SliceFeed: the new social platform for traders
Friday 07 March 2014
The trusted forum has long been the domain of those seeking to share views, tips and discuss current topics and trends. But one company is looking to change the way people interact with a new social media tool, designed specifically for traders and investors of crypto-currency.
SliceFeed was born from the team at Coin Pursuit, a resource for digital currency traders, whose philosophy, they say, is in educating and informing traders, investors and enthusiasts.
BitScan interviewed CEO, Spencer Forrest, who describes SliceFeed as the Twitter for crypto-currency traders, saying, “It will present news and information to its subscribers in an economical and effective manner… Traders will be able to browse this information quickly and easily in real-time, even while they trade.”
Their decision to move away from the conventional forum-based interactions was prompted by the sheer size of the forums and the time that can be spent browsing the topics. “Relevance is key with SliceFeed,” explains Forrest. “SliceFeed users will be able to drag and drop information they're interested in into account folders for future reference… it eliminates the clutter that clogs up—and often bogs down—many forums.”
The idea is that SliceFeed will open up the information and resources available to traders in a user-friendly way and Forrest hopes that by operating under the assumption of little prior knowledge, they are serving the needs of everyone, from the newcomer to the seasoned investor. “Cryptocurrency is a young field—no more than five years old—so the learning curve for traders and non-traders alike can be a challenging one,” he says. “Many cryptocurrency exchanges, websites and articles function under the assumption that their users already have a working knowledge of the industry. This can lead to trader confusion and frustration as they spend valuable time searching online for an answer to a question, or even a simple term definition.”
Example of a Slice feed showing content from others
In what they hope will become a one-stop resource for tips and advice for crypto-currency traders, they say they designed SliceFeed so that information is organised into easy to find categories. Users will be able to vote content, or slices as they will be known, up or down according to its relevance and importance to the discussion in hand and subscribers will be able to rank their favourite currency types, exchanges, wallets and merchants.
With any type of social media platform, rumours and myths can be a constant problem and annoyance. Often certain claims can crop up on forums, blogs and even mainstream media and can be posted and perpetuated by those with a personal interest or agenda. It is a particular hazard for those in the trading game. SliceFeed claim they are managing this by not allowing false rumours, which often circulate the crypto-currency space, to perpetuate. “SliceFeed will function on a set of algorithms that allow its users to confirm or debunk rumors as they appear,” Forrest says. “Rumor confirmation will be controlled by the votes of users with strongly-established community reputations; no one user will be allowed to “stuff the ballot box” in order to keep a rumor alive.”
Likewise, they say they will also be monitoring any spam or harassment on the feeds, stating, “the network has a zero tolerance policy for personal attacks, spam and harassing messages. Subscribers can also report cases of improper posting or conduct to SliceFeed's administrators. Finally, posts that are not relevant to cryptocurrency investing will be down-voted by members and fall off the network page very quickly.”
Internal page showing user's follwer's feeds
As part of the social interaction, subscribers will also have the ability to actively trade via SliceFeed, directly with other users. By posting their public key to their profile, peer-to-peer trades can take place. However following the recent barrage of bad news and security fears following the MtGox scandal, how are they reassuring traders that their bitcoins will be secure? “At no time will any bitcoins—or any other type of digital currency—be stored on Coin Pursuit or SliceFeed's servers,” explains Forrest. “Users are strongly encouraged to store their own cryptocurrency accounts in an offline manner, such as a paper wallet or an external hard drive that can be disconnected from the Internet when not in direct use.”
For those who do publicly post their private keys, they will also be able to monetize their feeds through tips from people who find the content and advice they post valuable. If a user finds a particular person's content helpful, they might decide to pay to access that person's premium content. SliceFeed hope that by allowing subscribers to set that price, the quality of such content will remain high by creating a “unique feedback system.”
Beta testing of SliceFeed is due to begin today with a demonstration being revealed at the Texas Bitcoin Conference. They also plan on releasing a new affiliate programme to SliceFeed by May this year.
By Louise Goss
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