Report: Binance meetup (Sochi, Russia)

On August 31th our representative from Russia attended the crypto meetup organized by the well known crypto exchange Binance. Participants discussed about crypto in general, where the industry is heading, how it is regulated (especially in Russia) and where are the next opportunities, of course along with what’s new at Binance. Additionally, the crypto investment experiment with quite a large following in Russia, called “Buffet’s $10”, was discussed. More about it below.
Our representative took questions about our product, The Crypto App, shared our roadmap and offered information about new features coming with the next update.

The meetup took place in the city of Sochi, Russia. Some of you may remember this was also the place where winter olympics took place in 2014.

The balcony offered a great panoramic view of Black Sea and the city of Sochi.

The meetup was visited by 93 participants from all over Russia (Moscow, Krasnodar, Sochi, etc.) as well as neighboring countries. They were of different backgrounds, some were representatives of crypto mining companies, others work in marketing, trading, consulting or some other non-crypto-related fields and then of course there were also regular people who are simply interested in crypto industry.

Gleb Kostarev (Binance) talks about innovations on the exchange and answers questions from participants

Gleb, Binance’s representative, spoke about the latest news and developments at Binance (margin trading, futures, etc.), changes in current products (new types of orders, new rules of the lottery on Launchpad), and answered the participant’s questions, many of who are users of the exchange. One of the questions was what is the best way to get listed on Binance for young projects; the answer was to look into Binance DEX, the decentralized branch of Binance’s exchange, as it offers easier listing for new promising blockchain projects.
Some information was also given regarding Binance’s new platform for developers, “Binance X“, whose main goal is to promote cryptocurrencies to the masses. Binance X helps developers to study the ecosystem of blockchains, interact with them, and create blockchain-based solutions which could be used for Binance ecosystem – including Binance Chain, Binance.com and Trust Wallet.

Ivan, The Crypto App’s Russian representative

As stated in the intro, the meetup also featured a well known crypto investing experiment in Russia, “Buffet’s $10“. It was inspired by Warren Buffet who stated he will not invest into cryptocurrency because he believes this asset class does not produce any value, quote:

You can’t value bitcoin because it’s not a value-producing asset…it’s a bubble […]

So what is “Buffet’s $10” about? The team behind it wanted to show that indeed there are quite a few crypto projects which tackle real world problems and are looking into ever-more digitalised future where their solutions could be (or already are) used. The people running this experiment decided to invest $10 every day in crypto projects that they deemed have real value and could see growth which is not based on hype. They are highly transparent and are releasing reports on performance of their investments regularly. So far – they have been running this experiment from the start of 2018 – their results are quite good with 60% ROI. You can follow the experiment on their Telegram channel (in Russian): t.me/buff_10.

Left to right: Gleb Kostarev (Binance), Ivan (The Crypto App), and the mastermind behind “Buffet’s $10” experiment

We used the opportunity to ask about a few technical questions regarding Binance’s API which we’re heavily dependent on and how we can improve our services, as well as discussing where crypto is in general and what we can expect in the near future.

Ivan (The Crypto App) and Gleb (Binance) discussing the prospects and innovations of cryptocurrency industry

We learned that many of the participants of the event used The Crypto App daily and were satisfied with its offerings, especially price alerts and home screen widgets, which seem to be two of the most used features which have proven to be real time savers. Day-traders appreciated the live streaming of prices from exchanges, high customizability and on-going reliability of our services. We discussed with both day-traders as well as industry newbies about what we can improve and how we can further help them. We got quite a few ideas, some of which will come to life with the next updates!

Group discussions were fruitful

All in all, it was an interesting, informative and fun event. We have learned about what Binance is up to from first hand and got some new business connections, which will directly help us improve our product. We got live feedback about our product, The Crypto App, where it excels and where it still needs work, and we will do our best to use this feedback for the better of all of our users.

Finally, the group photo!

Thank you for reading, and till next time, stay on top with The Crypto App!