@FUBAR-BDHR
more from that month
Could Amaury Be Collaborating with an Exchange and Faking the Fork?
Something I've been thinking about for awhile now is what happens to all the money people speculate on the ABC chain futures if at the last minute he removes the IFP code and doesn't fork. Well CoinFLEX has the following in it's contract "If the coin does not exist by November 18th, 2020, the contract will be cash settled early at a price of $0." So it appears that if there is no fork then the exchange just keeps the money. https://cdnm.coinflex.com/wp-content/uploads/20200808161011/Governance-Futures-BCH_ABC-December-3.pdf If the money is kept by the exchange then just put your tinfoil hat on for a minute. What if this whole thing is a stunt by Amaury working with an exchange to split that money? The 8% might not be the end goal but an exit with a lump sum of futures money might be. If he wants out it's possible. Now even if this isn't the case what is to keep someone else from pulling the same thing on BCH or any other coin? Just what we need another way for scammers to make money off of crypto. There are definitely exchanges out there shady enough to get involved with something like this.
7 comments
If the coin does not exist, there is nothing to keep. An exchange can't steal something that does not exist. Also generally you don't trade with the exchange, you trade with another user of the exchange.
If I buy a futures contract from an exchange and pay $10 for it what happens? There is no coin to trade with another user.
Interesting though. A remark: the coinex futures are much better in this regard if I understand correctly: Users can "convert" their BCH to BCHA and BCHN. Those 2 new "futures" comprise a market. So when people buy BCHA they pay some other guy who actually input a BCH to get the BCHA. The exchange doesn't gain anything in this case.
But what if the exchange knows there isn't going to be a fork, splits it's own stockpile of BCH, and sells the BCHA?
How is that different from some random guy "knowing there isn't going to be a fork", splitting his BCH using the exchange and selling it?
0. How does the exchange keep the money if it didn't sell anything? 1. Why would people agree to such a contract? 2. The exchange doesn't sound worse than the irl cartelized bank I'm forced to work with. 3. I believe Amuray is just pulling an exit scam with the IFP. It's win-win for him.
To be honest this never occurred to me until you mentioned it -- but now that I read this I can't say it is not out of the question. It's right up his alley to do something like this. Interesting times!