Filecoin Futures is probably a Scam and not backed by real Filecoins
I recently became aware of filecoin, a crypto under development by the creators of IPFS. I dug in a little to find info on the coin and found that two exchanges were trading filecoin futures. I was a bit confused, why were they called filecoin futures if they were filecoin? What was the point of the "future" in the name?
I dug in a little more and found that those aren't really filecoin. Those are tokens that those exchanges claim is backed by filecoin and the token holders will get 1:1 filecoin after filecoin blockchain is live. They aren't real. The official filecoin twitter handle specifically warns traders about these "future" filecoins:
Filecoin is a data storage network backed by an application token. The Filecoin token sale ended September 7th. Any sites purporting to sell Filecoin are SCAMS.
Yes, SCAMS, that's exactly what they are. There are many ways these would be filecoins could be manipulated. It will take months for filecoin to come out. The ico price of filecoin range from 75 cents to 5 dollars (they received a lot of criticism for this). But these non existent filecoins are trading at 10$+. Nobody knows what the initial price of filecoin will be after the blockchain is live. So, it is definitely not wise to buy these "future" coins. Just to remind you, I quote again:
Filecoin is a data storage network backed by an application token. The Filecoin token sale ended September 7th. Any sites purporting to sell Filecoin are SCAMS.
Glad to see you dear friend @littleboy after a long time. Thanks a lot for awaring us the scam as we often don't quilify the scam like the filecoin. I appreciate your valuable explanation.
Filecoin futures not = filecoin.
Filecoin will bring a revolution in the way internet works.
The actual filecoins will be available when the filecoin mainnet is launched. It is currently under development.