UpBots X BeInCrypto AMA Session

With unique features like algo trading bots that charge only on winning trades and a pay-upon-performance model, UpBots ensures users can “Trade while they Live!” Neil will unravel the intricacies of UpBots' seamless wallet monitoring, $MBXN token staking, and the exciting future with their new parent company, Monetum. 

Let's get into the AMA session!

AMA Session With Neil Sisson of UpBots

Hi Crypto Soka. Thanks for having me here today 🙂

UpBots is a crypto trading platform that integrates centralized and decentralized portfolios in a beautiful portfolio tracker. Users can also algo trade with bots and only pay when the bot “wins” a trade. 

We say our users can Trade while they Live! 

On the UpBots platform users can also monitor wallets, stake $MBXN tokens, and enjoy a pay-upon-performance model. It's designed for all skill levels, offering educational content and secure trading. 

With SuperBots we offer a DeFi alternative where users can use algo trading bots to grow their capital on a decentralised platform.

Now we are part of Monetum there are many other synergistic opportunities along with some cool AI stuff that will be coming down the line.

I hope that answers the question.

Gota have somewhere to keep track of all those coins you ape into 😅

UBXN was the utility token for both platforms until last week. Very recently, UpBots was essentially bought by Monetum, our new parent eco-system, which was a very good thing. 

MBXN is a brand new token, that we unfortunately had to launch to combat a number of issues, but most prominently that of 25% of the liquidity of the UBXN token being locked up by AnySwap as a consequence of their bankruptcy. 

Additionally we wanted to add the permit function (ERC-2612) that allows gasless transactions. 

Monetum have very big plans for UpBots and having a new token with better features and full access to the supply offered the best foundation to realise that vision. It also gave us an opportunity to make some improvements on how our vaults work. 

Existing UBXN token holders were airdropped an exact market value equivalent number of tokens + a 20% bonus. Additionally, they still retain their UBXN.

One of my favorite subjects! 🙂

Ok that is a question with a BIG answer. So I recommend anyone wanting to look under the hood, to check out our documentation and articles on the subject. 

We have updated documentation coming out sometime before next Monday on our Gitbook as well as an update to this article that you can find here.  

The main updates are that we will be burning 100M tokens (20% of total supply)  in a single event to bring the supply back to approx the same level as UBXN at the time of the snapshot. 

Additionally (and this is something UBXN didn't have) is that we will be locking up a huge % of the supply. The time scales and % differ depending on where the tokens are allocated. But for example the Founding Team tokens will be locked for 5 years. These locks are to show that there is a very serious long term commitment to the project.

A lot of the token mechanics remain the same as it relates to the platform and the token utility. MBXN is now the currency required to pay platform performance fees, activate bots and benefit from Staking, etc., and now, with the new gasless transactions, new efficiencies will be achieved

yeah this is a question that seems to have had a lot of people stumped. I'm happy to try and bring clarity. 

Actually, the MBXN tokens were already airdropped to everyone who is a UBXN token holder, so there is no need to try and convert the tokens. 

Everyone who was a UBXN token holder will now have an equal $ value (at the time of the snapshot) in the new $MBXN tokens (+20%) that they had in UBXN. 

The future is brighter than it's ever been for UpBots as we are now swimming in a much bigger pool (metaphorically speaking) with much, much more opportunity.

Well, I'm glad you asked! 🔥

Pre-sale of the MBXN token is currently available through the Monetum exchange, where you can buy the token at a discounted rate with FIAT here. 

That special discounted price period could end at any time before listing. Unfortunately, I can't tell you the date of the listing, so I also can't tell you when the discounted price period will end, but let's just say I would think about the waiting time in days rather than in weeks. 😉

Yes, most certainly. We have allocated 10% of the total supply for future incentives/airdrops etc. 

Right now, anyone can buy the token for 15% below what it will list for next week on our first centralized exchange listing since Monetum bought the company. 

If you've never used either of the UpBots or SuperBots platforms before, you now have a chance to play with them and earn quest rewards through the SoQuest campaign we're running. 

Just ask in our main chat ( @Upbots ), and they'll give you the link. 

This is a hugely exciting time for UpBots with the injection of new capital, fresh thinking, new energy, deep networks in the TradFi world, and a larger FINTECH ecosystem of products and services.

(EG: crypto friendly EU payment/IBAN accounts, regulated exchange, and more)

In the coming weeks and months, we will have lots of competitions, airdrops, and other ways in which tokens can be won and earned. So join our Telegram group @UpBots and become part of our community there.

Our first exchange will be CoinStore coming very soon (unfortunately I can't say the date) and there are discussions going on with a half a dozen other exchanges so there will be additional places you can scoop up MBXN in the future. 

And, of course, Monetum has an exchange where you will always be able to buy the token.

Yes, this is great question because it hits right at the heart of the best thing about UpBots that is so special.

 It's not a platform where we have created a solution and are selling it. It's more like a marketplace, where the brightest, experienced traders can share the algo's they've created to help them win more trades, with total newbie traders who in the normal run of events would lose 90% of their cap in 90 days.

With UpBots the question that drove design decisions in the early days was “How can we create a win:win environment where anyone (even someone with no crypto experience) can just put a small amount of money into digital assets and NOT lose most of it through inexperience and emotional trading?

Our solution was to match successful traders with newbies by allowing the newbies to essentially rent the algo's

Everyone wins or nobody does was kind of the motto of that

And actually, UpBots does worst of all when trades lose

because we only take performance fees when the bots perform

Neil: Yes that's true. MBXN is, in the truest sense, a utility token. Its entire purpose is to power both platforms so that our users can basically have their capital traded 24/7 while they live their lives

Of course, we have staking and the other tools every token employs to slow down the token velocity

As a consequence of how the token is designed, it means that the demand side of the supply/demand = price equation is powered by platform adoption

so the more MAU on the platform, the more value is accrued to the token, essentially

I think the main thing is the performance fees aspect. We dont charge any monthly fees or any upfront fees, and if a bot makes a trade and it loses, you don't pay any platform fees, AND we create a virtual credit for you to the value of the fee's you would have paid had you won. It's the fairest possible way to operate this type of technology and I think it demonstrates that we put users first and want everyone to be wildly successful

Also, I guess it is SuperBots, which is a DeFi algo trading platform. I don't believe anyone else is doing that as well as we are. 🙂 So if you're averse to leaving your funds in a custodial environment or especially privacy concerns Decentralised algo trading might be something delightful for you 🙂

Yeah it's really still a huge problem. Although based on how often my bank contact me about a new scam I suspect not just the crypto space! 

There are a whole host of security measures at play with UpBots. But briefly, our contracts have all been audited multiple times. Certik has taken a look at everything. 

In terms of the safety of funds on UpBots – your funds are traded via API to the exchanges we connect to (Binance, KuCoin and more coming soon). The withdrawal function is not enabled, so nobody can compromise your UpBots account or use it to steal your funds. It's technically not possible. 

Also your UpBots account is secured with military grade encryption at a signin  level so your portfolio information is also completely secure.

hope that mostly answers that question

For anyone looking for more info please ask in our Telegram group

Yes, absolutely, you're making passive income. You can stake MBXN and collect an APY for the duration of it being staked. You can also use the trading bots. Trading bots, by and large, perform better over a longer term than a short term, so you can connect a bot to your Binance account (for example) and then leave it alone to trade on your behalf and just check in on it a couple of times per year.

Same for SuperBots if you prefer your passive income to have a DeFi flavor 😉

Hey Sam!

I can't speak to your trading experience Sam so I can't speak to your level of trading ability. However I can speak about myself. I am NOT very good at reading charts and consuming vast quantities of news, performing in depth analysis of projects and all the things that the really great traders do. I also have very very basic Technical Analysis skills. 

As a consequence my trading ability mostly feels like gambling. Its bad enough that these days I just mostly do low frequency fundamental investing.

Also, I like sleeping. Sleeping is great

Thankfully, bots don't need sleep. And they can consider thousands of signals. Plus, we will have AI coming, which will do very cool things to already very sophisticated bots

So, to answer the question, I suppose I could have most simply said—there's a good chance a bot is a better trader than most humans.

Thanks a million for having me and to all your community who asked a LOT of awesome questions.

Final thoughts

This AMA session with Neil Sisson has provided invaluable insights into UpBots. As we've learned, UpBots is a comprehensive tool designed to simplify crypto trading for everyone. 

With features like performance-based trading bots, wallet monitoring, and $MBXN token staking, UpBots ensures a seamless and secure trading experience. The integration with Monetum opens up even more exciting opportunities and advancements in the crypto space.

Whether you're a seasoned trader or a newcomer, UpBots offers something for everyone, making it easier to trade and grow your assets while living your life. 

Join the UpBots community to be part of this journey!

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