Metalpay AMA 2018.6.30(Ask me anything Session, From discord)

Blake King-Yesterday at 7:35 AM

Marshall: How goes the ticker change? Is there a timeline at all regarding getting relisted and has a decision been made regarding the actual new ticker? Is this going to happen before any software releases? Is this being timed to happen when the market turns less brutal? Jae: is there any way MTL could be put on it’s own chain? What would the most decentralization MTL could possibly have look like? Would there always need to be a central authority to regulate PoPP to prevent manipulation?

ST-Yesterday at 7:37 AM

^great questions. I was going to pretty much ask the same

eddiealfred-Yesterday at 7:39 AM

Joe Black-Yesterday at 7:42 AM

What are token holders incentive? What will be the benefits for reffaral ppl, business? What will prevent other tokens to copy or change slightly Popp?

Blake King-Yesterday at 7:46 AM

Marshall: you mentioned viral/gorilla marketing in the timeline when it comes time to market the app, could you expand on that?

eddiealfred-Yesterday at 8:00 AM

Who are the most recent hires and what other roles are you looking for to unlock more growth?

KG_3-Yesterday at 8:00 AM

dchem-Yesterday at 8:00 AM

Hi everyone!

Marshall-Yesterday at 8:01 AM

Hey Metal Tribe!!

ST-Yesterday at 8:01 AM

How would a swap to our own blockchain work for rookies once the app is live?

Marshall-Yesterday at 8:02 AM

How goes the ticker change? Is there a timeline at all regarding getting relisted and has a decision been made regarding the actual new ticker? Is this going to happen before any software releases? Is this being timed to happen when the market turns less brutal? We want to time the ticker change with the launch of Crumbs and Metal Pay, and hopefully the market will be less brutal, but very hard to predict these types of things

Regardless we will launch when the products are ready, which timing wise is right around the corner

dchem-Yesterday at 8:02 AM

Starting with @Blake King ‘s question about MTL chain: Yes. We could envision a payment processing network where nodes are people and businesses. The difference between this and transaction only p2p payment network might be addition of network wide reputation mechanism.

The decentralized payment processing network could also make it so that nodes can determine whether to share reputation information about itself or not. From which a gradation of trustworthiness might be determined.

Imagine a situation where a node owned by a vendor of a merchandise can be verified for a completed deliveries.

This could be accomplished by injecting information from outside of the blockchain.

Say a neutral party

Injected into the clearing mechanism for upgrade or downgrade of a node’s reputation

Let’s say that you purchased something from a vendor

we could have a verifier that looks at the delivery API and check whether something has been delivered, and look at the insurance value for the item

that could be a basis for a processed delivery that matches processed payment.

from payment side, we could have a party that acts as an escrow, and releases the fund once delivery service tells the network that items has left their warehouse

All of this is at an early stage of discussion

Nicolay-Yesterday at 8:06 AM

The financial audit, where does Metal stand right now? What’s the timeframe?

dchem-Yesterday at 8:08 AM

Would there always need to be a central authority to regulate PoPP to prevent manipulation? We could see a network where many verifiers are connected to both physical world and the payment processing network, so that multiple sources are used for payment (fiat and crypto) and delivery (digital and physical) checks

Darameekha-Yesterday at 8:10 AM

any crypto related partners you guys might be or looking foward to working with (that you can actually disclose) if not, anything you guys can tease? (edited)

Marshall-Yesterday at 8:11 AM

How did the FB meeting go? What sort of timeline are you thinking for a Series A? Has the bear market impacted the business in any noticeable ways? What gets you guys most fired up when thinking about the next 3-6 months? FB meeting was awesome, it was really interesting to see them in that transitional phase as they’re ramping up to create a whole new division. I think they’re interested in us because of the novel approach we’re taking and the incentive model for everyone to participate. For Series A we are planning for end of 2018 / beginning of 2019 after our Crumbs / Pay / Desk have been running for at least 4-6 months so we can demonstrate our growth and revenue. Re Bear market, I think it’s been tough for a lot of newcomers, in terms of impacting the business it doesn’t really affect us, only excitement and sentiment around cryptocurrency for the public. I’ve been fortunate to have all of my crypto projects timing be absolutely perfect (hoping we can do it again). Launching from the bottom of the market would be ideal as new users coming in would be witnessing a very exciting time… Think crypto circa two years ago summer of 2016 🙂 The next 3-6 months are INCREDIBLY exciting for not only myself but the entire team and community. I think everyone here knows what impact the launch of the Pay and Crumbs products will be on the market, it will be a huge onramp for all of the newcomers and exactly what the existing crypto community has been screaming for years: WHEN ADOPTION?! Now.

dchem-Yesterday at 8:12 AM

What are token holders incentive? Token holders should keep in mind tokens bear significant risks. Nothing I say should be considered as an investment advice. Having said that, we could look into a future where MTL could be used in a way similar to how a local currency called Berkshare is being used. Berkshare has been around since 2006, and has many businesses that will accept it for payment. The benefit to the customers of those businesses using Berkshare is getting 5% discount on all purchases. We could see a future partnership where customers using MTL could get discounts on purchases. This is a potentially a great model for our merchant integration.

Marshall-Yesterday at 8:13 AM

Glenn and myself at FB Messenger HQ

Mr. Kai-Yesterday at 8:15 AM

Marshall-Yesterday at 8:20 AM

What are token holders incentive? What will be the benefits for reffaral ppl, business? What will prevent other tokens to copy or change slightly Popp? To mirror what Jae said, this will play into the merchant model, additionally we are looking to introduce incentives for using the token similar to BNB on Metal Desk and across our entire suite of applications, holding MTL will allow you to do more on the platform and access premium features, pricing on buy/sell

What will prevent other tokens to copy or change slightly Popp? We are working on securing our IP in this area, additionally we know that first mover advantage, branding and penetration into popular culture will define us

dchem-Yesterday at 8:22 AM

What will prevent other tokens to copy or change slightly Popp? I think it depends on which platform and team will show by virtue of their action who merits the most trust. We have a lot planned for post-pay app launch and we’re always looking into ways to make popp more useful and beneficial. Unlike many fly-by-night operations, we’re laying the ground work to act as bridge between crypto community and the rest (extensive audit, compliance, etc). Think of PoPP as an way to ensure that people get proportional reward for using the platform.

Marlon-Yesterday at 8:22 AM

@dchem Can you tell a bit more on PoPP distribution? 50 MTL approx will be distributed every 10 minutes. Do people need to wait till that block is over before they receive their Pop?

dchem-Yesterday at 8:24 AM

Yes, we are trying to make sure that popp distribution is as equitable as we can make it. You will have to wait up to 10 minutes to receive the pop rewards.

Marshall-Yesterday at 8:24 AM

The financial audit, where does Metal stand right now? What’s the timeframe? We are about 90% done with our accounting firm and about 25% with the firm that is doing the audit, once we finish that last 10% the firm conducting the audit can move rapidly. I assume you are asking this question because you want to know when we will have all states live through our Money Transmission Licensing process. Some updates in regards to MTL’s, we have a new model similar to AD also known as the sponsor bank model which will allow us to go live in 48 states immediately (pending our rollout strategy). We are still pursuing licensing in all fifty states in addition to crypto licensing as our vision is a big one. We want to be the new technology bank.

it’s approximately two-three weeks until completion

dchem-Yesterday at 8:25 AM

@Marlon as far as payment processing goes, popp award creation happens 10 minutes after payment has been completely processed.

Marlon-Yesterday at 8:25 AM

Q from @CryptoTonnie How long will it take before Android Metal Pay testing will start? Next week?

dchem-Yesterday at 8:26 AM

Who are the most recent hires and what other roles are you looking for to unlock more growth? We recently hired a new iOS engineer to further improve our pay app performance and security. We also acquired Crumbs team, as you know, and they are going full steam ahead on improving the Crumbs app.

Marlon-Yesterday at 8:27 AM

Q from @Dusty : has the financial audit timescale caught the team by surprise, and is it now the only bottleneck to progress?

Marshall-Yesterday at 8:30 AM

Marshall: First off, congrats on developing a great product. I am confident that Metal will be a primary driver of bringing crypto mainstream. What is your message to those veteran crypto users who have persevered through the ups and downs as we await the next phase in crypto usage? I think many are concerned that regulation will ruin the industry when, in all probability, it may help legitimize things. Thanks Mr. Kai!! We’re really glad you like it, we’ve worked very hard to get it to this stage and I think it’ s looking beautiful. My message: If you believe in this technology and you know what it’s capable of, then you most likely have no fear of impending regulation. There are a lot of regulators that see this technology as a completely new landscape that is inevitable and want to embrace it while ensuring the public is protected. I think it’s important to recognize large institutions like the Federal Reserve are very interested in evolving their existing systems and are actively looking at DLT.

sglawry-Yesterday at 8:30 AM

Just dumping a question and then running. Will come back. Is there only going to be a single distribution of coins every 10 minutes? If so, how do you feel that will impact the experience of popping?

dchem-Yesterday at 8:32 AM

Will come back. Is there only going to be a single distribution of coins every 10 minutes? If so, how do you feel that will impact the experience of popping? Single distribution in terms of people whose payments were included within that 10 minutes period, yes. We have the right setup to be able to make sure all pay app users will see the notifications. We could see a future where scaling impact will be reduced by staggering the reward creation and notification.(edited)

Marshall-Yesterday at 8:36 AM

Marshall: you mentioned viral/gorilla marketing in the timeline when it comes time to market the app, could you expand on that? We are currently working on our go-to market and launch strategy for both Crumbs and Pay. A big part of it revolves around boots on the ground marketing to college campuses, social media, mainstream PR and some neat growth tricks. We will be working with several external contractors that have a lot of experience in this area, in addition with our existing team and new hires. You can expect a big ramp up over the Crumbs launch leading into Pay. We will be making a big splash in the mainstream payments space while asking you guys (the community) to be as active as possible… Think Thunderclap circa Dogecoin 2014

smackaroundking-Yesterday at 8:36 AM

Marshall: in regards to the meeting at Facebook, can you provide more details on what was discussed at the meeting? Is this something that could be a potential strategic partnership in the future? Or can those details not be discussed at this time?

Marshall-Yesterday at 8:40 AM

Who are the most recent hires and what other roles are you looking for to unlock more growth? We are looking to bring in a (viral) growth role ASAP, specifically right now we’re hiring developers, developers, developers!! Back-end, iOS, Android, Front-end A lot of the candidates we’re interviewing on the business side have strong senior banking / tech experience We’re constantly updating our jobs page https://metal.ninja/

Send Money. Receive Money. Make Money
Finally, an app that pays you to send and receive payments. When you use Metal Pay, you can transfer money to anyone, any time, and be rewarded instantly for it every time.

so if you guys know any fintech ninjas, please.. send them our way!

Just dumping a question and then running. Will come back. Is there only going to be a single distribution of coins every 10 minutes? If so, how do you feel that will impact the experience of popping? We are experimenting with this now and the impact that it has on 10 min versus 60 min, 24 hours, etc. We would love to get community feedback here from you guys. As you know Bitcoin block rewards are every 10 minutes, but we’re not Bitcoin I know @dchem will add to this I’m sure

brake26-Yesterday at 8:43 AM

Are you guys still planning on developing your own blockchain? Also how would that benefit us as early adopters?

Marshall-Yesterday at 8:43 AM

but what I can say is they just launched their blockchain division, so… it’s happening!!

imjosh-Yesterday at 8:44 AM

Did you meet anyone whose name rhymes with Blark Buckerborg(edited)

dchem-Yesterday at 8:45 AM

Right, we are using 10 minutes as a baseline, but if you take in to account that we have a time based distribution, and that rate at which MTL will be distributed is constant, whether time is 1 min vs 10 min vs 24 hours.

Marshall-Yesterday at 8:46 AM

Did you meet anyone whose name rhymes with Blark Buckerborg No, only names that rhyme with Wayvid Darcrus

I do frequently get asked on the street if I’m Mark Zuckerberg though, apparently people think I look like him?

dchem-Yesterday at 8:47 AM

Frankly speaking you don’t look like him at all

Marshall-Yesterday at 8:47 AM

Zuck on a onewheel

Nicolay-Yesterday at 8:48 AM

Okay so everybody earns a little popp, how did you calculate the inflation percentage? And can you explain what you think will happen.

Anthony-Yesterday at 8:48 AM

When will Android users get to try out the Metal app?

Marlon-Yesterday at 8:48 AM

Question to both: What is the best and worst purchases you’ve ever made?

dchem-Yesterday at 8:49 AM

sure, we have a fixed supply of allotted MTL for popp, we looked at the most equitable distribution mechanism, and there won’t be any new MTL tokens created. So inflation wise, zero.

Marshall-Yesterday at 8:49 AM

Question to both: What is the best and worst purchases you’ve ever made? I owned a boat once, that was the worst purchase I ever made Best purchase, early Bitcoin and Ethereum

Nicolay-Yesterday at 8:50 AM

@dchem So what will happen when the supply dries out?

dchem-Yesterday at 8:50 AM

Best purchases? I bought an old DEC terminal Worst purchase? I once bought a pink sheet share in a diamond mining company.(edited)

imjosh-Yesterday at 8:51 AM

brake26-Yesterday at 8:51 AM

Are you guys planning on releasing in SEA?

dchem-Yesterday at 8:51 AM

DEC terminal

Marshall-Yesterday at 8:52 AM

So what will happen when the supply dries out? It will last at least 10 years provided there is no growth in the coin, with growth much longer. What happens when it’s fully distributed? We hope to have a massive network of users that got their first cryptocurrency and exposure through Metal and we become a verb. “Metal me” (edited)

dchem-Yesterday at 8:52 AM

I really wanted a old spring loaded keyboard, but I settled for that one.

Marshall-Yesterday at 8:53 AM

Are you guys planning on releasing in SEA? YES.

Nicolay-Yesterday at 8:55 AM

@Marshall @dchem Thank you !

Mr. Kai-Yesterday at 8:55 AM

Marshall: are there upcoming events/conferences where we could meet members of the Metal team?

dchem-Yesterday at 8:56 AM

When will Android users get to try out the Metal app? We’re working hard to make sure our infrastructure and pay app are ready. What I can say is that we are looking for good android developers.(edited)

Competition for talent in the SF Bay area is intense, and we are trying our best to get those top talents.

Marshall-Yesterday at 8:57 AM

A question someone asked earlier that i’ll relay here and expand upon regarding the 10 minute limit and how your Pop reward scales, and how it impacts a users experience. Let’s imagine a person has a maximum Pop score and would get the max % back in Pop. Is there any plans to integrate some sort of scale or metric that is linked to recent transaction volume in the 10 minute window you are in, that may show for example before a user sends a payment what % back they can expect to receive? For example lets say there was enough transaction volume made within a 10 minute window such that a total of 100 MTL would be rewarded if there wasn’t a 10 minute cap of 50MTL. However, since there is a cap, and only 50 MTL is to be rewarded in 10 minutes, could a window show at the transaction screen for someone with a maximum Pop score for example, that they can expect to receive “Up to 2.5% back” for that transaction? So they can choose whether to wait to make the transaction or not, but at least will know that they can expect less than 5% back for that particular transaction. This is a great question Josh. In our initial MVP product you won’t see this, however we are planning a lot of cool features for later versions including but not limited to: Badges, Trophies, Challenges, PoPP Meter, Surge Times, and more. In regards to showing the user an approximate PoPP amount I think this is very tricky and we will need to experiment with how something like this would affect our users behavior, first in a closed test group, which you guys have access to being a part of the community

dchem-Yesterday at 8:58 AM

Marshall-Yesterday at 8:58 AM

Seconding what Jae just said: We’re looking for Android Devs!

CdnCrypto-Yesterday at 8:59 AM

Who is the world’s greatest Moderator?

Dont answer!(edited)

Marshall-Yesterday at 8:59 AM

ooooh

CdnCrypto-Yesterday at 8:59 AM

I already know

dchem-Yesterday at 8:59 AM

Who is the world’s greatest Moderator?

Marshall-Yesterday at 8:59 AM

moderators? I would have to say all of the moderators in the Metal Community are among the greatest of all time

CdnCrypto-Yesterday at 9:00 AM

We have a great crew, Just stopping at the beer store on my way to the lake thought I’d check in.

imjosh-Yesterday at 9:01 AM

@dchem did you enjoy doing the Blockchain AMAs? I really liked the videos they were super informative. Any plans to do something like that again? You seemed like a natural at teaching and simplifying something that is fairly complex!

dchem-Yesterday at 9:02 AM

Yeah, I did that because SV FinTech wanted more developers among the people who were presenting.

I really enjoyed it

Marshall-Yesterday at 9:02 AM

We’ve built an awesome thoughtful, caring community that really reflects what Metal is all about, building the tribe and supporting each other’s journey. Big shoutout to our amazing mods @imjosh @Marlon @CdnCrypto @FujiBear @SciGuy @Goat_Tude @SciGuy @KawaiiCrypto @proster @PullOutKing @metallisa

dchem-Yesterday at 9:02 AM

I think there’s a often quoted Richard Feynman quote here

Marshall-Yesterday at 9:02 AM

dchem-Yesterday at 9:03 AM

That goes something like this… “in order to understand try explaining it to others”

Thanks for all the questions. I’m headed back to do some more work.

erock90-Yesterday at 9:05 AM

@Marshall Do you think a future buyout of MTL Pay could happen from Facebook?

CdnCrypto-Yesterday at 9:07 AM

@imjosh blark buckerborg haha

@Mr. Kai Asked that I don’t delete all Marshalls messages this time

Nicolay-Yesterday at 9:10 AM

@erock90 nah, facebook isn’t buying MTL. MTL should buy PayPal

paul g2-Yesterday at 9:13 AM

Is that max 50 MTL /10m

7200/day

Marshall-Yesterday at 9:14 AM

Do you think a future buyout of MTL Pay could happen from Facebook? Creating the vision at Metal is really a big dream for us, it’s my intention that I bring this company to unicorn level If there ever was an offer, the only way I would consider it: It would have to be incredibly heavy and intimately aligned with our vision. It would have to be a path that would grow the vision bigger than we had ever imagined and only possible through that acquisition. I’m more of a partnerships kind of guy myself.

paul g2-Yesterday at 9:14 AM

7200 */ 365 */ 10 =/ 26,280,000 over 10 yrs(edited)

Marshall-Yesterday at 9:15 AM

MTL should buy PayPal haha, yes.

Nicolay-Yesterday at 9:16 AM

@Marshall I have more great ideas

Marshall-Yesterday at 9:16 AM

7200 */ 365 */ 10 =/ 26,280,000 over 10 yrs This is the absolute fastest it could distribute (edited)

I’d like to hear them @Nicolay

erock90-Yesterday at 9:17 AM

@Marshall thanks for the answer.

Marshall-Yesterday at 9:18 AM

of course!

Mr. Kai-Yesterday at 9:19 AM

Thanks for the time, Marshall.

Marshall-Yesterday at 9:19 AM

Ok guys I’m going to get back to work!! A lot of people are in the office right now. We’re frequently working late into Friday evening. Dedication

Nicolay-Yesterday at 9:20 AM

@Marshall let’s talk someday

Marshall-Yesterday at 9:20 AM

We’re living the dream and it’s amazing to have such an awesome community supporting us. Thanks to everyone here

we’ll have to do this again soon

@Nicolay let’s do it!

message me any time

Nicolay-Yesterday at 9:22 AM

Yes