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It is interesting, particularly the speculative aspect, where people ordinarily without access to markets can shoot for the moon.

some territories are moderated

But where is the market for these futures? They (the mint) are the market? You sell ehash for sats by swapping tokens in the mint?

If so, how does price discovery work?

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I imagine they expect a market to form and prices are discovered out of band where miners/traders trade "immature" ehash. By some mechanism, as the pool mines blocks, the ehash gains value.

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