Fund Fantasy
FundFantasy
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.
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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.
Platform Highlights
+ Fully transparent: All contest details are upfront and available for examination prior to entry. As soon as the contest starts users can view and compare their portfolios with the ones submitted by their opponents.
+ Provably Fair: Asset prices are based on accurate, publicly available data from well-known and respected financial data API’s. Portfolios are encrypted until contests lock up and start, and are thus inaccessible even to FundFantasy employees.
+ Simple to use: Very intuitive gameplay. Users allocate 1 million virtual US dollars to their long/short positions on the assets available on our platform.
+ Social: Users can create their own contests and invite their friends.
+ Profitable: Users can participate in contests carrying FundToken, BitCoin, and Ether prizes
+ Low fees: FundFantasy charges only up to 10% from every contest.
+ No actual ownership of financial assets
+ No conflict of interests
+ Responsible Gaming & Self Exclusion: Users can limit and restrict their own gaming behavior.
+ Multiplier contests: Users have the chance to win x2, x3 of participation costs.
+ Lottery-size prizes: Top-heavy contests will make sure winners get hefty prizes.
+ Low entry barriers: Free contests are also available.
+ Multiple Entries allowed: Users can craft and submit the finest portfolios they can think of.
+ Much more fun!
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.
Ecosystem FundFantasy:
Current Landscape:
Since our platform and game is the first of its kind there are currently no active direct competitors. Our users share a common characteristic with users of the following platform types:
+ Online Broker-Dealers
+ Daily Fantasy Sports
+ Online Poker Sites
+ Online Casinos
+ Online Lotteries
+ Sports Betting Sites
Our platform appeals to both fantasy gamers and online traders. Our users will be either:
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.
Sitio web: http://www.fundfantasy.io/
Whitepaper: http://fundfantasy.io/assets/pdf/Whitepaper_en_v1.2.pdf
Tema de Bitcointalk: https://bitcointalk.org/index.php?topic=2579363
Medio: https://medium.com/@fundfantasy
Telegram: https://t.me/fundfantasy
Twitter oficial: https://twitter.com/fund_fantasy
Facebook oficial: https://www.facebook.com/FundFantasy/
Profile Bitcointalk:https://bitcointalk.org/index.php?action=profile;u=1816724;sa=forumProfile
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