Stephen the words are not used in the way a genuine trader would use them.

It's like if you stand outside a doctor's office and one person goes in with a broken leg and the doctor says "you seem to be suffering from an inexorable indisposition". Most people would say "Well, you're a doctor, that sounds about right".
Then another person walks in with a toothache and the doctor says "you seem to be suffering from an inexorable indisposition". Most people again would say "You are the expert. It sounds right".

This is again and again and again on the icbit site with the same three words. It just is not normal. A person will say "I am such and such from this or that place and I noticed the contango" and another person will say "Oh yes, well I am from x and I noticed it too" when any simple idiot can just look at the orders and see what happened. It's beyond silly. It's like when you are a small child in kindergarten and someone starts some word game that makes no sense to someone who knows the words.

So okay, in a very strict sense, in the example above, an alternate use of the word backwardation sort of applies. I say "sort of" because even that alternate use would apply normally to a contract that trades near spot. To use backwardation to describe a heavily margined bitcoin future that has been manipulated is a stretch. The word is meant to describe a market condition, not an act. A trader would not use the word the way Fireball did above and the vast majority of the time those three words are used on icbit it would make a person scratch their head.

icbit has potential if it is run as an honest exchange. That is a big change from how it is now. I was cheated in a way any honest person with trading experience would see. I don't know Fireball or any of the other characters on icbit or this board but I am willing to extend the benefit of the doubt that maybe Fireball is a younger person who does not know what is good and what is bad. If that is the case, if he is scamming simply because he does not know the difference between an exchange and a scam operation then he can return half the bitcoin he got from me and I will point out some things he is unaware of that tag him a scam.