Two articles about the Crowdfunding:

Swiss Company Lykke Offers Forward Contract with 20% Discount on Cryptocurrency <----- S H A R E S ! ! ! ;-)
https://www.crowdfundinsider.com/2017/02/95978-swiss-company-lykke-offers-forward-contract-20-discount-cryptocurrency/

TOKEN SALE - Lykke Token Sale: a colored coin exchange platform
https://www.smithandcrown.com/lykke-token-sale-colored-coin-exchange-platform/


Who wants to get a well designed overview about Lykke:

Investor Deck
https://forward.lykke.com/files/Investor_deck.pdf

Yes, I believe the problem is: If there is a totally decentralized exchange, that completely runs over the blockchain, it may be harder to get the license it would need to connect with banks. And banks are needed when it's about Fiat, since tokens on the blockchain only represent Fiat that is stored on bank-accounts. But I'm only guessing here. In general I believe it will come as well - fully decentralized exchanges with Fiat-access. But they won't be as fast as Lykke.


Very true what you say about the App! My impression really is that people who download and use it like it, and recognize how great it's designed (great example for useful-design) but also: Many who know the project but not much about it seem to think of Lykke as "nice App" or even just "Smartphone-Wallet-Provider" while missing the point about what Lykke will be about and what it will make possible.

But, like you say: Desktob/Web-Version could become a killer App not only because many will find it more practical, but also because of the more psychological effect. It will make visible what this is about.

And that in combination with Ethereum-implementation, US-regulation, some good news from the business-front, first steps into Payment and Debit Card - won't be easy to ignore Lykke. ;-)

Interesting interview with Anton Golub about:

How will the blockchain of bitcoin be integrated within the financial system? Anton Golub, Lykke.
https://www.youtube.com/watch?v=tM_QHvk-K6s

I don't know much about Bitshares either but the problem it's very simple, I think they don't have fiat gateways/payments. Lykke being a full fledge company and located in Switzerland aims to bring all people on board with a simple KYC approach. Bitshares seems to be for crypto nerds only, as many of these projects and we are scattered around many sites and coins. Most crypto fans think it's so easy to have BTC or to even have access to BTC, why would you need to buy BTC to then buy other assets? You are just losing money, people just don't get it but that how most of these projects work. So fiat gateways are the top priority here, however that's very hard to achieve, many promise they can pull it off, like Waves for example, which could also be compared and Ripple was eventually considered to be a digital marketplace like this. If you check Gatehub they offer some assets and some gateways.

I think what mostly separates Lykke from this is that it's an hybrid of centralized and decentralized approaches as tempus said, so far it works flawlessly and it is very intuitive, these two things may seem irrelevant for the average crypto user but they may be the most important aspects for blockchain companies to make it and be successful. I also see the comparison with Factom tempus mentioned, the project itself isn't that much complicated, I'm sure an engineer or very experienced dev can implement the op_return option and register data for a company in either Ethereum or Bitcoin blockchain. But Factom, similar to Lykke are actually aiming to create a product they can use and consume, make a bridge to the old ways, guiding old industries and business. This is similar to the old Apple debate about Wozniak and Jobs, the only way to bring technology to the average consumer is to make it friendlier, easier, fun to use. Most engineers and developers live in their own little world and are just waiting for people to discover and improve the by tech themselves.

The problem I see so far with Lykke in this early stage is that many people won't use an app for trading, so a desktop/web version could be the killer app here (I know it's coming soon). If they add more assets and options with time (I know they will) I'll definitely move most of my trading to them in a second.

What I wrote above is not correct. It is possible.

If the user still has access to the wallet (password or already logged in) he can get a new seed this way:

Settings->Backup private key

But these will be the same 12 words as the first time

Just to clarify: It's not about using the seed to recover a lost wallet but about getting a new seed, right?

The purpose of the seed is security, to make it possible that one can recover a wallet in case of loss or a damaged phone or even theft. That's why it's not possible as far as I know to get a new seed of an existing App.

What I would maybe do in such a situation is to send funds to another wallet and to make a fresh installation of the Lykke-App. But I will ask if there is a more elegant way.

I can't say much about Bitshares because I only know very basic things about the project. Reason is mostly the price itself. I've seen it rising in 2014 when I was pretty new to all this (before I was focused only on Bitcoin) but since that time it seemed only to go down and it's superficial of course but I always assumed a serious reason for the downfall and the lack of adoption.

I really like the DPOS-concept but otherwise I'm not so sure if it's effective or if it's maybe too complex. What I wonder about is: If it would be something like the "best Algo", why is it not used by many others like Ethereum? I know that there are projects with similar design but still not many.

But either way it's different to Lykke. Bitshares is fully decentralized as far as I know. That has advantages of course but also some disadvantages. Lykke has decentralized settlement and a central matching engine to combine the best of both. It ensures direct ownership but also that everything is possible what is possible on high-speed exchanges. And Lykke will be much more professional than Crypto-exchanges as we know them - most likely more like Oanda.

The process in short is this way: After clicking "commit" here: https://forward.lykke.com

1. A (potential) Investor gives in his infos and the amount he would like to invest, let's say in $
2. One of the infos is "EMAIL USED TO REGISTER THE LYKKE WALLET" --> so yes, it needs the Lykke-App
3. Somebody of Lykke will take contact per mail.


Currently there are only Fiat-currencies to let Lykke know how much somebody wants to invest, but if one wants to buy with Bitcoin it's also possible.

I believe the reason why it's not an automated process yet, is because the decision to do a crowdfunding open for potentially everybody was made just a short time before the Lykke-Talk in Zurich. Or with other words: It would have been not fair to offer only an opportunity only to those who were at the conference but nobody else. That's why I call it "Ninja-Crowdfunding" ;-)

But I agree, the explanations could be better and I've already let them know that some things would be good to improve.

It's not a usual crowdfunding, also no big announcement some time before in combination with more marketing efforts. Richard Olsen told me that he sees it as kind of a "test run", to find out if there is demand for this kind of financial instrument, because what can be purchased here is in fact a "contract-token" - with the feature to push the 365 trigger whenever somebody choses to do so, or even never, but to trade it as collateral for LKK once margin trading will be enabled.

I like it! Best!

What is the purchase process for the forward? Unlike the ICO there is near zero explanation. We don't even know if the purchase will require using the Lykke wallet and what payment methods are accepted.

Talk of greed you find most among the blockchain developers looking to exploit novice investors here with their ridiculous offering of valueless tokens, they do things they can't even think to offer to VCs to their ICO investors. There is free money in the cryptospace now thanks to the rise of Bitcoin to $1000 and they are bent on milking the money out of the system

Bank would not collapse, some would adapt to the new world the way they do with internet and other would be left behind may be acquired by blockchain companies

You compare ripple vs lykke. What about the similarity between bitshares and lykke?

Bitshares is a trading platform too, completely decentralized. In bitshares you can create any asset you want, BitUSD, bitEUR, BITgold, bitAppleshare, bit whatever you can think of. The only problem with bitshares is the low liquidity but that may change soon, the chart of bitshares is getting tight, I expect a bitshares pump. If bitshares suddenly becomes very liquid, what it will be of lykke?

Yes, I see it very similar. But I believe that the economical system will collapse because of the inherent economical structure. It's a debt-system. It was said by many that Bitcoin would be some kind of pyramid scheme or snow-ball-system. But that's more true for the established financial system and I'm not an economical expert but I'm very sure that there is no solution - that escalation will be the base for change and "solution". Until we run into the next trouble. Humans are humans - I don't expect an upgrade soon.



Yes, Sergey said on telegram today that it will be on Lykke in early march. I'm not sure yet what I think about it. One reason is that I would have to look much deeper into it to really have an opinion. Until now I think that it's very interesting and I'm eager to see how it will develop, especially over time. But I'm also sceptical because it seems to be very experimental on all important fronts. Technically it's very connected to Ethereum. Economically there are some things I'm really unsure about (stable tokens) and socially it becomes really complex since it will be about a reputation systems etc.

If we think about Blockchain and why it's so magical: One of the most important aspects is to get human weaknesses as much as possible out of the system. Factom is a continuation of that for example. But Chronobank can't do that and assumes a lot of rational behavior. They assume rational markets, otherwise their Tokens won't be stable or it will need a lot of money to ensure stability while the whole system could suffer if the value  should go down. Maybe there is something I miss here - but right now I'm very skeptical about that point.

Another one is the complexity of all the involved social aspects and the reputation-system. They somehow compare their concept with Uber. But that's just about "A guy drives me from A to B - I check if I'm still alive - yes, good work!" It's a whole different thing to evaluate the work of a designer for example. And reputation systems are usually very vulnerable, fraud attempts included.

I'm very unsure how to handle such a complex system. If you take a look at page 16: https://chronobank.io/files/business_outline.pdf

Just that is a challenge. Over time, if Chronobank should get traction, it may become less important because the more companies will use Chronobank the more stable the system should become. But they will need to be fast to get traction and that could turn out as a problem. They also need a lot of money because liquidity will be needed. If there should be unstable markets for their tokens and if they shouldn't have the liquidity to stabilize it, I'm not so sure how they should be able not to just go down because the whole system would lose credibility. I don't believe in rationality of economical systems and I don't believe in reputation-systems once it's about high meaning and complexity. That's why I'm very sceptical. But... it's also a little but too much guessing involved because I didn't look deep into it.

Under the line I hope that it will work out because it's absolutely an interesting concept.

We are definitely at the right time, it's hard to know which projects will be the winners but it all starts to make sense slowly. I have no doubt in my mind blockchain tech is the future. Banks will sort of collapse not because of greed, but because money will be digital, and tech companies will have the upper hand. Right now a company like Apple or Google is in much better position to guard your money than a bank. A blockchain tech company would be 100 times more secure. The problem is that regulation gets in the way and makes progress very expensive. That's why I'm interested in this Swiss startups, it reminds me of silicon valley in a way.

By the way, what do you think about Chronobank, it's related to this thread because I know Lykke will add the token once it's released.