New BitAi Announcement - Statement On Exit Scams
We all just heard about Loopx. We all know about Davor and Bitconnect and may others which have left many with a bitter taste of the cryptocurrency industry as a whole. Many have asked us if we intend to exit, and of course our answer is no. However, words are cheap. Action is what everyone wants to see. The real question should be – why have these companies collapsed and what can BITAI do to prevent the same?
When we launched BITAI as a lending platform, we used the term ‘Lending’ as that is what people understood. Probably, in hind sight, the term lending was not the best term for us to pick up. Each and every member in our platform is a cryptocurrency investor – people who would love to take advantage of the potential profits cryptocurrency trading can give, but also people who have no idea of how to trade.
That is what BITAI is.
Ami, our AI Trading Machine is a tool for you to use to trade the markets without needing to know how to read a chart. Ami exists! The BITAI token is Ami’s air. She needs it. That is why we always said that the BITAI Token is a utility token. You send it to the Trading Liquidity Pool and Ami uses it to calculate your share in that pool.
So why did the other platforms fail and why is BITAI different? We suspect the other platforms never traded or had any intention of trading. They most likely got hit very hard with the 60%+ drop in value of cryptocurrencies since mid December.
To understand the difference between BITAI and these platforms, you need to understand how Ami works. Ami is, as you all know Artificial Intelligence. However, when creating artificial intelligence, the developers must feed it parameters within which to trade, and learn. Think of this like teaching a child what is right, and what is wrong.
One of the parameters which Ami has inbuilt is called a “Safetey”. In other words, Ami’s priority is to keep the original investment as intact (Safe) as possible without running a loss. Appropriate for the current massive bear market (which is mainly due to panic driven by FUD) is an inbuilt safetey which prevents Ami from trading. In fact, Ami has not made a single trade for several weeks!
Why? Professional traders will tell you “sometimes the best trade is not to trade at all“.
In the current environment, it would be too risky to trade even for AI. The chances of loss exceeds the chances of success, so Ami will stay away – and instead will just monitor the markets and learn from them.
Therefore, while other platforms are fully dependent on Bitcoin movement being in a consistent bull market, BITAI will simply wait it out and move according to the best and safest strategy.
Many will now question whether Ami can short. The answer is yes, she can, but there has to be some stability. When you have panic and consistent negative news, then she will stay away. When the dips are due to natural resistance areas or profit taking, then she can short, depending on the potential.
Winds of Change
Since the ICO, the industry has changed dramatically and everyone must adapt. There is real fear in the industry (much of which is unjustified). Lending platforms have been given a terrible name because of these exit scams, and we really do not want to be associated with any such platforms.
As we said previously, we need to change the way BITAI works. The entire platform/exchange needs rethinking to make sure BITAI is profitable for everyone involved. Many of the changes will be officially announced when we launch the platform but here are some things we are doing.
The word ‘Lending’ will be dropped. You are not lenders but you are traders. If you want Ami to trade on your behalf then you will create a ‘Drop‘ with BITAI to send to the Trading Liquidity Pool (TLP).
BITAI will float against Bitcoin (BITAI/BTC pair).
We are dropping USD valuations.
BITAI sent to the TLP by members will be burned. We will also burn reserve coins at a ratio of 1:1. Example: There are approximately 8.6 million token held by members which include purchased token and commissions. If all these token are sent to the TLP they will be burned, and we will also burn another 8.6 million token which were premined and/or which are currently being mined/staked. This will reduce the BITAI circulation dramatically and help retain the value of a BITAI token over time. It also makes BITAI a true utility token. If you do not know what burning a token can mean for you, then read this article here.
Anti-dumping measures being implemented. This is not a freeze on accounts, but they are measures which will prevent dumping to protect the overall community.
We believe that the new measures we will take will ensure longevity and profitability. These measures also prepare us for a launch on external exchanges which can be done when there is stability in the market. Full details of all the changes will be given at launch of the platform.
Staking Wallets
The staking wallets for both Windows and Mac OS are now available for download. These wallets are in BETA. We will be asking some people to help us test these wallets to make sure everything is fine. Once fully tested we will allow you to send your BITAI token to your Staking wallet and you may start staking. In the meantime we would like to invite you to download the wallet to your computer, read the instructions and install them on your computer. If you are not already logged in, please log in now then go here to download now.
Would like to know peoples thoughts on this ICO?
kind regards
BitBob x 