So the QTUMs that ara avaliable to buy on exchanegs are basically IOU, not real QTUMs?
They will be converted into real Qtum tokens by September 30th, 2017. The ERC20 tokens that are available now allow participants to take ownership of their Qtum if they do not want to keep them on an exchange. Any Qtum IOU tokens that are left on an exchange will be converted by September 30th.