Our Currency Token

Building Tradefor has been a wild, exciting ride.  From the beginning, we wanted to create a user experience that broke new ground while embracing the emergence of blockchain technology.

Our go-to blockchain has always been Ethereum.  We liked the management team driving the Ethereum Foundation.  We liked Ethereum so much, in fact, that we decided we wanted Ether to be our in-game currency.

To come up with a name for our unit of Ether currency we consulted the well-established Ethereum chart above to select a fractional denomination that would be suitable for micropayments.  Ideally, we wanted a unit small enough so users would not have to enter decimals and large enough feel valuable.

The Ether chart gave us a couple of options. Our first option was to use Finneys.  One Finney is equal to 1/1000 of an Ether.  But when we dug deeper, we concluded that the Finney was not small enough.  One Finney equaled about fifty cents.  If we used Finneys, we concluded, we would have to accept decimal pricing.

So we went back to the denomination chart.  The next smaller denomination of Ether was a Szabo.  A Szabo was equal to 1/1000 of a Finney, or 1/1000000 of an Ether.  The Szabo, it turns out, is a little too micro.  One Szabo was worth $0.0005.   “What about the in-between denominations?”, we pondered.

After much thought, we decided to create our own denomination unit of Ether.  We settled on what we call a “Lubin” —  appropriately named after Joe Lubin, Founder of Consensys.

We decided to make the Lubin equal to 1/10000 of an Ether.

Then came the epiphany.  What if the Lubin also had some smart contract power?  Since we going to give a fair amount away,  we thought, let’s sweeten the pie.  Here is what we came up with:

  • One Lubin is equal to 1/10000 of one Ether.
  • A smart contract, incorporating Metamask, that helps Ethereum users to instantly fund or withdraw funds.
  • A second smart contract that allows Ethereum users to fund or withdraw directly from an Ethereum wallet.

So that is how the Lubin was born — as a big nod to your visionary  pioneer, Joseph Lubin who got us jazzed about Ethereum in the first place.

Thanks, Joe.

 

Why Tradefor Limits Ethereum Withdrawals

If we were to allow our users to withdrawal profits earned from trading, we would run the risk of misrepresenting our capabilities. Tradefor is not a gambling site.  Nor is it a cryptocurrency exchange.  More accurately, we are an entertainment site that provides gamified trading experiences to a social network of game-playing individuals.

In order to eliminate any misinterpretation by regulators as to what we are (a trading game) we limit withdrawals of Ether to a maximum of the amount that you deposit into Tradefor.  

All withdraws must be in Ether.

Any profits gained from trading will not be disbursed to traders. Although you can continue to use your increased buying power gained from making profitable trades to trade for new gift cards,  you cannot withdraw profits accrued from trading in Tradefor in cash.

Example of permitted withdrawals

Say you deposit 0.05 Ether into Tradefor and you trade your way into a total buying power of 0.08 Ether.  At this point, you can withdraw up to 0.05 Ether (the amount you funded yourself) but you cannot withdraw the 0.03 you made in trading profits.  Any profits made from good trades will remain in your Tradefor account as increased buying power.

How do I make an Ether withdrawal?

To make fund or withdraw your Tradefor account, first download Metamask.   Metamask is a browser extension that only works in  Google Chrome or Brave browser.  It allows you to interact with smart contracts in the Ethereum blockchain and view your remote Ethereum wallet from sites like MyEtherWallet.

In the Tradefor site, go to “Funding” in the main menu.

  1. Then select the “Ethereum” tab
  2. Select “Fund” tab for deposit. and “Withdraw” tab for a withdrawal
  3. Enter amount of transfer you want to make.  One LUB equals about $0.05.
  4. Press the “Fund” button

 

IMPORTANT:  You will have to validate your funding request in Metamask before your transaction will process.

Open Metamask and select “Submit”.  This will send your request to the smart contract on the Ethereum public blockchain.

In about a minute, your transaction show be updated — both in Tradefor’s site and in your Ethereum wallet.

Here is a video of the process:

Funding with Metamask