Another trader, who says "September has to be above $100 even if spot is $30 lower". Sorry guys, you have to be cautious. Contango and backwardation are normal, and you have to take additional care when trading with leverage.
Trading with leverage provides the ability to get higher profit, however it also means that your loss may be higher.
"Contango" and "backwardation" are real words, and they are used constantly on the icbit site, along with "arbitrage" to explain any unusual price move, but those words are a smokescreen and the actual meanings have nothing to do with the price moves.
icbit is running a complex scam that has stolen a lot of bitcoin from naive traders. Already three people have posted on the scam and more will be following.
The rats that steal bitcoin from small players need to be exposed and cursed.