I didn't understand why they need an ICO for a fancy paper wallet, but from the whitepaper:
> Each Fiat cash bill explicitly states the nominal value in Ethereum, but the FCB will only exchange Fiat cash for Fiatcoins and viceversa. The nominal value in Fiatcoins is given by the FER [FTC to Ethereum exchange Rate].
It looks easy to manipulate the FER and keep it near 1 to 1, while the real value of the FTC has a 30% haircut (or is negligible). [Hi from Argentina, where 1USDollar = 1 ARGPeso = 1 BsAsPatacon until they don't.]
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[ 3.1 ms ] story [ 13.9 ms ] thread> Each Fiat cash bill explicitly states the nominal value in Ethereum, but the FCB will only exchange Fiat cash for Fiatcoins and viceversa. The nominal value in Fiatcoins is given by the FER [FTC to Ethereum exchange Rate].
It looks easy to manipulate the FER and keep it near 1 to 1, while the real value of the FTC has a 30% haircut (or is negligible). [Hi from Argentina, where 1USDollar = 1 ARGPeso = 1 BsAsPatacon until they don't.]