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What you need to know about QTUM

Image: BitMEX listed QTUM trading yesterday.


The coin in the news this week is Quantum - newly traded altcoin that doubled in dollar value between June 1st ‘17 and June 2nd ‘17. (But this is not a bubble though, is it? Certainly doesn’t look like it. Corrections are a myth, as said someone in Facebook’s Ethereum group.)

QTUM - Fundamentals

Quantum is a Bitcoin/Ethereum hybrid branded as the “business-friendly blockchain”.

By implementing the Bitcoin Improvement Protocols (BIPs), and making use of the Ethereum Virtual Machine, digital currency enthusiasts can finally agree on one platform that will offer stability and direction. – via https://qtum.org/en/general-faq

The main fundamental advantage of the QTUM blockchain is supposed to be the UTXO model. Each token can only be either “spent” or “unspent”, there is no doublespend issue, in this way the blockchain is more secure.

That’s what the QTUM people say about their project, anyway.

The ICO Countdown published a full due dilligence post here on medium.com.

ICO Countdown’s Due Dilligence TLDR

One worrying thing is that there was apparently something unclear about the QTUM’s lead identity, and there were news about collaborations altered and deleted.

Turns out the founder, Patric Dai, has been acting in cryptocurrency space using various western names as he says himself after he was called out on bitcointalk. He was involved in the BitBay exchange and co-founded Tilepay. From comments on bitcointalk:

Yes, Shuai Early is Patrick Dai, Steven Dai. And Tilepay’s co-founder, people said he made fake promises at tilepay project, therefor he had several projects before. THB, he should be no face to create more projects.

The article by @icocountdown says that Dai should have stolen some money from developer funds he had access to. He then should have used the money to manipulate prices and profit from the pump and dump.

See the screenshot

Forbes have been much friendlier towards this project - read here https://www.forbes.com/sites/rogeraitken/2017/03/17/qtums-blockchain-crowdfund-scores-over-12m-from-bitcoin-ethereum-investors/#5ee97ed434ef

QTUM - Technicals

The safest place to bet on this project is BitMEX where they opened QTUM contract trading on June 1st with 2x leverage and 25% cap on changes to fight the manipulation.

As with any ICO these days, traders have gone apathic towards the fundamentals and are ready to buy cheap anything to dump it on the greater fool two hours later.

However, the QTUM BitMEX trading was only announced today in their latest digest while people have been trading since yesterday already.

To be more specific: people doubled their money on the QTUM contract yesterday already.

Technically though, what we see today looks like a bull flag.

Full specification from BitMEX:

BitMEX is proud to announce the launch of QTUM Futures contracts, expiry 29 September 12:00 UTC with symbol QTUMU17. Each contract is worth 1 QTUM and the contract offers 2x leverage.

Since the QTUM platform is still under development, the following rules will apply:

  • QTUMU17 will have a 25% Up and Down Limit against the previous session close price to prevent price manipulation. Each session is 2 hours long, and session closes occur every even numbered hour.
  • Settlement will occur either at the ICO price (if QTUM/XBT trading has not begun) or at the .QTUMXBT30M Index Price if QTUM/XBT has begun trading prior to 28 September 12:00 UTC. Further details about this contract can be read in the QTUM Series Guide.

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