[ANN] [FUTEREUM X (FUTX)] [Ethereum Blockchain Derivatives Contract]

[futereum]

Any formula ？ standard for ratio of swap please?

Right now bitgur is showing a price of around $3.50 per FUTR on Cryptopia: https://bitgur.com/coin/FUTX. Factoring out the 15.3% fee and that is effectively $4.03 per FUTX * 114 FUTX (for 40% left of this level) which is $460 per ETH. For every $460 you spend at Cryptopia at the current market price you will receive back $850-ish of ETH assuming ETH doesn't go up and no more mining goes ahead. If there is more mining of the smart contract and we hit level 2 then you are paying in effect $400 or so per ETH, which you get back at the full ETH amount (we are 40% away from that point).

Main point is, buy it off Cryptopia for now as you are paying half price for ETH assuming everything that can go wrong with FUTX foes go wrong and assuming ETH does nada all year . Anything better than that and your returns multiply exponentially per event.

[futereum]

ETH is for sale now on the spot at $380. You must hold it for a minimum of 3 months (best case) and a maximum of 11 months (worst case). What do you do?

Take the poll now!: https://twitter.com/futereum/status/968295612893540353

[leoinker]

I really hope my previous post didn't lend any credence to this. Although I DO see value in a futures token system for any crypto supporting the function, I find FUTX / FUTR to be very misleading to anyone thinking about investing.

Anyone exchanging ETH for FUTX or FUTR is up against odds that even underground gambling would find excessive. With the 15.3% fee, then potential 20% fee at deadline, one is very likely to lose 33% of their investment even when exchanging in the first phase.
Anyone exchanging after the first phase face even greater odds.

If you do the math, you'll find that the designer/s of this token based the whole system around taking a 1/3 cut from any deposits. Additionally, they (or he) can play their (his) own system to take more, which is very likely, given that very few ETH have been exchanged for FUTX / FUTR since shortly after it launched.

I haven't inspected the token source code to enough to rule out anything additional hidden within, or that it couldn't be altered at a later date.

Lastly, there could be bugs in the system, a risk that any crypto faces. However this risk is trivial considering all the MASSIVE FEES AND LIABILITIES mentioned above.

There really shouldn't be any need for fees, as it should not require much development and maintenance at all. If there are fees, use them as an incentive for investors, not a way to rip them off.
0.1% fee should be more than adequate to maintain a website.

The math futereum posted showing how one can essentially buy ETH at a hugely discounted rate on Cryptopia, by buying FUTX now, then exchanging later is only true if he follows through on the promise.
Given all the misleading information, unclear information, and questionable past, I would take this promise with a tugboat of salt.

[futereum]

I really hope my previous post didn't lend any credence to this. Although I DO see value in a futures token system for any crypto supporting the function, I find FUTX / FUTR to be very misleading to anyone thinking about investing.

Anyone exchanging ETH for FUTX or FUTR is up against odds that even underground gambling would find excessive. With the 15.3% fee, then potential 20% fee at deadline, one is very likely to lose 33% of their investment even when exchanging in the first phase.
Anyone exchanging after the first phase face even greater odds.

If you do the math, you'll find that the designer/s of this token based the whole system around taking a 1/3 cut from any deposits. Additionally, they (or he) can play their (his) own system to take more, which is very likely, given that very few ETH have been exchanged for FUTX / FUTR since shortly after it launched.

I haven't inspected the token source code to enough to rule out anything additional hidden within, or that it couldn't be altered at a later date.

Lastly, there could be bugs in the system, a risk that any crypto faces. However this risk is trivial considering all the MASSIVE FEES AND LIABILITIES mentioned above.

There really shouldn't be any need for fees, as it should not require much development and maintenance at all. If there are fees, use them as an incentive for investors, not a way to rip them off.
0.1% fee should be more than adequate to maintain a website.

The math futereum posted showing how one can essentially buy ETH at a hugely discounted rate on Cryptopia, by buying FUTX now, then exchanging later is only true if he follows through on the promise.
Given all the misleading information, unclear information, and questionable past, I would take this promise with a tugboat of salt.

See: https://bitcointalk.org/index.php?topic=2698035.msg31388410#msg31388410

[dunaton]

VERY nice movement at Cryptopia (+100%+ over the past 24/H). Seems like some buying happening here in a big way: https://www.cryptopia.co.nz/Exchange/?market=FUTX_BTC

[futereum]

We have applied to CoinMarketCap.com as a result of an inundation of community requests for the digital note to be officially listed and now that we are seeing regular increases over the $100,000 / min vol. trading requirement for such listing to be justified as per CMC rules. We expect there to be a very good chance of the listing going ahead now given the McAfee attention we've received and the higher amount of interest in the product lately, and given that Crex24, where the note is also listed, is now officially a CMC exchange (meaning that FUTX is on 2 CMC participating exchanges, Cryptopia and Crex24). Will continue to update as materially applicable.

[dunaton]

Via alt. board

When you purchase FUTX off Cryptopia or off Crex24, both of which FUTX are available on (FUTR is only available on Crex24 for now although that is scheduled to change very shortly), you are buying FUTX from someone who has already value-mined the contract. What this means is that in effect you have 2 purchase options:

Purchase Option 1: You can mine FUTR/X anytime (unless it is in a restricted mining period at the point of a swap-back) by sending ETH to the smart contract

Purchase Option 2: You can purchase FUTR/X off the exchange from someone else who has already mined it (or bought it from someone who has already mined it)

The model employed whereby this "synthetic mining protocol" is constantly an option of purchase concurrently alongside exchange-traded applications is not typical of the traditional Blockchain approach, and the creators are well aware of this fact. Essentially, what Futereum does is to supplant the proof-of-work mining model with its "halvening" events (for instance in Bitcoin mining) with this form os synthetic smart contract mining which the creators call proof-of-value. POV applications essentially replace the requirement for any sort of POS mining protocol ever, since by synthetically paralleling the process of in-wallet mining off the back of proof-of-work applications, they achieve exactly the same thing as a result of the Ethereum Blockchain's token factory innovation. in this sense it is possible to see POV as a natural next step progression to Ethereum's re-invention of the Blockchain from being one whereby the software on the Blockchain was used to produce coins to one where it went to producing tokens. POV currencies that reference actual underlying value are termed "digital notes" by the developers.

Ultimately, you should check to see whether it is cheaper to purchase FUTR/X on an exchange or via the smart contract. For every day other than the first day of issuance, FUTX has pretty much traded ata  discount to the ETH that is stored in its smart contract. That may not always be the case however, and with 100%+ moves in the past 24 hours and similar moves in recent weeks on the back of John McAffee's recommendation of this smart contract, it is entirely possible that premiums may open up for periods in the market (in which case you can just mine the smart contract and sell for an arbitrage fee into the exchange more or less on the spot).

The way to work out what you are paying for the tokens is as follows: take the current FUTX mined per level and use this number to divide the total dollar amount of ETH. Thus, Level 1 FUTX is:

$750/114 = $6.58/FUTX

We can then check this against the BTC value of FUTX by taking the price of BTC/FUTX. At the point of writing the last trade for FUTX was done at 0.00047218 BTC, thus if BTC is currently $9400, the price of FUTX is $4.43 on Cryptopia. Thus, there is a discount available on Cryptopia for FUTX to the tune of almost 50%. Bear in mind that such discounts however contain volume limitations. For instance, the discounted FUTX on offer is only valid for up to 0.29383547 BTC worth; after that point, FUTX becomes more expensive on exchange than it is in smart contract form. Thus, if you wanted to purchase $10,000 of FUTX, you would have to buy 75% or so of it from the smart contract if you wanted the cheapest possible purchase price.

Remember too that there is a 15.3% value mining charge applied to the Futereum contracts. This means that when you switch back FUTX for the ETH, you get 15.3% less ETH than you paid for when you mined FUTX. Thus, in the above example where you were buying $10,000 of FUTX, you would calculate the par value of your purchase as follows:

0.29383547 BTC * Avg. 0.00055 BTC = $5.17 average purchase price with $5.55 swap-back price
$7300 / $750 / ETH = $6.58 average purchase price * 84.7% with $5.55 swap-back price

[erc20_exchange]

Hello, Futerium X community!

FUTX trading is now available on ERC20 DEX: http://erc20.exchange. Good trading to all of you!