rulovico wrote:Steve Sokolowski wrote:jde wrote:The Futurocoin wallet is currently down at Yobit, and I haven't heard back from their support.
This is by far the most profitable x11 coin. I think the price will crash hard once deposits are opened up again, so the payments that prohashing is giving to current X11 miners might be greater than what prohashing actually gets at the exchange.
Has anyone at prohashing been in contact with yobit?
We submit so many support tickets to these exchanges all the time that they probably ignore ours.
I suggest that you submit a support ticket to them. The more different people who submit tickets, the better the odds of getting the issue resolved. As to the coins, the system automatically detected the situation and stopped mining the coin after 18 hours once Yobit's private API came back online. We discovered a bug where the system's failsafe won't function when the public API of an exchange is online but its private API is offline. Unfortunately, about $80,000 in Futurocoins are unable to be sold because of the problem. The system will dump them immediately when the API comes online, but if prices fall before then, huge losses will occur. We're also looking into other exchanges were we can get rid of these coins, but AML verification takes time.
This is the reason why for coins like this we only pay 90% or even 85% of actual profits. We need to build a reserve because exchanges are so unreliable that there are bound to be huge losses occasionally.
Ohh was my underestanding, that you took 5% fee to cover this cost, so you are not paying the 100% of the mining profits and then taking off that 5% fee, mmmm uff.
The documentation describes this in more detail if you want to look at it, but it states that we list a sell price that we know we can actually get at the exchange when we sell the coins we are currently mining. For Futurocoins, the sell price was, unfortunately, 99% of actual because the market was deep. When the market comes back online and we sell all the coins, I'm guessing that we'll be lucky to get half the money out and will operate at a negative reserve for some time as a result.
The 85% value comes in when we know that all the coins we have yet to sell (because they have not confirmed yet) will depress the price before the coins we are currently mining will become available for sale. That happens pretty often when smaller networks, like Nyancoins, have huge pumps that don't have many buy orders below the current price. In general, if there was just a huge price increase, then the price we'll pay out at is a lower percentage because it's less likely to last long than a long-term bump.
We've determined this over time as money was lost due to one edge case or another. Exchanges are crazy places, and the only way that you can be sure to lose money at an exchange is to look at the "market price" and assume that all your coins are worth that price.
