End of BeliEVE v1 App
BeliEVE v1 App has been the result of a tremendous amount of work, ranging from fundamental research in machine learning and big data sciences, to server infrastructure installation with huge amount of data to be harvested from different sources and managed efficiently, to mobile app and user interface development, to dealing with legal aspects of investment management… Despite all this work, this 1st version is presenting significant weaknesses we are all aware of, and for which you shared with us your feedback.
First, taking ownership of the v1 by the new team wasn’t quite simple with all the unclear dependencies in the v1 components and without sufficient grace leaving period to ensure knowledge sharing.
Indeed, the current platform is not self-healing on dealing with Binance logs issues and with limited CPU Resources, which are time consuming to ensure the maintainability of the service.
Moreover, the problem of locked trades that occurred several times (2% of total AI-taken trades) and for different profiles despite continuous improvement of both AI and trading engines. In BeliEVe v1, favor has been given to a “smart” stop-loss mechanism, considering a probability level of a trend reversal to close or not trades in loss. While successful in most cases, the few times it has not been have been enough to compromise the correct overall investment management. Our conclusion : Considering scalping strategy trading without more robust market trend reversal indicators and stop loss mechanisms, is not a sustainable model.
We have been and still are working intensely to solve all these weaknesses and implement as many requested features as we can efficiently do and the result of this will be BeliEVE v2. To speed-up this development, we are mobilizing the team on the development of this new version, and we have decided to stop any new subscriptions to BeliEVE v1 and cease its activity.
This implies that AIEVE is not initiating any new trades and only closes the existing ones when they are filled. No money is released until these open trades are filled. Closing an account is a complex task and being at the moment conducted manually, it is a very time consuming one. Nonetheless, people who wish to withdraw and/or leave the platform, are able to do so. All requests for this will start to be operated automatically the 20th of April 2020. Parallel on-going activities mobilize our efforts and by the 20th of April, the feature to process automatically account closing will be finalized, validated and released.
For our customers who decide to keep up with us, a specific transition process between BeliEVE v1 and BeliEVE v2 will be operated, with a loss compensation offer that will be detailed in a separate announcement. Now more than ever, the money of our customers remains our top priority
Welcome to BeliEVE V2 !
This is the first time that we feel we are launching a product in the state where we want it to be. Not perfect, of course, perfect is impossible, but it’s well polished. Our new App includes a number of exciting features and performance improvements.
A new and simple functioning
First, you will notice that we won’t keep the three Risk profiles. We will set up only 1 risk profile, the one that demonstrated the best performances, i.e. the Moderate one.
Furthermore, instead of considering that a single trade can be shared between several users, the new App will manage trades independently for each user for more transparency, traceability, and real-time monitoring per user.
Also, improving the workflow has a super-linear impact on our productivity, as not only does it free up more time - but the extra cognitive space can allow new ideas to flourish that would otherwise never happen. Also included in this upgrade will be numerous technical improvements in terms of platform reliability and scalability, monitoring to detect incidents before they occur, enhance the incident management process and change management process
Minimization of risk exposure (finalization on-going)
We are examining whether the application of industry stop-loss rules makes investment in cryptocurrencies more secure. Some academic professionals demonstrate that the application of stop-loss rules may help in managing the risk of investment in cryptoassets. But such studies also show that the survival rate of long positions in cryptocurrencies does not exceed 35%. We firmly believe that we can do better.
The main devices we are studying to improve this situation are :
- The Open Trades, with real time update of trade target. While current average gain per trade is approximately 0.63% of the amount traded, with this new strategy, we are targeting an average of 2%.
- A Trailing Stop-Loss that follows cryptocurrency price if it moves up, or a Converging Stop-Loss that draws near the cryptocurrency price if it moves down (down to 0.5%). This new stop-loss strategy will allows us reducing loss amount because of losing trades, and most importantly will prevent any new locking.
Building the cutting-edge product that we aim to provide does not come from diligent development alone but also careful testing. Our team is actually finalizing the Stop-Loss tests. BeliEVE v2 will be released as soon as we will be sure that the settings are perfect.
Our analysis shows the following trajectory of the future trades :
- Winning trades (85%)
- Losing trades (14,9%)
- Black Swan events or trend reversal (0.1%)
Besides the mechanisms presented above, we are working on algorithms able to spot a potential reversal. Such an information is critical for a trader so that they can consider exiting their trades when conditions no longer look favorable. Reversal signals can also be used to trigger new trades, since the reversal may cause a new trend to start. Some of the signals studied for trend reversal include but are not limited to Trading volume, Pump & dump schemes, Trend Reversal Confirmation, Relative Strength Index, etc. It will offer distinctive risk levels where to hide the protective stop loss and accurate exit points to maximize your cryptocurrency profits.
More control to our customers
Additionnally , users will now be able to manage more easily their portfolio with these new features:
- On their gains : Sweepot is reinvested every 24h
- Monitoring of Net Asset Portfolio Value.
UX/UI
Believe’s UI will go through some major changes for version 2, each intended to make your App easier and more ergonomic. Through our customer’s feedback, numerous new features and interface evolutions have been requested, such as displaying the actual amount of the user’s net asset value and many others... Additionally, we are aware of significant latencies some of you have been experiencing in the different actions that can be operated in BeliEVE, such as cashout. (transferring free money from the asset under management to the sweet pot). We are automating all the processes.
The work being done on the new version covers also a “Feel home” strategy : “ Enter and leave when you want, honestly, feel home you’re free “, improvements our AI Models to have more real time accurate predictions, a more robust platform to external log issues (especially regarding issues with Binance API).
Next steps :
- We will have a live Q&A session on May 1st, where you can ask our product experts any questions you may have. And if you cannot attend, the webinar will be available on our Youtube channel.
- The closed-beta will start the 4th of May and will be restricted to a reduced pool of beta testers
- The open-beta will then be started the 4th of June, and PECULIUM is glad to invite you as the first users of BeliEVE v2 savings App during this period. We would love your help in making it as perfect as possible.
- We are finally pleased to announce the release of our future BeliEVE v2 App - Live version the 14th of July.
Conclusion
The development of this fully new App has been a most challenging event in Peculium’s history. Needless to say, we want it to be a massive success.
Success never happens overnight, it’s a patient process that involves a combination of smart and risk-balanced decisions in a highly competitive and fast-paced environment such as the cryptocurrency space.
For startups, growth is extremely demanding and difficult to manage. We have seen the drawbacks of success many times in the past. Since 2018, we have made some mistakes, and learned from them. What matters is how they are recognised and managed to be transformed into new opportunities. There are still many hurdles ahead, but we have grown up and are more confident about reaching our goals.
The most important for us is to make sure that the quality of services provided to our community is never compromised.
Dear Peculium community, we thank you for your patience and be assured that we fully acknowledge it. Many exciting news and features are on their way, stay tuned and take care.
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