[ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets

[lamouette]

@tempus

Yes it's solved, thanks very much  , I'll take this occasion to ask a few questions about Lykke:

What are currently, the steps to trade / withdraw / deposit EUR or USD to the lykke wallet ?

I don't really understand the concept of colored coin, what does it mean ??  

Do you plan on launching a desktop / web platform in addition to the mobile app ? It could accelerate a lot the usage of lykke exchange ...


EDIT: on the app, I see there's LKK and LKK1Y coins, what do LKK1Y represent ??


That's al for now, thanks for your time

[tempus]

@tempus

Yes it's solved, thanks very much  , I'll take this occasion to ask a few questions about Lykke:

What are currently, the steps to trade / withdraw / deposit EUR or USD to the lykke wallet ?

I don't really understand the concept of colored coin, what does it mean ??  

Do you plan on launching a desktop / web platform in addition to the mobile app ? It could accelerate a lot the usage of lykke exchange ...


EDIT: on the app, I see there's LKK and LKK1Y coins, what do LKK1Y represent ??


That's al for now, thanks for your time

Good to hear that the problem is solved!


First: Lykke is currently in the process to get regulated in the USA and during that time no new customers will be verified. If you are from the USA it's possible that it won't be possible to deposit Fiat. I don't know right now if new US-citizen are totally blocked or if it's only about the verification-process (Selfie, Photo of ID, photo of address).

If you are not from the USA you would need to the verification-process first to be able to deposit and withdraw fiat. But it's simple: If you click on the + next to Euro (or CHF or other FIAT) the verification-process should start. It will take some time (maybe 48h) and you should get a confirmation-mail.


To buy and sell etc. you need funds in your trading-wallet (you have bitcoin now if I understand it correctly). You can type on "exchange" and you see all pairs that are available until now (more will follow, like Chronobanks Time-token, Ethereum and others). You can type on one and the rest should be pretty much self-explaining. With the next release of the App it will be even more intuitive/easy.

A very good overview about the current version as videos is this:

Tour of Lykke wallet
https://www.youtube.com/watch?v=oFsI6QgZunI&list=PLk9DrzhaS5AjlYColQnvU6R17MNNNhihK

And here a demo-video of the next release - focus on margin trading:
https://www.youtube.com/watch?v=DUwhxfc3fi0



Colored Coins are technically Bitcoins (but very small units of BTC) and can represent different assets. Lykke-Coins for example are colored coins = small units of Bitcoin as representation of Lykke-shares. Same can be done with pretty much every value one can think of. Like Lykke also other companies could give out colored coins as company shares, colored coins can also represent fiat (that's also done on Lykke) or gold or even houses etc.

A good explanation is this: https://en.bitcoin.it/wiki/Colored_Coins


Yes, a web-based-terminal is in development and a desktop-client is also planned. Lykke will change and grow dramatically over time. The App is just the beginning.




LKK1Y are forward contracts of LKK. Recently Lykke did a crowdfunding and sold LKK1Y-tokens for about 20% discount to LKK-shares. There are basically two possible scenarios:

1) To lock the LKK1Y-tokens up for 365 days. After 1 year LKK1Y will be swapped to usual Lykke-shares.
2) To trade the tokens as contracts (and a buyer could lock them up for example).
 

A deeper explanation can be found here:

What is Lykke Forward?
https://www.lykke.com/city/blog/what_is_lykke_forward

[texasvsjohnson]

@tempus

Yes it's solved, thanks very much  , I'll take this occasion to ask a few questions about Lykke:

What are currently, the steps to trade / withdraw / deposit EUR or USD to the lykke wallet ?

I don't really understand the concept of colored coin, what does it mean ??  

Do you plan on launching a desktop / web platform in addition to the mobile app ? It could accelerate a lot the usage of lykke exchange ...


EDIT: on the app, I see there's LKK and LKK1Y coins, what do LKK1Y represent ??


That's al for now, thanks for your time

The LKK1Y represents you buying lykke shares at 20% off if you hold the contract for one year. If you choose not to you can sell them back to the market. But if you do hold them you get 20% discount after the year is over the shares are released into your account. As for colored coins I believe they are bitcoin that turn different colors based on the contract you go into. If you want to sell a house the color of the coin might be one color. If you want to start a business it might be another colored coin. I am not sure exactly how it works but I do know a lot more can be done with a colored coin they a regular bitcoin.

[DJ53]

Hi Tempus,

If LKK and other colored coins are technically small bits of Bitcoin, how will they be impacted due to a hard fork on that blockchain?

And is there any plans to issue colored coins on Ethereum or any other blockchains?

[tempus]

Hi Tempus,

If LKK and other colored coins are technically small bits of Bitcoin, how will they be impacted due to a hard fork on that blockchain?

And is there any plans to issue colored coins on Ethereum or any other blockchains?

Hi DJ53!

I'm not totally sure tbh and most likely it would depend on the situation. Right now I believe they'll stick to the Core-Chain. But as far as I know, technically both chains would be possible to use for colored-coins.

Lykke tweeted this yesterday:

Lykke Exchange supports the Hard Fork Contingency Plan @coindesk
http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/
https://twitter.com/LykkeCity/status/842978281494384640


Btw, somebody asked the same question today on Slack and once I know more I'll post it.


Regarding Ethereum: It's also something I would have to ask. Longterm it's possible how I believe, most likely especially if Lykke should list an ICO of an Ethereum-project for example.

[lamouette]

Thanks for your answer @tempus

Something I don't understand about LKK1Y,

Does the total fixed supply of 1,285,690,000 Lykke coins have changed or will change when LKK1Y become LKK ?

If yes:

100 LKK represents 1 share of the legal entity, so LKK's value is lowered since new LKKY (to become LKK) coins came into the game ?? Right ?

[tempus]

Thanks for your answer @tempus

Something I don't understand about LKK1Y,

Does the total fixed supply of 1,285,690,000 Lykke coins have changed or will change when LKK1Y become LKK ?

If yes:

100 LKK represents 1 share of the legal entity, so LKK's value is lowered since new LKKY (to become LKK) coins came into the game ?? Right ?

No, the total supply doesn't change. That are LKK/shares of the company-treasury. The reason why the price of LKK is a little bit lower since the LKK1Y-sale is more because some sold LKK to buy into LKK1Y and most likely also because Bitcoin hyped during that time. But it's only about 2-4%.

[tempus]

https://streams.lykke.com

[texasvsjohnson]

Thanks for your answer @tempus

Something I don't understand about LKK1Y,

Does the total fixed supply of 1,285,690,000 Lykke coins have changed or will change when LKK1Y become LKK ?

If yes:

100 LKK represents 1 share of the legal entity, so LKK's value is lowered since new LKKY (to become LKK) coins came into the game ?? Right ?

No, the total supply doesn't change. That are LKK/shares of the company-treasury. The reason why the price of LKK is a little bit lower since the LKK1Y-sale is more because some sold LKK to buy into LKK1Y and most likely also because Bitcoin hyped during that time. But it's only about 2-4%.

According to the investor deck, the founder and team members own 64% of shares, the Lykke Corporation treasury owns 10%, seed investors own 22%, and ICO and post-ICO investors own 4%. This sale involves another 4%, though it is not clear out of whose portion they are taken. Its actually around 8%

[tempus]

Thanks for your answer @tempus

Something I don't understand about LKK1Y,

Does the total fixed supply of 1,285,690,000 Lykke coins have changed or will change when LKK1Y become LKK ?

If yes:

100 LKK represents 1 share of the legal entity, so LKK's value is lowered since new LKKY (to become LKK) coins came into the game ?? Right ?

No, the total supply doesn't change. That are LKK/shares of the company-treasury. The reason why the price of LKK is a little bit lower since the LKK1Y-sale is more because some sold LKK to buy into LKK1Y and most likely also because Bitcoin hyped during that time. But it's only about 2-4%.

According to the investor deck, the founder and team members own 64% of shares, the Lykke Corporation treasury owns 10%, seed investors own 22%, and ICO and post-ICO investors own 4%. This sale involves another 4%, though it is not clear out of whose portion they are taken. Its actually around 8%

Total supply is 1,285,690,000 Lykke-Coins

The ICO of Sept/Oct was about 30,000,000 LKK --> 2.3%

The forward-contract-crowdfunding was for 50,000,000 LKK --> 3.88%

All together, if the forward-contract already would be counted as usual LKK, that would be 6.22% of the total supply.


Btw, they'll publish an updated financial report in april.

[vipgelsi]

These guys are the real deal!

[tempus]

https://twitter.com/LykkeCity/status/844832328820011008

Direct Link: https://www.facebook.com/groups/359163074440607/

[mtnsaa]

Nice to see LKK price reflecting the potential and awesome work they've done so far, Lykke is definitely one of the most undervalued and underhyped project in the industry. Seeing some obscene marketcaps lately like ETC, MAID, PVIX (WTF...like, seriously...) I can't believe Lykke is around 50 million considering total supply.

Considering only available supply Lykke ranks Number 100 at the moment at coinmarketcap.com...

[DJ53]

Hi Tempus,

If LKK and other colored coins are technically small bits of Bitcoin, how will they be impacted due to a hard fork on that blockchain?

And is there any plans to issue colored coins on Ethereum or any other blockchains?

Hi DJ53!

I'm not totally sure tbh and most likely it would depend on the situation. Right now I believe they'll stick to the Core-Chain. But as far as I know, technically both chains would be possible to use for colored-coins.

Lykke tweeted this yesterday:

Lykke Exchange supports the Hard Fork Contingency Plan @coindesk
http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/
https://twitter.com/LykkeCity/status/842978281494384640


Btw, somebody asked the same question today on Slack and once I know more I'll post it.


Regarding Ethereum: It's also something I would have to ask. Longterm it's possible how I believe, most likely especially if Lykke should list an ICO of an Ethereum-project for example.

Hi Tempus, thanks for the good work you are doing communicating the plans.

I can see the Lykke1Y has now started trading and is already up

[tempus]

Hi Tempus,

If LKK and other colored coins are technically small bits of Bitcoin, how will they be impacted due to a hard fork on that blockchain?

And is there any plans to issue colored coins on Ethereum or any other blockchains?

Hi DJ53!

I'm not totally sure tbh and most likely it would depend on the situation. Right now I believe they'll stick to the Core-Chain. But as far as I know, technically both chains would be possible to use for colored-coins.

Lykke tweeted this yesterday:

Lykke Exchange supports the Hard Fork Contingency Plan @coindesk
http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/
https://twitter.com/LykkeCity/status/842978281494384640


Btw, somebody asked the same question today on Slack and once I know more I'll post it.


Regarding Ethereum: It's also something I would have to ask. Longterm it's possible how I believe, most likely especially if Lykke should list an ICO of an Ethereum-project for example.

Hi Tempus, thanks for the good work you are doing communicating the plans.
   

Thank you!

I can see the Lykke1Y has now started trading and is already up

Yes, it's also possible to lock it up now (365 day trigger).

Regarding your question about Bitcoin: Most likely they will publish a statement about the "if-hard-fork-situation".

[texasvsjohnson]

Nice to see LKK price reflecting the potential and awesome work they've done so far, Lykke is definitely one of the most undervalued and underhyped project in the industry. Seeing some obscene marketcaps lately like ETC, MAID, PVIX (WTF...like, seriously...) I can't believe Lykke is around 50 million considering total supply.

Considering only available supply Lykke ranks Number 100 at the moment at coinmarketcap.com...

Lykke is actually worth around 65 million if you add in the rest of the shares that are owned by the company.

[vipgelsi]

how would one go about locking up the 365 day trigger for lyk1y?

[mtnsaa]

Nice to see LKK price reflecting the potential and awesome work they've done so far, Lykke is definitely one of the most undervalued and underhyped project in the industry. Seeing some obscene marketcaps lately like ETC, MAID, PVIX (WTF...like, seriously...) I can't believe Lykke is around 50 million considering total supply.

Considering only available supply Lykke ranks Number 100 at the moment at coinmarketcap.com...

Lykke is actually worth around 65 million if you add in the rest of the shares that are owned by the company.

 You're correct, that's the actual marketcap, although there are plenty of projects listed that don't reflect that, Ripple, Storj, Maid, Sngls, Lbry, etc.

It's odd because they are mixing not yet mined coins with premine or company shares, it's just not the same thing. In terms of available supply alone Lykke is actually number 100 and that's just crazy.

[vipgelsi]

how would one go about locking up the 365 day trigger for lyk1y?

Just updated the lykke app I see how to now.

[tempus]

how would one go about locking up the 365 day trigger for lyk1y?

Just updated the lykke app I see how to now.

Great! I couldn't help that much right now because I still run the test-version and it's different.