Ripplefox FMM

[brianwalden]

I've got a good chunk of Ripplefox FMM that I've had for a couple years. I went to buy a little more, but it looks like they've stopped selling it (I assume there's not enough volume for them to be able to sell more) so you have to buy it at about 1.2 Ripplefox CNY per FMM. I wasn't really sure about buying more at that price.

What do you guys think about FMM? Is there anything else like it out there?

[pmyke01]

I'd be curious to know the answer to this as well. I own a bit of FMM and wouldn't mind adding to it.

[Mercury]

11 hours ago, brianwalden said:

I've got a good chunk of Ripplefox FMM that I've had for a couple years. I went to buy a little more, but it looks like they've stopped selling it (I assume there's not enough volume for them to be able to sell more) so you have to buy it at about 1.2 Ripplefox CNY per FMM. I wasn't really sure about buying more at that price.

What do you guys think about FMM? Is there anything else like it out there?

I am just so happy your back! Like I am all tingly... lol

As of right now I am not aware of any other FMM, at least any I would trust with... anything. I am not sure what is going on with RippleFox's but I suspect the high demand and XRP price is outpacing resources. Of course at that rate it may be a good strategy to sell...

[brianwalden]

Glad to see you too, @Mercury

Here's my rough assessment: FMM is a bad investment for your typical crypto speculator, but a good investment compared to a real life retirement investment product. The problem is there's not enough FMM in existence to park a big chunk of money it and then use the dividends for whatever your end goal is.

Buying more now means waiting for 2 years of dividends just to reclaim the exchange rate. But selling what I have to buy XRP at more than 20 cents each seems insane when my whole XRP experience was around half a cent.

[tulo]

2 hours ago, brianwalden said:

Glad to see you too, @Mercury

Here's my rough assessment: FMM is a bad investment for your typical crypto speculator, but a good investment compared to a real life retirement investment product. The problem is there's not enough FMM in existence to park a big chunk of money it and then use the dividends for whatever your end goal is.

Buying more now means waiting for 2 years of dividends just to reclaim the exchange rate. But selling what I have to buy XRP at more than 20 cents each seems insane when my whole XRP experience was around half a cent.

Yeah same feeling. I have a few FMM. The annualized rate is 9%, but lending BTC on polo it's around 30-40% easily. And yeah it's better than any other "standard" investment, but you can't invest so much in it. Also you have always to consider all the risks. BTC on poloniex you can lose them at any time as it happened in other exchanges. FMM also could close everything but the risk is way less IMO than POLO. But still higher than bank investments.

[pmyke01]

I sent an email today to the RippleFox support address listed on their website (you may have tried this already) asking about this topic. If I get a reply I'll make sure to post it here.

[ripplerm]

What I had heard from the owner of Ripplefox, they had to limit the issuance of FMM under market-cap of 1M CNY, to be compliance with their local law/regulation.

any fund-raising above that amount would required some kinda license, which Ripplefox doesn't own.

[StillSteel]

How to add FMM on GateHub?....

[brianwalden]

Start here: https://ripplefox.com/public/fund/fmm

I apologize in advance, I'm used to the old defunct Ripple Trade wallet, so I can't tell you specifically how to do things in the Gatehub wallet, but I can tell you what to do. You're not required to, but it's probably helpful to create a trustline to FMM.Ripplefox (rKiCet8SdvWxPXnAgYarFUXMh1zCPz432Y). The simplest way, but not necessarily the best rate, is to go to the convert page and try to convert whatever you have in your wallet to FMM.Ripplefox. You can probably get a little better rate if you manually go in and exchange for it. Usually the best way is to first trade XRP for CNY.Ripplefox and then trade the CNY.Ripplefox for FMM.Ripplefox.

Sorry, that's the very high level overview. Feel free to ask me more questions.

[ripplerm]

On 6/3/2017 at 6:11 PM, StillSteel said:

How to add FMM on GateHub?....

these two articles might help:

1. How to set Trustlines to Steemiex

2.  Adding New Currency-Pair (Market) in Gatehub-wallet

Though the articles are about adding trustline and trade-pair for STM.Steemiex, you could follow the similar steps for FMM. 

Ripplefox issuing address is rKiCet8SdvWxPXnAgYarFUXMh1zCPz432Y, (make sure you double check this at ripplefox.com website).

[ThomasTheTGV]

FMM project closed on Dec 17, 2017

https://ripplefox.com/public/fund/fmm

Thanks for the ride Ripplefox