FundFantasy is
the first provably-fair fantasy gaming platform for finance
enthusiasts, powered by blockchain technology. Our platform enables
trustless and transparent gaming, and is therefore a natural solution to
well-known problems in both the online trading and the online
gaming/gambling markets.
When the
age-old sports betting industry was revolutionized by the rise of Daily
Fantasy Sports, people were reminded of the fact that good ideas can
change the world. This is precisely what FundFantasy intends to
do to the online trading market.
FundFantasy is
currently beta-testing its very own Financial Fantasy Contest Platform
simulating investments in financial assets in a fun, secure, and
responsible environment, free of the conflicts of interest which
plague both markets.
FundFantasy is
an online social platform featuring peer-to-peer, provably-fair
simulated investing contests, where users compete for prizes by crafting
the ultimate portfolio. Contests vary in duration and can range
from 1 hour to a full year. Participation in a contest is
done by:
1. Purchasing a
ticket and thus contributing to the contest’s prize pool. FundFantasy
charges a 5–10% fee from every contest and the rest is distributed among
the winners as prizes, according to the prize allocation model. The
fees are used for operating and marketing purposes as well as to
fund the FundFantasy Prize Pool (FFPP). 2. Creating
and submitting a portfolio. Users, when creating their portfolios can
choose assets from various asset classes including stocks, commodities,
cryptocurrencies, and fiat currencies. These user-submitted portfolios
are sorted and ranked as soon as the contest ends according to their
rate-of-return, as calculated on the basis of price quotes from
established and well known financial data APIs. Portfolios are encrypted
from the moment they are submitted by the user and are only published
once the contest starts — this way we solve the problem of asymmetric
information which may result when fantasy employees have access to the
portfolios submitted by users; such a situation can be exploited by
management or employees gaining an unfair advantage.
FundFantasy is
a refreshing and new investment-fantasy experience, and we are proud to
be the ones introducing this new fantasy category to the decentralized
economy. The fantasy model has already demonstrated its popularity and
mass acceptance in the US as in the case of Daily Fantasy Sports (DFS).
FundFantasy is creating the missing link between two popular markets by
providing a safe, provably-fair, and simplified way to play the role of
an investor/fund manager, move up in rank, and win prizes in
the first game of its kind.
1. Traders who want to take some
time off their burdensome daily bustle, and are looking to play a fun,
simplified version of the real thing, with fixed levels of risk and with
chances for high payouts. 2. Gamers who
want to play a new game, and would either like to try out their economic
analysis skills, or would like to get acquainted with the world of
investing, by playing a simulated version while competing for
FundToken, BTC, ETH and other prizes.
As put by Michael J. Gutmann:
“Trading
and gambling are both fundamentally stochastic… [and] are similar in
that they both attempt to create a capital gain, over a relatively short
period of time” In a 2015 study conducted in Taiwan, researchers Xiaohui Gao and Tse-Chun Lin hypothesized and found that “individual
investors treat trading as a fun and exciting gambling activity,
implying substitution between this activity and alternative gambling
opportunities… individual investors trade less on large [lottery]
jackpot days or, equivalently, that there is a substitution effect
between stock trading and lottery participation.”
The Online Trading Market:
People
who engage in active, self-directed investing are now a regular part of
the social scenery. According to a 2015 Celent report: “The self-directed investor
segment is growing faster than the non self-directed segment (4.9% and
1.4% respectively)… The US self-directed population is rebalancing away
from traditional investors and more toward the active investor and
active trader…. Women and millennials will continue to enter the
self-directed market at all customer segments, slowly changing the
average self-directed investor profile.”
This means
that the market is already educated (and becoming more so) in the art of
capital allocation, which is precisely what the core of FundFantasy is
about. Users can engage the FundFantasy platform with an intuitive
ease. It is also
widely known that retail online trading is a very large market, to say
the least. According to the Bank for International Settlements
(BIS): “volume from retail foreign exchange trading represented 5.5% of the whole foreign exchange market ($282 billion in
daily trading turnover)… foreign exchange markets averaged $5.1 trillion per day in April 2016.”
And in emerging markets:
In Hong Kong,“Retail online trading accounted for 47 percent of total retail investor trading, compared to 44 percent in 2014/15”. In Thailand,“Online retail trading surged 239 percent to 1 trillion baht ($30.72 billion) in February from a year earlier.8”
Unfortunately,
the online trading industry has been plagued by many accusations of
misconduct and outright fraud. One would imagine that these sorts of
practices would become a historical relic in the age of the internet,
which has so far been characterized by massive flows of information and a
relative increase in transparency. This, however, is yet to be the
case. A recent
example is FXCM9. From Wikipedia:
“On
February 6, 2017, the CFTC imposed a penalty of $7 million on FXCM for
defrauding its retail customers. The Commission found that a closely
related company was acting as the main market maker for its trades, and
that FXCM lied to its customers about the market maker. FXCM received
$77 million in “rebates” from the market maker… [The CFTC] prohibited
the company from registering with CFTC, effectively banning it from the
US commodity brokerage industry”
It is a very
unfortunate case, as FXCM was the first publicly traded foreign-exchange
broker, and for many years has been the largest retail forex broker.
What is more surprising is that this wasn’t the first time. Again
from Wikipedia: “In
December 2010, FXCM went public and began trading on the NYSE, becoming
the first forex broker in the US to issue stock to the public…. The
following year, in February and March 2011, several class actions
lawsuits were filed against FXCM, alleging fraud and racketeering from
deceptive and unfair trade practices, and misleading shareholders during
the 2010 IPO. In August 2011, the NFA fined FXCM $2 million for
slippage malpractices.”
These types of
behavior were also exhibited in the UK, where, according to the FCA’s
director of enforcement and financial crime, Tracey McDermott “Between
August 2006 and December 2010, the FXCM Group kept profits from
favourable market movements between the time the orders were placed by
FXCM UK and executed by the FXCM Group, while any losses were passed on
to clients in full — a practice known as asymmetric price slippage.” It
is important to note that the purpose of this analysis is not to slam
FXCM
specifically, but to pose a number of questions:
+ How could such misconduct and
such grave breaches of trust go on for so long and on such a large
scale? Is this alleged disregard of fiduciary standards exclusive to the
above-mentioned companies, or do they permeate the entire
industry?
+ How effective is society’s
current method of dealing with these issues? Should we wait until the
next scandal erupts where millions of dollars in savings will
again be lost?
+ Should all retail traders, who
own foreign currency for the sole purpose of netting capital gains,
put themselves at the mercy of predatory mediators? The answers proposed by the FundFantasy team are three resounding ‘No’s. + even under the assumption that
other industry giants are acting in good will, a transparent and
trustless platform would certainly improve the conditions of retail
traders.
+ The post-bust “slap-on-the-wrist” approach has failed tremendously for years. + Investors who are looking for
dividends can always purchase dividend yielding stocks or bonds — but
the truth is that majority of retail traders in both the currency,
commodity and stock markets, are doing so for the sole purpose of
speculation for capital gains, i.e. gambling.
The online
trading market is ready for a casual, fun, straightforward and fully
transparent platform for financial speculation, without the massive
counterparty risks which are presently involved.
The Online Gaming Market:
The online gaming market represents one of the fastest growing segments of the gambling industry. According to KPMG “H2 Gambling Capital, a leading
supplier of data and market intelligence on the global gambling
industry, puts the size of the global online gaming market at about
US$21 billion, hitting US$30 billion by 2012. But that may be just a
drop in the ocean… As the popularity of both gambling and online
entertainment continues to grow, the online gaming market is without a
doubt an attractive area of expansion for software developers, casinos
and other land-based gambling operators, related suppliers, and industry
newcomers and investors alike.”
According to the Fantasy Sports Trade Association
“Daily
fantasy players have doubled in the last two years. 56.8 million people
play some form of online fantasy sports in the United States and
Canada. 57% have a college degree or higher, and 47% report a household
income of $75,000 and above. 66% enjoy full-time employment.”
The online
gaming market has currently hit a temporary plateau, as new games have
not been introduced since the rise of Daily Fantasy Sports (DFS). The
expansion of the fantasy model from the sports betting industry to the
financial speculation market is very natural and intuitive, some say
even more so than in sports.
FundFantasy
leads the battle for fully-transparent and provably-fair gaming. As is
the case with any Fantasy gaming platform; access to the user-submitted
portfolio database gives an unfair advantage While both major US-based
DFS providers have implemented a ban on their own employees and those of
their rivals, portfolio data on FundFantasy is fully encrypted and
inaccessible by the FundFantasy team and employees. Portfolio data is
only published once the contest starts. With the backwinds of
transparency and fairness provability, FundFantasy has a great shot at
positioning itself as the first provider in an untouched market and thus
gain a massive foothold, for the benefit of our ERC20 token holders,
and the FundFantasy community as a whole.
The Platform
FundFantasy:
Our
self-funded platform is already built and operational, and the alpha
version is scheduled to be launched in the coming months. Contests will
be published on the platform’s lobby. All of the details are upfront for
users to examine before entering contests, including ticket price,
fees, prizes, date & duration, entries and so on. Since ticket
prices are fixed, participation risk is known in advance and is
independent of market volatility.
Asset prices
come from well known and respected 3rd party financial data providers.
Portfolios are encrypted from the moment they are submitted until the
contest locks up and starts, at which point they will be visible to the
contest’s participants, making our contests provably-fair top to
bottom. Although the
game revolves around financial assets, our platform does not purchase
any financial assets on behalf of clients — it only relies on market
data to conduct the relevant calculations. As such it is characterized
by a much lighter attitude, lower counterparty risk, full transparency,
and chances at higher payouts. Users enter contests by purchasing entry
tickets and submitting their portfolios. Contests vary in duration,
size, asset-classes, and other variables. Decentralized smart contracts
will manage the whole process; deposits, ticket purchases, contests,
prize payouts and withdrawals are all done without human
intervention.
Test Runs and Market Validation:
Our alpha version has been successfully tested with over 100 users. Polls that were taken among the users show that:
+ 46% would play in FundFantasy regularly + 31% enjoyed themselves and would probably play once in week + 14% would rather trade/invest in the old-fashioned ways + 9% “don’t like the financial stuff” ifare you really interested in the FundFantasy project please follow me to see the part 2.
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