Topic: [ANN] [FUTEREUM (FUTR)] [Ethereum Blockchain Derivatives Contract] - page 6. (Read 16430 times)

Hey futereum, I think I got how this works, but what will happen if people will stop buying\"mining" let's say at level 8 and will not finish 10 levels in 12\36\whatsoever ? Do you have any math of why it is still profitable to buy on higher levels? Thanks

Another illustration of how the current $1250 price is working in favor of current-level miners (purchasers) right now: http://thecurrencyjournal.com/how-futereum-futr-buyers-are-getting-the-best-of-ether-eth-price-rise-to-1250/414/

It is worth noting here that this increase in the ETH price gives good example of how FUTR works.

When FUTR was first mining 2 days ago at $1000 it was mining at $8.27/FUTR. So we can say this is the market price of FUTR. Now however, since the increase of $227 in ETH to $1227, the cost of FUTR mining is at $10.76. For Level 2 miners, after the current Level, the cost is again increased at to $13.79 and to $21 for Level 3 (assuming a ETH price of $1227; more if ETH keeps going up). This shows how when ETH rises hard in this way the early FUTR miners are making many times the rise of the ETH price. Just now for example, the FUTR miners who have participated are up 30% vs. 22.7% but will very soon be up 70% and even 155% if we are counting Level 3 mining as well. In this way FUTR functions like POW with the cost setting a minimum sell price on the exchange that is always over the longer term increasing.

So FUTR is like a derivative in this way of the ETH price. If you see ETH price increasing, then simply, you are seeing many times that increase in the FUTR price, since FUTR swaps back for ETH at the end of the 10 mining levels!

Thank you to all the FUTR miners who have so far mined - and we can say, good decision!!

Hi there - we looked into this. It appears what the PR meant was that with ETH going up so much and now well in excess of $1,000 that this could not be a better time for the release of an ETH derivative. Sorry for any confusion in this respect.

To give you a better understanding of how ETH affects the FUTR price though, if you look at the WP you will notice that it was written at the time ETH was $750. With the price where it is now, the price of FUTR has doubled by Level 2 compared with the former Level 1 price. So in other words, ETH may have gone up just 30% or so, but the FUTR is already well beyond that increase and in Level 2 all things being equal it is double that.

The $1,000+ ETH price is really a big deal for FUTR either way.

Now you can: https://t.me/FutereumCommunity

Thanks for the suggestion! Good to see you want to take part in the project more! Thank you!

OK. Fair enough, and we will look into it then. Thanks for flagging it up!

Well, it is my understanding that those PR are actually published at the request of the company itself, i.e. the Futereum Foundation. I also see James Hurst as the main contact for this PR.

Thanks for this. It's a very valid question. We have to ask the PR firm that drew this up to see what their thoughts are on it. We will follow up on it. But not really sure whether a claim like this can ever be substantiated or not really (which is a major problem with PR! But that is a different discussion ... ) In their defense, it IS a bit of a coincidence as there was no other news that day to make this critical push in the ETH price.

In regards to this PR: https://www.pr.com/press-release/740650

I read the following: "The launch of FUTR by the Futereum Foundation pushed the Ethereum price over the $1000-point for the first time in history."

How do you explain that this announcement is what drove ETH price from about 900 USD to 100+ USD?

Looking at the Futereum ERC20 token page, there isn't much there to support such a claim: https://etherscan.io/token/0xc83355ef25a104938275b46cffd94bf9917d0691

If you are a traditional POW miner it's completely understandable that you feel this way about our use of the term mining I guess.

The reason we refer to this as "mining" is because there is not really a better term for it; what is happening here is certainly not an ICO for a few key reasons:

1. The ECONOMIC effect the algo has on the issuance of tokens and the pricing of those tokens etc. over time as they are issued is identical to what POW mining impact is on coins. It has nothing in common with ICOs really at all where the distribution is all done at once and takes place upfront and there is usually some massive premine for the devs (there is no premine here)

2. ICOs collect all your money and use it for some purpose; we do not take your money except for a small mining fee when you send Ether to the contract. We CANNOT touch your Ether - it belongs to the holders of the FUTR.

3. On the issue of Point 2, because this is a secure, trustless application, the tokens can exist forever without our intervention to give them any utility whatsoever. This is not the case with most ICOs where the management team is running about doing things in order to generate utility for their tokens. In this case, the tokens have as much utility as their parent, Ether (ETH). Hence: utility derivative.

We hope that you to give it a try with a small amount - the economic course of what we are doing here is really worthwhile and will lead to beneficial impacts on crypto, such as fee-based issuance (no premine) for devs, and more construction of crypto around coins with real utility (versus just issuing tokens for more projects that have their own aims/goals/agendas). Meanwhile, what you get here in return for FUTR IS Ether (ETH) - in other words it is EXACTLY THE SAME THING you get when you POW mine ETH! Except ultimately, you get ETH at a massive discount to where it is today versus POW mining and/or buying it on an exchange. We find that these peculiarities justify the use of the term "mining" here, for in fact it is quite unlike anything that has been seen yet in crypto. Hence the term "Proof of Ether" (PoE) mining.

If this is what you call mining then i prefer to mine other ethereum token. 
I don't know why you call this mining. this is ICO, you send ether you get token.

Why can't we chat in the Telegram group? Would be great! Thanks for considering.

See the above example and you can see how buying today at $9 yields what will become (if ETH stays the same; if it goes up in price then multipley more, if down, divide) $520 / FUTR this year.

It's in the main post, the website, and the whitepaper, but for those who missed all that:

Copy and paste the following address into your wallet and send ETH to mine FUTR: 0xc83355eF25A104938275B46cffD94bF9917D0691

Do not use an exchange wallet!  Use only a wallet that you control (i.e.: have the private key) and that supports ERC20 tokens.  For example, myetherwallet.

The tokens will be sent immediately to you in the same transaction. Because of this it takes slightly more gas.  Around 60,000 gas.

To add as a custom token use the same address: 0xc83355eF25A104938275B46cffD94bF9917D0691

Decimals is 18.

How to mining?

It is not a 13 month development timeline. The product is finished and you can go to the website to mine it right now. In 13 months it is the first possible date you can switch the FUTR to ETH but you will be able to sell FUTR on an exchange long before then; in less than a month in fact, on Feb 2.

The ether is held by the smart contract itself. 

The contract allows the fees to disbursed and there is absolutely no access to the ether otherwise. There is no self destruct capability, either.

The ether can only be retrieved at the appointed time by sending in the FUTR tokens to the contract.

You receive your FUTR immediately upon mining it with ether.

We are not doing anything with these funds because we cannot access them.  We also don't have any FUTR unless we mine it because there is no premine, so no dumping.

Thanks! You can contact jameyap32 for bounty proposals as he is handling our bounty pools. 

Nice project... will love to participate in the program. when will the bounty be available?

You can start trading the tokens on an exchange on February 2, don't worry. They will swap at 13 months back for the Ether however. You can find more in an excellent interview with Futereum founder James Hurst today: http://thecurrencyjournal.com/head-to-head-with-futereum-foundation-founder-james-hurst-on-the-launch-of-futr-ripples-xrp-decentralization-crypto/408/

So no need to wait so long to realise the value in FUTR. In fact, it is scheduled to rise by 2x-8x by February 2 if you analyze the algo carefully enough and make some assumptions based on how these things usually pan out.