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

[tempus]

Tempus, I wanted to know a little more about how a future Lykke debit card would be implemented. I envisioning Lykke could become almost a banking solution if this gets implemented in the future since you would have access to a lot of investments and your money secured by the blockchain.

Now I'm a little familiar with similar services like Xapo, never used their debit card but the process seems very straightforward, you use it like any other credit/debit card and when you pay or withdraw fiat at an ATM it makes the conversion/exchange from your Bitcoin balance.

However in Lykke as you hold multiple fiat currencies, cryptocurrencies and in the future even CFDs stocks (and many other kinds of digital assets) this can get a quite complicated.

My question is will the Lykke debit card only withdraw from your fiat balance? Do you need to load the card from the app or site beforehand or there would be some sort of automatic conversion/exchange?. Thanks!

I don't know much about the "how exactly" yet, but as far as I know it won't be needed to have fiat in the wallet. A customer will be able to define very precise and flexible what to use as automated conversion in case of a fiat-withdrawal or payment.

But, with the phone in reach (and connection) it would be very flexible anyway since a customer could sell his Crypto to a wanted Fiat-currency while walking the last 20 meters to an ATM. ;-) 

[tempus]

Full description: Join Lykke Corp research team

[texasvsjohnson]

What's interesting is that if you change base currency to LKK and then look at the relative LKK1Y price it's somewhere around 0.875 while the offering was at 0.8 (20% discount).

So the guys who bought the LKK1Y are already making a decent  6 to 7% profit.

In Swiss Franc the LKK1Y-offering was at 0.04 CHF and price is currently at 0.044 CHF - about 10% gain. First I was concerned that many wouldn't know what it is, but it seems wanted (already during the offering - it was oversigned). Especially those who invest for longterm buy LKK1Y because it's cheaper and without disadvantages for longterm (> 1 year).



For those who don't know what it is:

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

It should continue to rise in value. Every month that gets closer to ending the 1 year contract the value goes up towards its real value. Lykke is at a rock bottom price period whether its 1 year or regular price. It will be top 5 to top 10 crypto in a few years and I am being modest about it. I think it could even pass ethereum and bitcoin ( I do like ether and bitcoin I am invested in both). There is so many new cryptos being made and so much competition now that your going to see a lot of these coins go down in value. Its just to much competition at a very rapid pace. But what Olsen is making is something not done before and I doubt anyone else can compete with. It will add all of these new cryptos to its eco system along with things outside of the crypto space. Combining centralized and decentralized business into one is going to be the first revolutionary project of any crypto right now. You don't need to invest much money into lykke imo to hit big on it. I have no doubt in my mind it will be a huge success and I can't say that about any other crypto I have researched.

[mtnsaa]

What's interesting is that if you change base currency to LKK and then look at the relative LKK1Y price it's somewhere around 0.875 while the offering was at 0.8 (20% discount).

So the guys who bought the LKK1Y are already making a decent  6 to 7% profit.

In Swiss Franc the LKK1Y-offering was at 0.04 CHF and price is currently at 0.044 CHF - about 10% gain. First I was concerned that many wouldn't know what it is, but it seems wanted (already during the offering - it was oversigned). Especially those who invest for longterm buy LKK1Y because it's cheaper and without disadvantages for longterm (> 1 year).



For those who don't know what it is:

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

It should continue to rise in value. Every month that gets closer to ending the 1 year contract the value goes up towards its real value. Lykke is at a rock bottom price period whether its 1 year or regular price. It will be top 5 to top 10 crypto in a few years and I am being modest about it. I think it could even pass ethereum and bitcoin ( I do like ether and bitcoin I am invested in both). There is so many new cryptos being made and so much competition now that your going to see a lot of these coins go down in value. Its just to much competition at a very rapid pace. But what Olsen is making is something not done before and I doubt anyone else can compete with. It will add all of these new cryptos to its eco system along with things outside of the crypto space. Combining centralized and decentralized business into one is going to be the first revolutionary project of any crypto right now. You don't need to invest much money into lykke imo to hit big on it. I have no doubt in my mind it will be a huge success and I can't say that about any other crypto I have researched.

Honestly seeing similar projects (in terms of total supply) pumping with a higher marketcap than Lykke is incredible and it's a testament of how undervalued this project is. I'm talking about LBRY, SNGLS, GNT and others. While they certainly have potential on their own, I find it hard to believe they are worth more than Lykke.

I'm sure that's because LKK is not listed anywhere and hardly anyone knows about it. I'm not sure it will pass Ethereum since if crypto starts making its way to the mainstream Ethereum is definitely positioned to be the king right now but I can see it go top 5 in terms of marketcap really fast. 1 Billion marketcap would be easily achievable by the end of 2018 in my opinion considering we are talking about actual full shares of the company, no some token you can speculate with.

Another thing no one even considers is that Lykke could be even get bought by a big company and we as shareholders would have a vote. There's already a lot of tangible value to it, licenses, the trading engine and apps that work wonderfully so far.

[belowizard]

will it ever be possible to send swift transactions with lykke?

[texasvsjohnson]

 We will see more traffic on this exchange then all the exchanges combined. No fees along with how hard it will be to get the regulation needed (networking which Olsen has) to trade a variety of commodities and assets will take down competitors. We are talking about trading anything. Olsen even said houses. If we want to move to China and someone wants to move to Europe on lykke they could actually trade houses. Envision it as the Amazon of exchanges and Olsen is one of the few that can actually do it. Its why I believe it can surpass everything on the crypto currency market right now because hes making it in a way he will have a big moat around any competitor. Look at the stock price of Amazon. It has gone up so fast blowing past any sort of investment. Its market cap is through the roof because no competition. Just think of the traffic of combining centralized and decentralized traders into one exchange that can trade pretty much trade anything they want. It is almost hard to imagine. It has to much potential for him to actually sell it to another business. I honestly don't think someone else could run it as good as he can.

[tempus]

will it ever be possible to send swift transactions with lykke?

Do you mean deposit or withdrawal?

I've made a Fiat-withdrawal 2 weeks ago or so and it worked fine - after introducing the withdrawal over the app they send a mail that needs to be confirmed.

P.S.: I had to travel today so I'm maybe not totally informed if there are issues but I'll check tomorrow!

[Alao]

You guys still working on the Web/Desktop trading client?

[Angel Di]

Hello. As I can not understand why this project is that it does? Graph is moving down, but I think everything will be fine

[tempus]

You guys still working on the Web/Desktop trading client?

Yes, they are working on it but no time-estimation yet.

[tempus]

Hello. As I can not understand why this project is that it does? Graph is moving down, but I think everything will be fine

LKK is pretty stable under the line. Right now $0.050153. I believe that once the bigger releases are out (margin trading, box options, web-based-terminal, plus regulatory approval especially in the USA etc.) it will start to fly.

[tempus]

Richard Olsen introduces Lykke Streams

Lykke Streams (streams.lykke.com) is a crowdsourcing initiative that reimagines how projects of all kinds can be staffed and completed. It provides a forum for publishing project ideas and attracting talent from around the world. Project originators can post their ideas on the platform and set aside prize funds to be awarded upon completion. Developers, designers, and other technology professionals can contribute directly to projects of interest and work collaboratively to earn the prize.

https://youtu.be/TCXK4AV-E1Q

[tempus]

And here is the official announcement:

Lykke Announces Availability of ChronoBank TIME Token
https://www.lykke.com/company/news/chronobank_time_token

[tempus]

Lykke Wallet Safety
https://youtu.be/j2hdiXeVzM4

[belowizard]

will it ever be possible to send swift transactions with lykke?

Do you mean deposit or withdrawal?

I've made a Fiat-withdrawal 2 weeks ago or so and it worked fine - after introducing the withdrawal over the app they send a mail that needs to be confirmed.

P.S.: I had to travel today so I'm maybe not totally informed if there are issues but I'll check tomorrow!

no i meant in the way as swift is being used today, meaning getting your salary paid to lykke, pay your rent with lykke, send money to another swift account with lykke and so on ..

[tempus]

will it ever be possible to send swift transactions with lykke?

Do you mean deposit or withdrawal?

I've made a Fiat-withdrawal 2 weeks ago or so and it worked fine - after introducing the withdrawal over the app they send a mail that needs to be confirmed.

P.S.: I had to travel today so I'm maybe not totally informed if there are issues but I'll check tomorrow!

no i meant in the way as swift is being used today, meaning getting your salary paid to lykke, pay your rent with lykke, send money to another swift account with lykke and so on ..

Ah, okay! I'm not sure tbh but in future - why not?

But what I hope for more is that centralized services like that will be more and more replaced by blockchain and I also believe that will come.

[tempus]

Alan Laubsch: Blockchain, Natural Capital, and the Digital Economy
https://www.youtube.com/watch?v=AH0uLmymkeU

[Primitive]

i have not read the whole thread, so apologies in advance if this has already been asked and answered:

isn't the BTC chain a but slow?  what not build on top of a faster protocol?  isn't speed really important for financial transactions?

this is an interesting project, thanks in advance!

[tempus]

i have not read the whole thread, so apologies in advance if this has already been asked and answered:

isn't the BTC chain a but slow?  what not build on top of a faster protocol?  isn't speed really important for financial transactions?

this is an interesting project, thanks in advance!

Hi Primitive!

Yes, the Bitcoin-blockchain is not very fast but very secure. And what needs to be considered when it's about: The matching-engine is centralized and very fast while settlement is decentralized to ensure a high level of security - quote out of the Whitepaper:

"Exchanges for cryptocurrencies can be organized with a different degree of centralization. Typically, centralized exchanges are much more efficient, whereas decentralized exchanges are more secure as they require less trust in the exchange. Due to their higher efficiency and simplicity, most volume is currently traded on centralized exchanges such as BTC China, Bitstamp or Bitfinex.8 A trader on such an exchange must entrust all assets in his trading account to the exchange. History shows that this is not without risk, with the most famous examples being the collapse of MtGox (more than 600’000 Bitcoins disappeared) and the most recent hacking of Bitfinex (120’000 stolen Bitcoins). Exchanges such as Bitcoin.de and LocalBitcoins are more decentralized and restrict themselves to organize trades and offer escrow services, but let the traders execute the actual trade bilaterally, whereas traders on LocalBitcoins often even meet physically. This naturally limits the achievable speed of trading to the speed of the underlying payment system (e.g. SEPA or moving bank notes). These exchanges can achieve a much higher trading frequency without having to resort to client deposits by restricting themselves to cryptocurrencies that can be exchanged instantly. Examples of such exchanges or whole cryptocurrency systems that include built-in decentralized exchanges are Omni, Counterparty, and BitsharesX - none of which achieved the same commercial success yet as the aforementioned centralized exchanges. These exchanges frequently try to even decentralize the matching of trades, which is problematic as it is fundamentally hard to enforce rules in a decentralized system, especially when timing is crucial. For the design of our exchange, we opt for a system with centralized matching of trades, but with direct bilateral exchange of assets, trying to combine the best of both worlds. One should also note that, when trading particular colored coins or any other issuer-backed asset, there is exposure to a centralized point of failure anyway, namely the issuer."

(...)

Generally, all received coins can immediately be reused in a new trade. Thus, trading can be as fast as the connection between a trader and the exchange permits (normally in the range of 10ms - 100ms). Temporarily, the number of trades can exceed the limits given by the Bitcoin blockchain, as this just leads to a delayed settlement.


Plus:

"To mitigate capacity limit, Lightning Network13 and Micropayment channels14 are the perspective approaches. Instead of broadcasting each single transaction on the blockchain, parties deliver coins by sending signed transaction messages offchain with subsequent net settlement on the blockchain."

https://www.lykke.com/Whitepaper_LykkeExchange.pdf


Here you can find a graphic of how the exchange works: https://www.lykke.com/technology

[tempus]

Lykke Announces OEM Services - Lykke Accelerator
https://www.lykke.com/company/news/lykke_accelerator