Poland is one of the largest marketsin cryptocurrency society. The most popular stock exchange there isBitBay, the 29th largest stock exchange in the world, according tocoinmarketcap. In recent days, the Polish community has been irritated by plans for the platform’s development.
Sylwester Suszek,CEO of Bitbay, announced the launch of a new cryptocurrency, Futuro Coin, during his speech at theFutureNet World Conventionconference in China. Futuro Coin will be listed on the stock exchange in January 2018.
The announcement of Futuro Coin’s listing on the stock exchange, as well as theforumpost, has had a wide impact on the Poland cryptocurrency community. Many people claim that it is unreasonable for BitBay to trade assets that work with the MLM program,Futurenet. For the moment, Futurenet is a popular company operating on the RevShare market. Let us remind you that previous companies based on the RevShare to Traffic Moonson model –by which several thousand Poles were cheated– or Banners Broker, which also spectacularly gained popularity and then collapsed.
Only 100 million FuturoCoin coins will be available.
10% of the pot, i. e. 10 million coins, will be distributed to Royal partners.
20%, i.e. 20 million coins, will go into cloud mining, which is a process of cryptocurrency extraction using shared processing power that allows users to extract currency without having to buy excavators.
70% of the pool will go into traditional mining.
FuturoCoin will rely on its own blockchain
On the official website of the project, we were not able to find any information about the usability of the cryptocurrency itself. It will probably be possible to pay for it in the existingfuturenet platform, shopping at 5% will discount. At first glance, it seems that the currency does not solve any significant problem in the use of blockchain technology. It is not as effective a system of funds transfer, value storage or smart contract creation as other cryptocurrencies.
The whole project will not have a positive impact on the Polish cryptocurrency’s scene. There are a number of coins and tokens that could be introduced instead of Futuro Coin (or at least first). Instead, we are dealing with a typical multilevel marketing scheme to earn money by pulling more people into it. The explanations about the lack of contraindications, or the fact that Futuro Coin is actually crypto, do not change the overall environment. Part of the cryptocurrency environment in Poland believes that this is the moment to say “enough”, give up part of the profit, cut your losses,and continue to build confidence in cryptocurrencies as a technology that will change the world.
However, only a few hours later, the information was denied on the official company’s profile.
Dear Users - We are happy that the event in Macau received with so much interest and feedback from our online society. Unfortunately, there are misleading information, provided by individuals, that#FutureNethas presented the names of online exchanges others thanBitBayon which FuturoCoin will appear. We want to inform you, that FutureNet has not published any cryptocurrencies exchanges other than#BitBayon which#FuturoCoinwill appear first. Just as our coin was audited by BitBay, our company also wants to make sure that the exchanges where Futuro will be, meets all our expectations and standards. Now, the company is discussing with many online exchanges owners, but we do not provide any information before the final decision to introduce Futuro to another exchange platform.
Kind regards FutureNet team
The communication gap between BitBay and FuturoCoin must raise some doubts. At this point, it’s unclear how many stock exchanges FuturoCoin will debut on new year.
We decided to bring everything together and cut off speculation about Futuro…
… we want to emphasize clearly: if there is any doubt about the authenticity of this cryptocurrency, we will withdraw from its introduction. For the time being … we will evaluate it like any other cryptocurrency.
… we have checked the code and know that Futuro contains blockchain and can be mined, it’s code is open source, based on Dash. The cryptocurrency will go through traditional mining and its purchase will not be associated with anything else. If there are doubts, we will exclude it from the market.
We are not representatives of this project, only one of the exchanges that will handle it. Our exchange shall not be linked to FutureNet or any other MLM. Knowing one person or another and exchanging cordiality does not mean BitBay is working with them.
… we do not see any contraindications for its introduction, including other cryptocurrencies, which by then are also to appear. Everybody can turn to us for the introduction of a cryptocurrency, if it is genuine and offering something interesting.
We only deal in markets where users can exchange currencies. We do not discriminate against any community … we only add those that meet the requirements of being cryptic, which we have stated from the very beginning.
For this reason, we will never offer DasCoin. It doesn’t comply with the disclosure requirements. We are officially negative about this project, and we look at its development with concern.
[…] Regarding the history, release dates of new currencies and system functionality.
The postponement of deadlines by us, for which we have apologised many times, is not a result of bad will or the desire to close the business. With the entry of BB 3.0, new control systems, audits and tests were introduced, which have to be done before something appears on the stock exchange in its live version. We are no longer a small platform and we have to remember about scale when making changes.
The problem with history is that it is displayed, not missing,[…].
The issue of history is now a priority for us. When enabled, the promised new cryptocurrencies will be added, BTG and Monero, followed by the next from the list of functions you have informed us about.
We have been on the market for 3 years now and thank you for your trust. We take care not to lose it, because it enables us to grow. We want to create the platform you want. We are therefore asking for discussion, but also time to improve and implement what you need.
Despite the fact that the latest information provided by Sylwester Suszek caused a lot of confusion among the Polish community, it is worth remembering that Bitbay is still one of the most popular stock exchanges in both Poland and Europe. In the course of their 3 years in business, they have earned their users’ trust, cooperating closely with the Polish government in order to educate Polish society about cryptocurrency. BitBay will be the title sponsor of theBitBay Boxing Nightgala, which will be seen by millions of Poles.