FCoin - controversial profit sharing cryptocurrency exchange
Fcoin is one more profit sharing cryptocurrency exchange in crypto space. There is so many exchanges at moment with profit sharing and its own tokens but Fcoin succeed to take attention of crypto space and gain many users.
Founder of Fcoin is Zhang Jian. He was former Huobi CTO and he have experience with crypto exchanges. He has discovered brilliant business model dough many people from crypto world say that this is SCAM model and pyramid scheme...
Basically FCoin's current enormous volume is because of their token FT transaction fee mining. Simply explained, more trades you make with FT, you will be more rewarded. This last until all FT tokens are distributed.
There is 10 Billion FT and they are distributed like this:
In summary, 51% of the FTs (which will be referred to as the “community reward” portion) will be distributed to the users via “Trans-Fee Mining” mechanism. The remaining 49% (which will be referred to as the “previously issued” portion) are being held by institutional funds, FCoin Team, FCoin partners and private investors.
Many people calling this SCAM and they think that volume will completely vanish when Trans-Fee Mining is over. This volume is coming from bots but all big crypto exchanges have bots and I don't see that they are doing anything different than everybody else. Bots make spread between buy and sell to be low and exchange becomes functional. I have COSS tokens but I don't trade at COSS because they don't have bots and spread between buy and sell is too high and it is not usable. COSS plans also to include bots in trading to improve platform.
FCoin is paying 80% of earnings to FT holders! Not any profit sharing exchange can match that! It is not just earnings from fees, they share EVERYTHING that platform is earning.
FCoin website is very transparent and if you are interested in more details you can visit it on this link: https://fcoin.com/
I can't say that FCoin IS or IS NOT SCAM. You HAVE to do your own research because you will invest your own money. I will invest my money into FCoin because I like many things regarding it but not more than I can afford to loose.
Regards,
I think the most hate it got was bc them spamming the ethereum network. Eth deserved it, many of their fans said that Eth can't get spammed. LOL
That spam was very expensive, Vitalik pulled some huge numbers for spam cost. For me that is great, it means that behind FCoin are people with money :-)
True :)
Yaaa
Good insights, this seems to become a evermore popular practice of exchanges. Just to understand, all you have to do is use the coin for covering trading fees, you don't need to lock or stake it or something else...?
No stake. If you just hold FT, you get 80% of fees. If you also trade FT, then you get 80% of fees plus so called mining reward for trading FT...
Boah, that sound really good!
Can crypto investors be scammed easily? I thought SEC regulations protects crypto investors from untrustworthy security
Nobody can protect you in Crypto but yourself. You have to do deep research before you invest...
Really! Regardless of the research, the risk is still very high. One just has to be watchful
True...
Your news is informative , i hope this Fcoin is helpful for steem worker . Thanks to update this coin news . Keep good work of every time .
Thanks for sharing @cicbar
Upvote you .
@cicbar, hi buddy, I was absent for a month, lol, was on archeological practice, living in the field.
Seems like a lot happened in the crypto field when I was not here
Hope you had nice time over there :-)
@cicbar, and you've been posting regularly all this time.
Can't imagine how far are you gonna go in a 1-2 years from now with your willpower.
informative one..
thanks a lot for sharing such a good post dear
@cicbar i didn't heard about Fcoin till now. but i will surely study about this more. by the way thanks a lot for taking out this Fcoin between us.
thank you very much for your good informative post shareing and introduce.
How much are you going to invest? I see some good risk/reward ratio incomming
I am buying small amounts daily. I believe that FT price will go down until all FT are distributed...
Hi @cicbar. If I may suggest… nobody can tell if something is or is not a scam until we can see:
So far I have found only a whitepaper of FCoin. And it says v1.3, which means we still cannot tell what it is. Good reason for caution.
BTW, in this interview Andreas M. Antonopulous addresses some questions you have raised in the past, it could be interesting for you:
https://steemit.com/bitcoin/@lighteye/bitcoin-use-of-force-and-consequences
Agreed. In Crypto we have to be careful so never invest money that you can't afford to lose...
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