Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Bybit, on 6th August 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Flora Qian, Community Manager at Bybit & Kirby Ong, Community Manager at Bybit. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you briefly introduce about yourselves as well as your exchange?
Ans — Hi Blocktalks Community! Glad to be here.
I’m Flora and I’m a Community Manager with Bybit. With me today is Kirby, and we both focus on building and growing the community at Bybit.
Q2. Can you introduce the basics of Bybit trading platform?
What are the advantages of your exchange in comparison with other top exchanges with the same features about futures contracts?
Ans — Bybit is a cryptocurrency derivatives trading platform established in March 2018. We have 50,000 active users and are focused on serving everyone from individual retail clients to professional derivatives traders.
We offer BTCUSD, ETHUSD, EOSUSD, XRPUSD, BTCUSDT trading pairs, and up to 100x leverage.
Why trade on Bybit?
✅ Maker rebates — earn money by placing trades with 0.025% rebates on trading fees
✅ Customer Service — 24/7 Live Chat available on website, which will respond within 1 minute
✅ Professional UI/UX — easy to use on both Browser and App
✅ Good Liquidity — One of the best volumes in the market (average 500m+ volume per day)
✅ Advanced Risk Management Tools — Take Profit/Stop Loss, Hedging and Mutual Insurance
✅ Industry-leading security -100% funds stored in multi-sig cold wallet (with 3 withdrawals a day)
✅ 99.99% Uptime, with no server overloads due to our 100,000 TPS per contract matching engine
Q3. Can you introduce what is WSOT?
With a grand prize pool of 200 BTC, the inaugural World Series of Trading (WSOT) is the biggest global crypto trading competition, bringing the exhilaration of competitive crypto trading to the world’s trader community.
You can sign up for the competition via this link: https://bit.ly/39Z1fcx"
Q4. What is the prize pool of WSOT?
Ans — 🏆 Grand Total Prize Pool: 200 BTC
🔒 BTC Troop Showdown (Team Segment): 150 BTC
🔒 USDT Solo Throwdown (Individual Segment): 300,000 USDT
🔒 Planet WSOT: $9,400 Trading Bonus
More information the prize pool breakdown can be found in our guided video here: https://www.youtube.com/watch?v=QsiwBd5n-XM"
Q5. Can you show us the timeline for WSOT?
Ans — ⏰ Registration phase:
July 30, 10 AM — August 10, 10 AM UTC
🤺 Competition phase:
August 10, 10 AM — August 31, 10 AM UTC
Q6. Is there any additional perks for BTC Troop Showdown and USDT Solo Throwdown?
Ans — Both segments have up to 20% taker fee discount !
Q7. What are the benefits for BlockTalks community members?
Ans — Join Bybit Local Troops to stand the chance for sharing the prize pool $1,500 bonuses in BTC !
Q8. How many Bybit Ambassadors’ troops do we have currently?
Ans — We have 8 Bybit Ambassadors as our Troop Captains:
Q9. How to be qualified for joining this campaign?
Ans — 1️⃣ Join 1 Bybit Local Community
2️⃣ Join Bybit 1 Local Troop
Choose your preferred troop and join the battle!
3️⃣ Complete Bybit Local Troop Verification Form
Q10. Why should we join an Ambassador’s troop?
Ans — ✅ Welcoming and warm
✅ Friendly Atmosphere
✅ Professional Environment”
Questions Asked on Twitter For Bybit!
Q1. I’m aware that Bybit’s World Series of Trading (WSOT) Competition will be starting in few days time. Could you tell us the main aim of this event? Are you of the believe that organizing events like this will truly bring about a positive change in the crypto space?
Ans — The main aim of our WSOT event is to be the first of its kind to bring the exhilaration of crypto trading competition to the global stage. Bybit believes in the importance of empowering traders who embody the passion and power for crypto trading, and this is done through our WSOT campaign.
This twice-a-year event aims to champion the spirit of competition, fair play, and cultivate camaraderie between crypto derivatives traders from all over the world with the ultimate goal of creating positive change in the crypto space.
Also, 5% of the BTC prize pool will be donated to Unicef, you can read more here: https://www.unicef.org.nz/stories/unicef-new-zealand-and-bybit-launch-partnership"
Q2. WSOT is indeed first of its kind which aim at bringing an exhilarating experience of crypto trading competition to the global stage where interested traders can participate in Troop and Solo battles. How does Troop and Solo battles differs? Also, can a trader participate in bothbattles during the course of the competition or just one?
Ans — Traders can participate in both competitions and are not just limited to compete in one. Troop battles are where you can join as part of a troop and discuss strategies, share resources and knowledge and be part of a winning team, learning to build relationships and teamwork and strengthening friendships, which are sometimes lacking in the cryptospace.
You are also welcome to join the Solo battle, where you can take part as an individual pitting yourself and your skills against other traders.
We highly recommend you to invite your friends to participate in the WSOT event to increase the prize pools!
Q3. Aside the prize pool of 200 BTC, could you tell us other benefits that awaits Traders who sign-up to battle in WSOT? Should we be looking forward to different perks and bonuses throughout the competition? Perhaps early bird bonus and reduction in trading fees!
Ans — A) Traders who pre-registered early enjoys $60 early bird bonus, and can look forward to up to 20% of trading fees (which is highly beneficial to use to trade in this volatile market), and stand to win from the total prize pool 🙂
😎 Traders can also take part in activities under Planet WSOT — where you can earn from $9,400 in trading bonuses!
Q4. Kinldy explain more about your WSOT BY BYBIT CAMPAIGN, how can I become a TROOP CAPTAIN, what are the requirements and benefits as well.
Ans — Sure! You can become a WSOT Troop Captain by joining the link here — https://www.bybit.com/en-US/wsot_captain?contest_id=1&team_id=0
Troop captains get 20% of the troops winnings, enjoys the fame, increased commission from trades, and a $100 team bonus. Anyone is welcome to be a troop captain!
Interested KOLs, trading analysts or enthusiasts, quantitative trading experts, and media partners are all welcome to participate.
Q5. On the Bybit platform, where does ByBit take chart / candlestick data, is it really fair without any manipulation?
Ans — Bybit uses the Dual-Price mechanism to prevent traders from falling victim to market manipulations.
Due to market manipulations, the market price on a futures exchange may deviate significantly from the spot price, resulting in a mass liquidation of traders’ positions. In addition to costing traders large amounts of their hard-earned money, market manipulations also destroy the general public’s confidence in the entire crypto exchange industry. Bybit’s top priority is to provide a fair trading environment to all traders, which is why we employ a Dual price mechanism to prevent market manipulations.
Dual Price Mechanism consists of Mark Price & Last Traded Price.
For perpetual contracts, the Mark price refers to a global spot price index plus a decaying funding basis rate. Mark price can be considered as a price that reflects the real-time spot price on the major exchanges — Bitstamp, Coinbase Pro, Kraken, Gemini and Bittrex, which have deep liquidity books and are not easily manipulated.
Questions Asked by our BlockTalks Community Members during live Session for Bybit team!
Q1. Can You talk about a compaign that You did regarding attracting more users to WSOT?
Ans — Sure! Leading up to WSOT, we had several campaigns with our KOLs, such as troop captain campaign, UGC campaigns, and all these were done with the intention of driving engagement and understanding of WSOT.
Also, Tone Vays had a Youtube Live video today with several other influencers (such as doug polk, the moon carl, etc) , speaking about WSOT. You can check it out here https://www.youtube.com/watch?v=X08ESeGE74E
Q2. How does bybit Platform system works in order to protect User Trading position from price manipulation?
Who is bybit Biggest competitors?
And what’s makes bybit better than competitors?
Ans — Who is bybit Biggest competitors?
Our biggest competitor is Bitmex — However, we have only begun since 2018 and have consistently shown quality and superior service and performance.
We have a State-of-the-Art Matching Engine, up to 100,000 transactions per second; each matching is completed within 10 microseconds.
No server downtime With our grey release feature and hot patches released on the go any maintenance and upgrades of the system will not affect normal usage, and the system functionality and availability is up to 99.99%.
Receive immediate feedback Chat live 24/7 with our professional multilingual Customer Support Team
Our advanced order system allows traders to set up their TP/SL in one click from the order confirmation window and gives them access to multiple order types and time in force.
And what’s makes bybit better than competitors?
Because we listen, care, and improve, we provide the best possible trading experience and create a faster, fairer, and more human trading environment.
Q3. As we Know Due to Covid, Every Project has been affected, Is there any Delay with Bybit’s development?
Ans — No delay whatsoever. We’re chugging full speed ahead. In fact, during this period we’ve been continuing to expand our team over at Bybit. WE’re now over 200+ employees globally.
Interested in working with us?
Q4. What will be used in determining the winners ?
Will it be ROI or profit and loss calculations ?
How will troop members profits and loss be calculated. How will profit and loss be calculated in the individual category?
Ans — We will have three rankings for BTC battle ground and two rankings for USDT battle ground.
👉🏻 get more information on how to calculate winner in troop members and individual category :https://www.bybit.com/wsot?contest_id=1&team_id=138&ref=gkPmG
Q5. How does bybit prevent system error when there is highly fast price movement and not get overload the server?
Hedging position are not allowed in many platform, do bybit allow hedging position?
Ans — To prevent system error when there is highly fast price movement,Bybit uses the Dual-Price mechanism to prevent traders from falling victim to market manipulations.
On Bybit, we do not have a provision for hedging of positions.