Why Ethos (BQX) is the absolute coinbase killer

We all know that coinbase is one of the largest exchanges for acquiring cryptocurrency. If you’ve been using it for a decent amount of time you may know some of the issues coinbase has.(wallet maintenance, insider trading, holding trades at important times, etc etc) But granted, this applies to all centralized exchanges, which are btw the biggest weak spot in the crypto space right now.
As long as we have centralized exchanges for trading cryptos, we have always the threat of a regulation by a government, in the case of coinbase the us.
This may not be influencing the crypto in itself but it will influence the price and adoption immensely. And in my opinion, it is just a matter of time that some governments start regulating or even crack down on these.
But what other options do we have for fiat -> cryptocurrency?

Ethos, formerly known as bitquence aka bqx. I think this coin/platform has a very serious chance of replacing coinbase, and all other exchanges we have right now. Let’s see why.

  • Coinbase has been around for about 6 years, and offers 4 cryptocurrencies you can purchase with fiat, which is quite frankly, pathetic. Ethos platform is set to offer global fiat conversion into every single altcoin. That is massive! A single platform offering every single altcoin for every possible form of fiat - USD, Chinese yen, pesos… Coinbase supports around 26 countries and 4 altcoins, see the difference.

  • Coinbase fees are practically robbery, and the reason they get away with it is because they know there isn’t really any competition. If you’re doing small purchases, 50, 100$ etc, they take a significant portion from you. And if you want to buy an altcoin, enjoy getting fee’d out the arse. A fee for the purchase, another significant fee to withdraw and send to an exchange, and then if you want to cash out another withdrawal fee.
    Ethos is slated to have very small fees, akin to that of binance whilst using the bnb coin (basically pennies for big purchases). They will use the ethos coin to pay for the fees, bringing value to the coin which has 277mil max supply. So you’ll likely have to purchase some ethos to use the platform, but if the price per ethos goes super high, you’ll only need to buy fractions of a coin to cover your fees, say .0002 ethos, or whatever, point is fractal purchases are offered.

  • Coinbase customer service is flagrantly awful. In fact their service in general is awful, frequently having downtimes on their exchange, declined or canceled purchases/deposits etc. Sometimes they won’t even let you transfer your own fiat money sitting in coinbase to your own bank account. The only reason they get away with this is lack of other options.
    I am not even gonna mention the two person telephone support, which is only based in the US.
    Now it’s not fair to say ethos’ service will be better than coinbases, but all things considered I think it’s a safe bet. They are a capable and solid team with good backgrounds. They recently partnered with a global law firm to make sure they are compliant with any current and coming legislation. This doesn’t sound like a big deal, but it’s absolutely mandatory (unless you have an extensive internal law team) and I think it’s a testament to how serious these folks are. Not to mention their marketing and platform design is much more appealing than coinbase (I suppose this is subjective, but at the least it’s very evident they have put more effort in this area), akin to IBM vs Apple in the early 70s, coinbase being IBM…

  • Curve ball for ethos, double time.
    Ethos is offering, the world’s first, universal coin wallet -> a single wallet to support every coin you own, not to mention it’s using ledger type technology for security, far more secure than coinbases.
    This is a currently a big problem/hassle in the cryptosphere, but it gets better for ethos. The coins that are proof of stake, you won’t have to store them in their individual wallets, ethos’ universal wallet supports staking for PoS coins. Amazing!

  • Regarding insider trading, holding trades at important times or just doing a “wallet maintenance” there is nothing really to say any further regarding this topic

Ethos second curve ball - a cool, futures type, speculative price market. Basically you can bet on the price of a coin for a particular date in the future, and if you are right you get paid. I don’t know the full logistics of it, but it’s a cool idea and one I think speculative traders will gravitate towards.

So basically all things considered, I don’t see how coinbase will still be relevant, unless they have a massive overhaul, and even then I would bank on ethos’roadmap being far ahead coinbases, based on current information out there.

As someone who has had pretty awful customer service with coinbase, I’m hoping ethos can put this dinosaur of a platform out of it’s misery. Coinbases limited services are currently hampering the growth of cryptocurrency, altcoins in particular. I think once the general population has a user friendly interface with 1 click crypto purchase options, we will see this market grow faster than anyone imagined. I’m banking on ethos being that catalyst, and I think you should consider checking them out and possibly investing, this could be a sleeping giant.

At last I wanna say that all Ethos is right now, is frankly a big promise for the future. But after researching the project immensely the last whole month I am confident enough to invest in it now and in fact already did partially already.

This is just my opinion and I am not saying you should buy Ethos because it is quite obviously really risky at that point and has no guaranteed success if there is such a thing.
All I am saying is that you should check the project out and consider a investment yourself, based on your own research.

Ethos website
Ethos whitepaper

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Thanks for informing the group of the Ethos platform. I think all of us who use Coinbase are unhappy with their customer service, fees, and platform performance during peak demand.

Ethos sound like ShapeShift. Have you done any research on that platform / compared features perhaps? I have no affinity or torch to bear for ShapeShift, just interested.

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Not yet - but it seems to me pretty centralized already and no decentralized blockchain solution. Further more I see not many coins available and it is not about storing all coins in one place. Many other features missing compared to Ethos but I may look into it later on

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Thanks for the article. It’s a bit too early to say how they will do, but new competition for Coinbase and other Bitcoin trading platforms is very much needed. Also I would keep an eye on Bread wallet. After recent successful ICO, they are planing to establish similar platform to Ethos. With already existing and popular product, very strong team (Charlie Lee in their advisory board) they can be tough competitor.

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Interested in seeing what comes of this. Coinbase has its strong points, but its weaknesses outweigh them and it is getting out of hand.

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That is true and like I said: getting in now (or earlier) is quite risky, even if you do your research, but to be honest, this is the case with every alt. Especially low market cap ones.
As a investor I am really excited for Q1, since they gonna release the first alpha of their product.

You have to keep always in mind, that getting in early in a potential revolutionary coin is risky but with the risk comes potential high reward. Probably much higher than the established ones if it is succesfull.
A 30X is nothing in 2018 for this coin when they keep up with their roadmap.

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Here’s a link to the site, for those interested.

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As I already said: Always base your investment decisions on your own research.
This article is more about informing about the chances and potential advantages (against centralized exchanges) of Ethos and so that you know about it if you didn`t already.
I will maybe do another post about more facts liken partnerships, progresses etc if I have the time to.
No promises there though.

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https://twitter.com/ethos_io?lang=en

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Ethos Manifesto

To build a bridge
To establish a marketplace
To bring together people and knowledge
To unite the old and the new

Trust yourself
Don’t be satisfied with what is
Imagine what can be
Control your wealth, and your destiny

The future is for everyone

We are Ethos.

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The one think that you didn’t touch on is that Coinbase’s largest customer base is in the US which requires a lot of KYC/AML regulations to take FIAT from banks and convert it.

How are you dealing with this in Ethos?

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They will be the fiat gateaway for you. You pay with cryptos, they send the FIAT.

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Yeh but what about the other way around?

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The only thing that really matters right now is easily hooking up your bank account and getting fresh money into the crypto space. This is what Coinbase allows, this is why Coinbase is on top.

Also, safety. Security against hacks and some form of insurance. Fees don’t really matter if you can’t get money in and out of your bank account. Also, not getting robbed by hackers.

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Like I said, if you are interested in it you should really check out the whitepaper regarding this question under
2.4 Legal Considerations

"Launching Ethos services have legal considerations including:

• Compliance with Know Your Customer (KYC) regulations and requirements
• Implementation of Anti-Money Laundering (AML) regulations and requirements
• Applicability of Jurisdictional Investment Company Laws, including Investment Company Act of
1940, to Ethos services
• Applicability of Jurisdictional Adviser Laws, including Investment Advisers Act of 1940, to Ethos
services
• Applicability of Jurisdictional Securities Laws, including Securities Exchange Act of 1934, to Ethos
services (Broker Dealer / Exchange / ATS)
• Applicability of Jurisdictional Securities Laws, including Securities Act of 1933, with Token Classes
made accessible on the platform (Securities Classification)"

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They have a bunch of high tier lawyers in their team which should be able to solve the frankly really complex problem regarding tax laws etc

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  • 3.3 Ethos Fiat Gateway

----> whitepaper

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Hans,

Do you have a contact at the company? The whitepaper answers at a high level what they have to do but we are looking for the actual implementation details or, if it’s in development, when they will have rolled out specific features.

I’d appreciate any help you can offer with a name/ phone number/ e-mail address.

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sneak peak of the alpha mobile wallet

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probably a dumb question but it says ethos trades on binance but what is its called? i cant find it…

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