General
Concepts
Registration
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- How can I access FX?
- You can play FX through the WWW interface or the e-mail or telnet interfaces.
- What must I do before I make my predictions?
- To make your predictions you will have had to register and activate your FX account. Once you have received your password and your user id number via e-mail you will be able to access your transaction page on the WWW and place your bets. You may, if you prefer, place your bets via e-mail or telnet.
- I don't have regular web access. Can I play through e- mail?
- Yes, you can interact fully with the FX market using either e-mail or telnet commands. These interfaces require that you use a specific command set to execute your instructions.
- How is FX different from a bookie?
- Besides the obvious fact that FX isn't real money, it differs from placing bets with a bookie in that FX is a market. Where a bookie sets his own odds, at the Foresight Exchange the odds are set through the operation of the bids of the players, just like prices in a stock market. Therefore, as a member of the Foresight Exchange you are contributing your knowledge to the market consensus.
- What does my score mean?
- Your score is an indicator of how well you have done in making predictions on the Foresight Exchange. It starts at a value of 1.000. If you win bets then it will move higher (e.g., 1.250) and if you lose bets it will move lower (e.g., 0.8000). You can compare your score with that of other players.
- What do the prices mean on FX?
- The odds on the Foresight Exchange are displayed as a percentage. The percentage indicates the chance of the claim coming true. For example if you have a claim stating that Joe Shmoe will be re-elected in 1996, and the ask price is 0.30, then the currently estimated probability of this coming true is about 30%.
- Am I required to make picks for every claim?
- No. You get to choose the predictions that you feel comfortable making. Your score measures how wisely you bet your money and not necessarily how often.
- Why is there a difference between the Bid and Ask Prices?
- The difference between the Bid and Ask Prices is called the Spread. It exists because of the way trading takes place on FX. It takes two parties to make any trades on the Foresight Exchange. When two people want to trade at the same price (one buying and one selling) a transaction takes place. When someone places an order and there are currently no takers at the price they set, the order is placed on the book. A trade will not take place until someone is willing to take the other side of the transaction. This illustrates that FX is a zero sum claim -- when one player wins another player loses.
- What happens when a claim I've bet on is judged?
- When a claim you've bet on is judged, you are credited with in FX-bucks for every coupon that you own in that claim, if you bet right way! For example, if you bet that Shmoe will be re-elected, and he does get re-elected, you would receive one FX-buck for each coupon you held. What profit this gives you depends on how much you paid for the coupons. If you bought the coupons when the odds were at 30%, you'd receive 100 FX-cents for every 30 you'd invested. If however you'd bet against this claim; i.e., you'd bet that Shmoe would not be re-elected, you would lose your investment.
- I have received my password via e-mail. Now what?
- After receiving your password you can activate your account by the Web interface or by e-mail/telnet.
- Why do I have a password and a user id number?
- We did not do this just to confuse you. The registration process requires two steps in order for us to confirm that the e-mail address that you have given us is valid.
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