AMA Highlights: Bybit Product Manager, Bill

On 25 June 2020, we held an AMA session with our Product Manager, Bill in our Bybit English telegram channel.

Introduction

• Bill: Product Manager

• Kirby: Community Manager

• Wayne: Community Manager

This AMA has been edited for clarity.

AMA is LIVE!

Welcome, Bill @billatbybit , product manager at ByBit to the LIVE AMA in our Global Telegram Channel!

Q: Kirby

Before we begin, would you please introduce yourself to our community Bill?

Answer: Bill

I’m Bill and I am a product manager from Bybit. At Bybit, we believe that we are product-driven company and we always want to work with our users to improve the experience on our platform. We listen, we care, and we improve! I am looking forward to answering your questions and sharing information about our Strategy Alert! I am on Twitter @BillBybit as well if you haven’t followed me:)

Announcement: Kirby

Welcome Bill, it’s great to have you here with us today for our LIVE AMA! 

Let’s warm you up with a question from our Wayne, our Community Manager and our ambassadors first 

Q: Wayne

What is the difference between Strategy Alert and previous notifications?

Answer: Bill

Yeah sure, this is a good question; many users are asking “where is the old price alert”? The answer is that it’s still there, but with a huge upgrade. The strategy alert functionality is an upgrade of the common price alerts and it provides much more elements on technical analysis

Announcement: Kirby

Today, we’ll be taking questions on our latest ByBit Feature, Strategy Alerts. Please feel free to ask questions related to Strategy Alerts!

Let’s begin with the first session, please tag your questions using #BybitAMA

We will open the chat up for some questions, and I will tag Bill in 5 questions. Ready? Go!

Q: Bybitgod, quoted by Kirby

Hey, Bill. Will custom alerts become a thing based on indicators? For instance, I use William’s fractal. A bullish and bearish fractal is given at a certain price point. Will we be able to customize the strategy alerts to our own custom strategies using for instance bearish/bullish fractals in my case?

Answer: Bill

We will be adding more indicators in the near future and allow our users to make some customized parameters setup. But as you know, the mobile screen is small and we won’t be able to add all the indicators (since we don’t want to overwhelm our users); we are listening to our users’ feedback like yours and trying to figure out which indicators are the most relevant for most traders.

Q: Change, quoted by Kirby

1. What necessitates the creation of Bybit’s strategy alert?

2. Please I don’t understand the clear difference between trend shift and big movement. Kindly explain it more to me.

Answer: Bill

Good question.

1. Crypto is 24/7, non-stopping; it’s almost impossible to keep track of everything with a manual way, i.e. without some type of automation, it’s hard to capture all the trading opportunities and difficult to do great risk management, e.g. big movements during the night or when you are eating food 😉 strategy alerts is a type of automation to help you monitor the market in a smart way

2. I think you are referring to our prebuilt templates; so for trend shift, it’s a template for you to use MA/EMA/Price and their relative positions to judge the market trend either in short-term or long-term based on your selection of the chart intervals; for big movement, it’s a template for you to find local high/low point on the chart and possibly some good entry/exit points

Q: JokER, quoted by Kirby

How does changing the frequency of candles in the alarm affect the alarm?

Answer: Bill

So the chart interval (candle frequency) is the foundational setup of the alerts you create, an example may be easier to explain it, if you select 1H candle frequency, for the tracking variable of Price MA20, it will calculate past 20*1=20 hours value as its MA20; also, this interval decides the frequency you will receive the alerts, e.g. every 1H you get maximum one notification

Q: Chandan Sardar, quoted by Kirby

Can We Trade Via Strategy Alerts, I mean Placing Limit – Orders.

Answer: Bill

That’s in our pipeline and that’s something we commit 100% to bring to our users to make the alerts truly useful; pls expect this feature around the end of Q3 or early Q4

Q: Renars, quoted by Kirby

We need more price alert, I can place only 3-4.

I prefer 2 alerts when the price goes down and 2 when goes up, can this be fixed?

Answer: Bill

I believe that you could do this right now already, simply create multiple alerts on the App; but pls note, for now, we limit the max alerts to 5 per user

Announcement: Kirby

Alright, let’s move on!

Now, Bill will share 5 questions that have been previously submitted before the AMA and his answers to these questions – these 5 users will share a $50USD trading bonus in rewards!

Q1: Kambal0714

What is your strategy to survive in the long bear market? 

Answer: Bill

 Quite simply, we work our best to make the product great; if crypto/BTC doesn’t go away, we are patient enough to grow with the industry:)

Q2: cuipin

1. At present, the basic market information of mainstream exchanges is highly homogeneous. Does Bybit have a plan for in-depth market display? To help users judge the market direction?

2. How much do you think the impact of the contract market on the spot market? What do you think of “no bull market after the contract”?

Answer: Bill

1. Yes, besides the normal order book data, we also have plans to offer more analytical data to facilitate traders to make wise decisions

2. It’s an interesting question; volume-wise, contract market is bigger than the spot market because of the usage of leverage (this is also kind of true in the traditional market), for the whales, if they have access to both spot and contract market, at the meantime, if they want to profit from both, it’s possible for the “manipulation” to happen; however, in the long run, BTC’s price is still decided by supply and demand, since the supply is programmatically fixed, the demand says everything, and will ultimately drive the market (irrelevant of the spot or contract)

Q3: eugenereigns

1. Are you sure that the Bybit platform will be able to handle all those multiple sophisticated Strategy Alerts during the high volatility market? I am asking this because I have already faced the situation when my ordinary price alerts were triggered with huge delays (up to 20 seconds) during volatility time.

2. Why did you complicate the process of placing alerts so much? Now, in order to set a simple price alert so it could notify you when it crosses your price, you have to spend a lot of precious time on compulsory settings like Candle Frequency, type of trigger, and ALERT’s name.

Skipping all those settings enables you to set the alert, and sometimes you don’t have time to deal with all that. If you need that Alert’s Name, why couldn’t you make it possible to name the alert automatically with the trigger price number or with the consecutive number of created alerts in the App? Why didn’t you leave simple alerts where you can set the needed price and “once” or “repeatable” option like in other trading platforms and services? 

Answer: Bill

1. Yes, we have built an infrastructure for the messaging system different from the older price notification system; our notification speed will be much faster compared to all other third-party service providers as well since we are the source of first-hand data

2. Many good suggestions in the question (I took notes on them, like automatic name filling); for the question of why we want to “complicate” the simple price alert, we believe that the “simple” version it’s too simple to be useful in the real trading environment; the first-time setup of a new alert may be harder than before, but once they get used to the framework, it’s actually very easy and the information being alerted is much more useful

Q4: RoyalBengalTrader

1. On The Mutual Insurance minimum Fund Required For buying the Insurance

2. Trading via Strategy Alert coming when?

3. ETH USDT coming to Bybit Linear Contracts?

Answer: Bill

1. $500 is the current minimum, but we are considering lowering it down or offer something special for first-time users

2. Pls expect it in later Q3 or early Q4, this is something we commit ourself working on

3. Yes, more altcoins linear contracts coming soon

Q5: raoaj4

1. Strategy alert is a very good and unique feature of Bybit. Please tell how we can make use of market heat alert.

2 Please tell the benefit/difference of Mutual insurance over hedging position(normally on other exchange).  

Answer: Bill

1. For the market heat alert, you could make use of tracking variables “open interest” & “predicted funding rate”, they are good proxies of whether the market is over-bullish or over-bearish, for more technical information, you could refer to our FAQ of strategy alert on the website

2. The mutual insurance makes your position management much easier; since if you hedge on other places, there will be all sorts of cost for hedging (execution cost, extra fees, slippages, etc.)

Announcement: Kirby

That’s all the 5 questions!

Congrats to the winners 🥳

Let’s begin with the second session, please tag your questions with #BybitAMA, feel free to ask us any questions that you have in mind for our lovely product manager.

We will be opening the chat and choosing 3-5 questions to answer 🙂

Q: AA

1. Does Bybit have an internal cryptocurrency that reduces commissions? If not, when will it be? Method of implementation? The ecosystem around the coin? Additional information about it?

2. How do you plan to develop the bybit ecosystem? Grandiose plans for the near future? Partnerships?

Answer: Bill

1. We don’t have an internal coin and we won’t have it in the near term at least;

2. We work with our users and community managers around the world 🙂

Q: chew

1. When should we expect other trading pairs to be added to Bybit?

2. When will sub-accounts be available?

3. When will you consider making Bybit to Bybit withdrawals free and instant?

Answer: Bill

1. End of Q3 or early Q4

2. It will be available next quarter

3. For security consideration, this may never happen

Q: Change

Any plan to open a spot market?

Answer: Bill

We don’t have plans for yet in the near term, however, if you want to use fiats to buy cryptos, you could try our new credit card purchase feature (we work with legitimate third-party service providers to make this happen)

Q: Cat_lover_Crypto

What sports car :oncoming_automobile: you driving 🤔

Answer: Bill

I take the subway for commuting lol

Q: JoKER

Some exchanges have gold futures. Do you plan to do it too? 

Answer: Bill

If we see enough demand, our product philosophy is “less is more”

Q: Cat_lover_Crypto

How many employees are there in Bybit?

Answer: Bill

Hundreds

Q: Ильмирчик

Do you plan to open short 2p2 options?

Answer: Bill

At least not in the near term

Q: Cao Quyen

Please tell me the reason why users should use the Bybit platform. What are the benefits bring for users?

Answer: Bill

Our user experience and liquidity is top-notch if I can only mention one reason

Q: Danzo

Is the insurance time based or position based? if I profit from an insured position  and close it can I still use the premium on  my next position within the same time of the previous position say I had bought insurance for 48hrs

Answer: Bill

It’s only time based, even if you close your position, your insurance position will be untouched until it expires

Q: Cao Quyen

Copy trade is quite suitable for users who do not have enough time and knowledge. Are you planning to add this feature?

Answer: Bill 

Copy trading is deep water, we know many traders may like it but we don’t think we are at a good position to do it (but there are some 3rd party providers to use if you really need it, just need our API)

Q:Cat_lover_Crypto

What’s the advantages of strategy alert at Bybit compare other 3rd party apps out there?

Answer: Bill

Good question, to make it really straightforward:

1. We have the data that other 3rd parties don’t have, e.g. predicted funding rate

2. Our notification speed is faster than others, bc we as the exchange, is the source of first-hand data, if you trade on Bybit, there is no way to be alerted faster compared to other places

Announcement: Kirby

Awesome! Thank you guys for the awesome questions!

Did your questions get answered? Fear not, you can always ask us your questions on Twitter with #AskBybit 😉

Let’s move on to the last and final session with Bill. This will be the Quiz section 🙂

Rules: We will be posting the question, count down to 3, and start the quiz.

Fastest and most accurate answer wins!

Bill will look for the fastest and correct answer.

Once there is a correct answer, Bill will type stop, and we will have our winner.

Q1) How many trading pairs available on Strategy Alert?

Answer: 4 

Q2) How many pre-built templates are available on Strategy Alert?

Answer: 4

Q3) What are the parameters to set up an older price alert, e.g. BTCUSD price goes above $10k?

Answer: Crossing up 10000

Q4) Which two tracking variables are a good proxy of market heat?

Answer: predicted funding rates and Open interest?

Q5) Does Bill wear spectacles?

Answer: yes

Closing:

C: Kirby

Alright, everyone! Thank you for participating in our AMA session today!

We hope you had some fun interacting with Bill, our Product Manager, and learning more about Strategy alerts!

Thank you everyone for participating and we look forward to having you join our campaigns!

C: Bill

Thanks for having me today, I enjoyed the conversation today a lot!

C: Wayne

Thanks for the AMA! And I hope everyone learned more about our Strategy Alert today.

Everyone can follow Bill on Twitter. As well as our Bybit Twitter.

We have #AskBybit Series, you can ask any of your questions there.

#AskBybit series has

Let’s talk with Ben

Product Chat

Bybit AMA

You will be able to learn more about the Bybit product, features, future plan, and updates.