Should we criticize cryptocurrency FuturoCoin?

On November 24-25, 2017, the FutureNet conference in Macau (China) was held. Nearly 5,000 people from all over the world took part in it. It was, so far, the biggest event in the 3-year history of FutureNet. The vast majority came to this event for one purpose – at the event the company was supposed to present its own brand-new cryptocurrency – FuturoCoin.

And so it happened. After the official “baptism” of the new cryptocurrency by the CEO of the company – Roman Ziemian and Stephan Morgenstern, and after the speech of the General Marketing Director Hugh-Paul Ward, Sylwester Suszek, CEO of the largest Polish stock exchange – BitBay, entered the stage.

CEO BitBay about FuturoCoin

Sylwester Suszek was already present at the previous FutureNet event in Krakow (March 2017), where he talked about Blockchain technology and, in general, cryptocurrencies. At that time, the company officially announced that it was working on its own cryptocurrency. As it turned out at the Macau event, the work was completed as planned.

During his speech in Macau, the chairman of BitBay spoke again about cryptocurrencies and presented his stock exchange. He devoted a large part of his speech to FuturoCoin. He presented what features a cryptocurrency should has so that it can be considered as real. These are:

  • open source code,
  • own blockchain,
  • the possibility of mining,
  • limited numer of coins,
  • wallets for storing and sending funds.

Then he said that along with his team Bitbay.net followed the code of FuturoCoin and checked all the wallets. Sylwester confirmed that FuturoCoin is a 100% real cryptocurrency that meets all of the above requirements. At the end of his speech, Mr. Suszek announced that from January 2018 FuturoCoin will be available on BitBay.

FutureNet also officially confirmed this information on its official fanpage and emphasized that BitBay will be the first stock exchange FuturoCoin will hit, thereby denying contradictory reports from the Internet that Futuro is also going to hit other exchanges on the day of its issue. The company said that talks with other stock exchange owners are in progress, but we will have to wait for official announcements regarding this matter.

Information on the introduction of FuturoCoin on BitBay caused a huge storm in the cryptocurrency environment in Poland and in the world. For the FutureNet community it was a very positive information. Presence on one of the largest stock exchanges in Europe and in the world from the very start certainly give hope for the bright future. The words spoken by the BitBay CEO were also of interest to people unrelated to FutureNet. This means that they will be able to trade this cryptocurrency on the stock exchange from the first day of issue and mine it with their own mining software and store it on a decentralized wallet.

FutureNet official statement

On the other hand, there have been many negative opinions about the introduction of FuturoCoin on BitBay. The Bitbay.net portal and its president were accused of cooperating with a company based on the MLM model. There were also opinions suggesting that FuturoCoin is not a cryptocurrency, but an ordinary scam. Although Sylwester Suszek himself confirmed that this is a real cryptocurrency (after checking it out), there were completely opposite voices. FutureNet was blamed for lack of access to the source code for third parties and lack of White Paper. To these allegations, FutureNet issued an official statement:

FutureNet has confirmed that White Paper will be available soon for the public. This fact did not convince FuturoCoin’s negative opponents who claimed that this subject seems suspicious because there are/were cryptocurrencies on the market, which were introduced by other companies based on MLM.

And here’s the answer from BitBay (written in polish) to the allegations from the cryptocurrency environment:

CEO of BitBay, Sylwester Suszek points out that his stock exchange contains only cryptocurrencies that meet certain requirements, because they care about reputation and provide the best opportunities for their clients. In the letter Sylwester once again emphasizes that FuturoCoin has been checked by his team and meets all the aspects that a real cryptocurrency should have.

So what about this FuturoCoin? Is it a real cryptocurrency or maybe a scam?

A lot of bad opinions have been put on the Internet on this subject, but I personally think that they are directed by people’s prejudices towards companies operating in the MLM system. FutureNet is not just MLM – here we are dealing with a global company that is dynamically developing, going also out of the online world and creates, for example, its own cafes or casinos, where of course you will be able to pay with FuturoCoin.

As for BitBay, they would not get involved in this case if they had any assumptions that FuturoCoin is not a real cryptocurrency. They certainly would not want to “shoot at their own knee”. They care about the good opinion and their clients. Since they checked the FuturoCoin’s source code, it means that it exists and is doing well. The fact that FutureNet did not immediately make the code available to the public does not mean that something is wrong. The company announced that the code and White Paper will be available for everyone to see for themselves whether it is fiction or reality.

The second aspect, if not the most important, is money. Each exchange earns commissions for transactions made by its users. Sylwester Suszek, introducing FuturoCoin on BitBay, is aware of how big the FutureNet community is and what the benefits may be. Thanks to FuturoCoin, the BitBay exchange will earn a lot of money on transactions, because at the moment the FutureNet community itself has over 2.5 million users. Of course, not everyone will create an account on BitBay and trade with Futuro, but a large part will do it, the vast majority will be people from Asia. This creates great opportunities for BitBay, because new customers will arrive from various corners of the globe. Of course, one has to add their current clients who are not connected with FutureNet but would like to have their cryptocurrency. Therefore, you can expect really big interest in FuturoCoin from the very beginning on the stock exchange.

To sum up…

The information about the introduction of FuturoCoin to the stock exchange caused a lot of controversy, but the facts are that FuturoCoin from January 2018 enters BitBay. This cryptocurrency successfully passed all tests and was accepted by the stock exchange as 100% real, meeting all standards. The mining in Cloud Mining will also be launched, where it will be possible to buy 2-year mining contracts, as well as do standard mining on special mining software.

If someone has not believed it yet, it will probably be a good surprise when in January Futuro hits with the bang on the cryptocurrency market. Let’s just hope all sceptics will once have the courage to admit they made a mistake by neglecting FuturoCoin. Time will verify everything …

Artur Liwocha