[ANN][ICO] ONYX Futures Exchange - Commission-Free Crypto Futures - page 5.

runrightnow

newbie

Activity: 19

Merit: 0

Quote from: Onyx Futures on February 10, 2018, 06:02:52 PM

@runrightnow we are not a scam. We are taking what Digitex is doing and making it much better. We are a legitimate exchange and you will see in due time. It's on you if you wish to miss out on this great opportunity!!!!!.

If you are not a scam can you answer the following:

1: why did you copy&paste the digitex terms and conditions word for word?
2: why is there no team information on your website?
3: why does your white paper not make grammatical sense, or is that cos you took the digitex one and rehashed it and now it reads wrong , as it doesn’t quite fit you slight change to the digitex model?
4: why no company information where we can send you a letter from our lawyers?

Onyx Futures

newbie

Activity: 42

Merit: 0

@JohnChanna this is not a scam. Decentralizing is the key to our company. We are taking what Digitex is doing and make it better. Check out our whitepaper for more details. If you choose to nor participate then don't. But do not call us a scam.

Onyx Futures

newbie

Activity: 42

Merit: 0

@runrightnow we are not a scam. We are taking what Digitex is doing and making it much better. We are a legitimate exchange and you will see in due time. It's on you if you wish to miss out on this great opportunity!!!!!.

JohnChanna

newbie

Activity: 28

Merit: 0

Looks like a blatant rip of Digitex. You dont have a single team member listed on the site either. Definetely looks a scam,

This is the site they've copied - digitexfutures.com

runrightnow

newbie

Activity: 19

Merit: 0

Quote from: Onyx Futures on February 10, 2018, 08:01:18 AM

@Miiike no worries. Our ICO will begin on February 19th at 12:00PM UTC. Tokens will be selling for $0.01 USD each. We will be accepting ETH and everything will be controlled by the smart contract. Don't miss this opportunity as we will be the first Futures Exchange to launch on the blockchain and the demand will be very high for those traders to looking for commission free exhanges.

SCAM ALERT!!! They are not first Futures Exchange and it is complete copy of other project: https://bitcointalksearch.org/topic/annico-digitex-commission-free-cryptocurrency-futures-exchange-2649724

Show us your team!!!

STAY AWAY!!!

Onyx Futures

newbie

Activity: 42

Merit: 0

@Miiike no worries. Our ICO will begin on February 19th at 12:00PM UTC. Tokens will be selling for $0.01 USD each. We will be accepting ETH and everything will be controlled by the smart contract. Don't miss this opportunity as we will be the first Futures Exchange to launch on the blockchain and the demand will be very high for those traders to looking for commission free exhanges.

Miiike

legendary

Activity: 2030

Merit: 1059

Wait... What?

Quote from: Onyx Futures on February 10, 2018, 07:33:29 AM

@Miiike You won't be able to trade pairs such as cryptocurrency-cryptocurrency. Let me first start by explaining a futures market:
--snip--

. . . . .

Oh.... Ohh...

Ok, now I feel really stupid. Sorry. Yes, I know what futures and future market are. It just... when I read the "future" word, I thought you refer to "we are a next generation exchange" instead of futures. My bad.

I think it's all quite clear now. I think I'll try your platform once it is fully functioning in a few months.

Onyx Futures

newbie

Activity: 42

Merit: 0

@Miiike You won't be able to trade pairs such as cryptocurrency-cryptocurrency. Let me first start by explaining a futures market:
A futures market allows traders to buy and sell commodity and futures contracts for delivery on a specified future date without purchasing the underlying commodity or financial instrument. In addition, a futures market is pretty much a legalized way to bet against a market. We will offer the follow future markets:
• BTC/USD
• ETH/USD
• BCH/USD
• DASH/USD
• XMR/USD
• LTC/USD
• NEO/BTC
• XRP/USD
• ADA/USD
• XLM/BTC

We will have tutorials on the entire process. Let us know if you want us to explain further in details by providing an example.

Miiike

legendary

Activity: 2030

Merit: 1059

Wait... What?

Quote from: Onyx Futures on February 08, 2018, 10:56:43 PM

@Miiike in order to trade on our exchange, traders will need ONYX tokens. All profits and losses will be denominated in ONYX tokens..
--snip--

So we still can trade pairs as how "usual" market is (that is, eth-btc, and so on). But the value of our profit and loss will be denominated in ONYX? Or we will have an option to show them in "usual" currency? Won't it be a huge learning curve and double effort if we have them displayed in ONYX?

Onyx Futures

newbie

Activity: 42

Merit: 0

@Miiike The hybrid model of ONYX combines both centralization and decentralization concepts to come up with a unique solution. ONYX model contains a centralized server and decentralized smart contract. ONYX will only provide the user-interface for the trading and regulate the market through a centralized server. The centralized server will speed up the transaction process and make the system more reliable. On the other hand the decentralized smart contract will eliminate the need to transfer funds to broker’s accounts. Smart contract will evaluate the available balance of the trader and will keep it updated. The exchange will interact with the smart contract to find the current financial situation of the trader. The assets of the trader will remain in the chain and the trader will have his/her own private key. The assets will be locked for an ongoing trade with the help of the smart contract. In this way, traders will be able to do margin trading instantly while keeping funds in their control.

Onyx Futures

newbie

Activity: 42

Merit: 0

https://vimeo.com/254863967
A brief video describing Onyx Futures Exchange.

Onyx Futures

newbie

Activity: 42

Merit: 0

@Miiike in order to trade on our exchange, traders will need ONYX tokens. All profits and losses will be denominated in ONYX tokens.. We will be listing on external exchanges within 3-4 months of the ICO completing. We are expecting investors during the ICO to make huge profits due to the number of traders who will want ONYX tokens to trade on the commission-free exchange that includes over 10 markets. We will have the following futures markets:

• BTC/USD
• ETH/USD
• BCH/USD
• DASH/USD
• XMR/USD
• LTC/USD
• NEO/BTC
• XRP/USD
• ADA/USD
• XLM/BTC

Miiike

legendary

Activity: 2030

Merit: 1059

Wait... What?

Quote from: Onyx Futures on February 08, 2018, 12:27:09 PM

@Miiike the number minted will be based on the number of newly created tokens and the token value. The most newly created tokens that we will be able to mint in a year will be 1% (no more than 10 million). This will not have an affect on the token value as all. These newly minted tokens will only go towards the operating cost of the exchange, which will prevent us from charging transaction fees to the traders.

Well, 10mln max yearly is quite low, I think that will do, it's still reasonable.

When you're finally operating, do we have to have only *insert coin name here* and ONYX pair or we can have other pairs? Like, we can only have ETH-ONYX, BTC-ONYX or we can have ETH-BTC?

Onyx Futures

newbie

Activity: 42

Merit: 0

@Ted Kin are you requesting the post on Bitcoin Talk to be translated or our entire website?

Onyx Futures

newbie

Activity: 42

Merit: 0

@Miiike the number minted will be based on the number of newly created tokens and the token value. The most newly created tokens that we will be able to mint in a year will be 1% (no more than 10 million). This will not have an affect on the token value as all. These newly minted tokens will only go towards the operating cost of the exchange, which will prevent us from charging transaction fees to the traders.

Ted Kin

full member

Activity: 546

Merit: 104

Russian and Polish translation reserved.

Miiike

legendary

Activity: 2030

Merit: 1059

Wait... What?

Quote from: Onyx Futures on February 08, 2018, 07:58:52 AM

Each year we will mint more coins to raise funds to cover the cost of operating the exchange. This is how we not charge commission fees on the exchange to include no maker/taker fees as well. The number of newly created tokens will be based on the number of newly created contracts for the year and the token's value. These tokens will be offered at a 10% discount.

Please quote me so I know that your post is to reply me.

Would it mean your coin will have unlimited total supply? As you keep minting each year. For earlier part of the project, when there were not many coin circulating, you can easily maintain the price. But, as you progressing, with the last year total supply still circulating out there, and you keep minting new coins, wouldn't it mean you slowly reducing the value of your own coin?

Onyx Futures

newbie

Activity: 42

Merit: 0

Each year we will mint more coins to raise funds to cover the cost of operating the exchange. This is how we not charge commission fees on the exchange to include no maker/taker fees as well. The number of newly created tokens will be based on the number of newly created contracts for the year and the token's value. These tokens will be offered at a 10% discount.

Onyx Futures

newbie

Activity: 42

Merit: 0

Decentralization is key to the success of this project.

Miiike

legendary

Activity: 2030

Merit: 1059

Wait... What?

Sorry, it's very long and I really can't force myself to read all of your ann. But one sentence caught my interest, you cover your operational cost with yearly coin offering. What do you mean by this?

Topic: [ANN][ICO] ONYX Futures Exchange - Commission-Free Crypto Futures - page 5. (Read 971 times)