Topic: [ANN] [FUTEREUM (FUTR)] [Ethereum Blockchain Derivatives Contract] - page 5. (Read 16430 times)

We will confirm this within the next week. We have an agreement with an exchange that is currently being signed / KYC etc. and looks good.

Also, had some nice press in CCN today: https://www.ccn.com/futr-first-ether-derivative-contract-hedges-investors-market-sells-off/

Hmmm.which exchanges will futerum list on 2/18.....

This is an excellent question - and well spotted on the function in the code!

Actually, we believe that the function concerned will encourage more professional investors and less abuse of the token. The function you are pointing to gives the foundation an additional 20% of ANY UNSWAPPED ETHER in the event that that a FUTR holder decides not to swap back for ETH. In an ideal world, there would be 0 ETH as 0 ETH * 20% = 0 ETH.

However, there will inevitably be investors who snap up the final levels in order to gain a supply-side advantage going into the next cycle. This yields a similar effect to premining FUTR. For instance, suppose ETH had a bad December and investor A loaded up on FUTR at L10 and doesn't swap. In March, things are looking rather better for ETH and so he hoovers up L1 and L2 of the following cycle. By L3, he unloads the L10 on investors in the market and is still in the money as a result of a) a climbing ETH price and b) owning a disproportionate supply from the previous cycle (held over/unswapped).

While we are not against anyone using FUTR in this way, and we are sure that many institutional investors will indeed employ it in this sort of game, we think that there should have to be a penalty for doing this. That way, it is fairer for the retail investor who is buying the FUTR. Overall, we were conscious that there will be 2 types of investor in FUTR; there will be the retail guy and the cryptofund. That is because FUTR IS ETH and therefore it is certain any fund holding ETH will diversify a bit into FUTR. Some of us are bankers and hence we know all the cheats and tricks that bankers play on unsuspecting retail guys. So we said to ourselves, okay, well let's not ban it outright, as it produces some demand / liquidity, but at the same time, let's penalize them for doing this sort of thing so that it is kept to a minimum and employed only in net value productive ways.

Hopefully we have struck the right balance - that was the aim, anyway! The main point of markets being "free" and especially, of markets being "decentralised" is that having more money should not give you that much of an advantage over having more knowledge. This is something that has almost been reversed in the case of a lot of crypto today, and that is very sad. The key with this function is to recorrect some of that so that the guy who has more knowledge of ETH / FUTR stands a better chance with this product versus the big bag holder who just buys mindlessly and unloads when he feels like it.

Hi, I like the idea, product is out, no endless wait for world peace, etc. I am thinking about investing myself. While reading the code, I saw that you charge 20% penalty for not swapping at the deadline.

 // Any holders that miss the swap get to keep their tokens.
 // Ether stays in contract, minus 20% penalty fee.

Could you, please, explain the rationale behind that? As I gathered, this is on top of the usual fee, so the fee for carried over balances is 35% after the 15% paid initially. Is this correct? Wouldn't this affect the scenario when a hedge fund buys the last few tiers of a contract, banking on the gains from the next?

This is well worth reading now markets are turning down temporarily and highlights FUTR's status as a derivative (and hence increased versatility value-wise for traders): http://thecurrencyjournal.com/two-charts-that-show-how-futereum-futr-is-the-best-digital-asset-to-play-when-panic-selling-comes-to-crypto-markets/522/

Here is the jist of this: if you buy FUTR now, and ETH goes back to $1300 this year, you will make 100x your money. That's pretty incredible when you think about the scale and proximity of it all ...

TODAY'S UPDATE   : We have a listing now at ICO bench https://icobench.com/ico/futereum listing / FUTR now up at ICO List: https://ico-list.com/Index/detail/id/429.html (from eariler post) / ICO alert / in additional ICO alert loves our project and has agreed to provide us a feature listing for 2 weeks, do an email campaign mail shot to their 20k subs, and a Special Report on Futereum. As well, Open Ledger has agreed to list us on their exchange and we are working out terms and costs etc. We also have 3 other publications filing stories on Futereum and we are talking with one other major ICO listing site to get the word out! Thanks for your support as always ...

Thank you! We really hope so. There is a number of super-new things in this, but we have tried to think it all out as much as possible and make sure the follow-through is structurally as straightforward as possible 

This coin will definitely making a historic in the crypto world, kudos to the dev team and I hope that this coin is making significant.. Wishing you good luck!

FUTR now up at ICO List: https://ico-list.com/Index/detail/id/429.html

Nice start to the week! 

Thanks for the positive statements. In terms of demand, a few interesting side notes and observations to share about the project so far:

1. With respect to underlying core demand for FUTR, it should really have as much demand as does Ether, since it is a derivative of Ether. This is sort of like saying Bitcoin had the same demand as there was for USD and CNY in the world, since Bitcoin is really a derivative (with a quirky carbon credit type algorithm jammed in it) of USD and CNY. Naturally, as a result, Bitcoin soared.

2. Having core utility beyond being FIAT payment substitutes with depreciation built in is essentially what separates utility crypto such as Ethereum from coins such as Bitcoin or Litecoin; BTC and LTC have no real utility at all other than as general payment mechanisms, whereas ETH has core utility as a gas obviously used to send tokens and Ether to and from everywhere, and also used to do things like make new tokens.

3. How much underlying demand will there be for Ether? is what then becomes the big question. Further, how much of that demand would want to take a diversified bet on FUTR in order to yield a higher-than-average return or to gain supply control of a mini-ETH ecosystem that is about to begin progressively more difficult mining levels anew?

4. Demand is likely to be for the most part organic and we are seeing some real evidence of this is much of the FUTR mining activity, with people mining FUTR more than once and several days - even a week or so - apart at a time. Essentially, because the underlying currency is ETH, FUTR seems to be considered a pretty attractive diversification to those who are currently taking advantage of the L1 mining.

5. We are going to see FUTR advertised around much more this week, on ICO sites, Google, FB, social media sites, and there will be more press forthcoming, so this should help build on the momentum for now.

We want to take the opportunity to thank those who have helped kick start FUTR's recent circle of the crypto communities everywhere which has been so helpful! We are very lucky to have such a smart, connected and intellectually-engaged core community building here, and to those who are still on the fence, we hope you come in and give the project a looksee.  

good video, I hope the future of this project is much in demand many orang.kita know this project has a good concept and interesting

Here is a video to help illustrate the potential and functionality of FUTR: https://youtu.be/PbLLN7HMka0

NB - the comparatively huge returns illustrates versus ETH for the same risk (if not less risk; because you are diversified) are what make the product so potentially attractive to such a huge market share. Mining has picked up a lot as social media sites and news sites such as Crypto Ninjas have been picking up on Futereum in recent days, too!

CryptoNinjas Headline story: https://www.cryptoninjas.net/2018/01/12/futereum-foundation-launches-eth-blockchain-futures-futr/

From the White Paper:

12 - 36 MONTHS DEADLINE PROVISIONS (References & Explanations)
4.4   Checking   the   Deadline Each time a token is transferred, the time Is checked against the end time. If 12 months passes and the tiers are not filled, the deadline is extended to 36 months (Page 16); endTime Function Returns time of the next deadline (in Epoch time). This is updated for each different state. The length of each period (from contract creation time) is: Dispensing Tokens 12 months Dispensing Extended 36 months Wait 1 month Swap Tokens for Ether 5 days extended Function Returns a Boolean value indicating whether the token dispensing period has been extended because all tiers were not filled in 12 months (Page 19)

FEES (References & Explanations)
See: 1.3 NON-PREMINED APPROACH: FEE-ENABLED MINING SOLUTION (Page 7); Therefore, instead of premining the FUTR smart contract, we developed a fee
schedule based on achievement of actual mining levels being achieved over time. Assuming 10 Levels of mining difficulty being achieved over 12 months, with an additional one-off charge for product development, the fee schedules we developed is as follows:• Monthly Charge: 0.4% for Month 1-12 (there is no fee for additional months) • Level Cost: 0.6% per Level 1-10 • Administrative Fee: 5% (page 7); These fees, which comprise a total of 15%, are removed at source upon mining of the FUTR in ETH tokens (Page ; 3.2 How Futereum Tokens Work (Page 13); For example, if there are 6.73 million FUTR in circulation, and the holder exchanges 673,000 FUTR, then given a total of 197,908 ETH (not including the 15.3% fees as per Section 1.3) (Page 13); 4.3 Storing Ether (page 16); The Ether remains in the Smart Contract and the fees are deducted (Page 16); payFees Function Pays any outstanding fees to the foundation and other addresses. Anyone can call this function (Page 20); Insofar as the fourth point is concerned, The Futereum Foundation does not receive any portion of any profit. It receives a flat fee paid in ETH at the point at which the FUTR is mined 9page 22); For every ETH received, the Foundation holds a multi-signature for the purpose of effecting any urgently in demand any technical issues. At the point when FUTR is mined, a one-off fee of 15.3% is subtracted from the smart contract pool of ETH employed in the mining process (Page 23); NB also big diagram on Page 23 (Part detailing how fees are used

We are sorry if you missed these refs in the White Paper, but we are quite certain we did not forget to point them out. Thank you for doing so here at bitcointalk however for those that didn't read the whole White Paper through this is certainly beneficial (NB the note on website under MINING FUTR which reads: Please be advised: We suggest that miners read the White Paper before mining FUTR in order to better understand it’s multi-utility characteristics.)

Wow, so basically, you are saying: If people don't invest over 500000 ETH (600 Million USD) in FUTR, the swap date will be moved back by 24 months?
Oh, and i think you forgot to mention the fees that you take:
.

took a stake in FUTR, huge potential in the financial markets. It could bridge the niche gap between USDT/DAI & ETH

Latest news: http://thecurrencyjournal.com/futereum-prepares-to-list-its-first-crypto-on-exchange-as-hedge-funds-eye-futr-for-eth-gains/443/

Good question. Actually, anyone can audit the code as we have listed the source code address in the main post. This code is pretty straightforward  as you can see from the reference in the link on the main post. Although complex by design in terms of how the value functions within the swap period, the technology comprises a relatively straightforward set of functions and tasks that have been detailed in full in the WP. Therefore considering the ample internal resources of the team an external audit was not considered necessary given the relative simplicity of the product as is the case here. For forthcoming product releases however an independent external audit of the code will have to be undertaken as the products are significantly more complex so they will be independently audited prior to being launched.

The biggest risk here is bugs to the contract. Do you have an a proof of audit for the code?

One of our writers has now answered the question re: later stage mining levels and why one might mine FUTR in L8-L10 (with math):

http://thecurrencyjournal.com/price-analysis-the-500-million-futereum-futr-trade-with-a-new-1400-ethereum-eth-benchmark/427/

It is impossible that would ever be the case. If the smart contract has ETH in it then the mining will always make economic sense to someone given the volume of tokens mined and the price at which they were mined. For instance, let's say L6-L10 is fully mined by some parties. Those parties could then mine L1-L10 of the next round and if they did not swap they would own about 90% of supply. Now they wait until Ether moons, and they own 90% of supply just as mining difficulty of FUTR is increasing. This would enable them to sell FUTR at a huge mark-up to the purchase price. The fact that the contract rolls on forever is what gives it a unique permanence as long as ETH is always carrying value. The contract is purely ETH.