Here's an update on refunds.  

Fixcrypt has sent a spreadsheet containing information on all proposed refunds to me, the ARK funds escrow agent.  This spreadsheet contains refund requests from 87 people, along with their full email address and full BTC/LSK account number.  

One refund request for 167.7424269 Lisk is missing the account number.  I am not sure what is going on there, but that is a relatively small amount and we are not going to let that glitch hold up the show here.

We have got to have open accountability for what happens to this much cash, while at the same time protecting people's privacy as Fix correctly wants to do.  

So I have taken Fix's spreadsheet and created one of my own.   My spreadsheet obscures the refund email address to only the first and last letter of the requester's name and does not include the account number.   These are the ARK refunds that are going to be processed:

https://docs.google.com/spreadsheets/d/1J-TMHlEZ_k0OsVwLJLFBJgnIIFPvSXu4KfkNR4-1OG4/edit?usp=sharing

Fix and Axente have asked for me to authorize lump sum transfers of 35.71537483 BTC and 1389671.923 Lisk from the ARK accounts to other separate accounts they personally control, from which they propose to personally make the 87 individual refund transfers.  

From an escrow standpoint, the only people I am supposed to surrender control of a quarter-million dollars of ARK funds to is either another previously designated escrow agent or directly to a refund requester.  The correct way of doing an ARK refund is not from some new account controlled by an ARK dev, but instead to transfer the refunds directly from the ARK BTC and LSK accounts below:  
 
ARK's Bitcoin donation account : https://blockchain.info/address/3A8TEQ9dNPnJyG3BHyNERPbgZpE5DqvFeY

ARK's Lisk donation account:  https://explorer.lisk.io/address/9569486828221897676L

I am talking to Fix and Axente to see if direct refund transfers from the ARK donation accounts are possible.  I am making this post to keep everybody in the loop.  This all may seem tedious and excessive on my part, but we are talking about correctly handling a quarter million dollars.  This is the assignment and responsibility I was given.  I am not going to cut corners.  

More to come.


 



  

OK, I have been in touch with Fix, who is going to send me a spreadsheet with all proposed refund transactions.  He does not want to release this information to everybody, to protect the privacy of those requesting refunds.  I understand this.  I also told him I couldn't just give him control of a quarter-million dollars without some paperwork documenting what he wants to do with it.

Fix rolled out of bed at 3AM to discuss this.  I told him that the ARK refund is too much money and far too important to do in a hurry when he is tired.  So we are going to do this tomorrow when we both have had some sleep.  He will send me the refund spreadsheet;  I will examine it; then I will send Fix and Axente the cash to do what is on the spreadsheet.

Please be patient.  Refunds are coming.  And I am trying to do my part to make sure all goes smoothly.

Sorry to change the subject, but let's talk about refunds.  

I have gotten a message from Fixcrypt that a total of 35.7BTC and 1,389,671 LSK are to be refunded to ARK participants.  

I  have received a request from Axente to authorize a 35.7 BTC transaction.

I also have received the following instructions from Fix on how to use my escrow passphrase to authorize a Lisk transaction for 1,389,671 LSK:

*************************************************************

### INSTRUCTIONS ###

1. install a recent version of node (6.9.2 is ok)
2. execute the following command 'npm install'

MALREYNOLDS:
3. put your passphrase in first line of 'passphrase.txt'
4. remove 'secondpassphrase.txt'
5. Be sure that the transaction is in 'refundTransaction.json'
6. execute the following command 'node lsksigntx.js'
7. please send the file 'signedRefundTransaction.json' to AXENTE
8. destroy passphrase.txt

AXENTE:
3. wait to receive 'signedRefundTransaction.json' from MALREYNOLDS
4. put this file in this folder
5. put your second passphrase in first line of secondpassphrase.txt
6. remove 'passphrase.txt'
7. execute the following command 'node lsksigntx.js'
8. please send the file 'secondSignedRefundTransaction.json' to FIXCRYPT
9. destroy passphrase.txt

************************************************************

I'm not trying to be difficult, but I have some questions before rubber-stamping these transactions.

Is there a public spreadsheet someplace that documents what these refund transactions are going to do?  Specifically, how much Lisk or BTC is going to what refund account?  I think it is very important to create a public audit trail of what is supposed to happen here before I sign over $200,000 of Lisk or $28,000 of BTC to somebody else.  

My role as an escrow is to take care of other people's money, not just automatically execute whatever transaction ARK reps tell me to do.  I would like to see some public accountability by ARK before disbursing these funds.  I think the ICO participants requesting refunds would agree with me on this.  They deserve to make sure their requested refund is documented with a third party before we proceed.  

Hey, I am only trying to do the right thing here in a responsible way.

 

Speaking as a US citizen, do not underestimate the imagination, resourcefulness and determination we will show to get around any legal limits put between us and having more money.  


This^^^^.

America and the United States are two different things.  The United States is a place, America is a state of mind.  I will never leave the United States because I love America and its wonderful people and I always will.  The idea of America is something people all over the world share.  That is why they come to the United States to apply for asylum and citizenship, because the American idea is strongest in the United States even if it is weakening here in many ways.

The idea behind ICONOMI is as American as ideas get.  It is a true shame that the laws of the United States have become so restrictive that US citizens are cut off from the 100% American idea represented by ICONOMI.

[emotion = sarcasm]



[/sarcasm]

When I was a young man decades ago, I used to read about the sad people in the Soviet Union and feel sorry for them.  These days I read zerohedge.com daily (as you should too) and feel sad about the degree my own beloved country has fallen since 9/11 and the Great Recession.  Sigh.    


THIS ^^^^^^.

Interesting.  There were 3508 genesis block holders and apparently only 1450 have taken their holdings out onto the ETH chain.  So 2000 more have their ICN either on the ICONOMI ICO site or at Kraken.

Data from an Oct 11 post I made:

ICONOMI GENESIS BLOCK

https://docs.google.com/spreadsheets/d/1FztYXiSJy5Ps2xc2nF4D8SHmVEimeFpAzeCfXkptQ00/edit?usp=sharing

Out of 3508 ICO investors, 25% of all available ICN worth $3.10M total is held by 12 people
Out of 3508 ICO investors, 50% of all available ICN worth $6.20M total is held by 68 people
Out of 3508 ICO investors, 75% of all available ICN worth $9.30M total is held by 582 people

Out of 3508 ICO investors, 2926 are splitting only 10% of all available ICN worth $1.25M among themselves.

This looks to me like the majority of the ICN is being held by deep pocket people as a long term investment.  

I predict a relatively small proportion of total ICN is going to be on the exchanges.  A shortage on the exchanges should mean a higher price.

THE REALITY TODAY:

Buy wall at 410 has been eaten alive and collapsed.  Next up are buy walls at 418 for 38K and at 438 for 100K.  

No problem, crazed FOMO ICONOMI investors are going through buy walls like piranha into a slab of meat....

Leapfrogging over Augur, Steem and NEM to take the #9 spot at coinmarketcap only takes reaching 0.000487.  That's currently only 300K ICN changing hands away.  Stay tuned, Top 10 coming.  Soon.

We just passed Factom to become the #12 asset on http://coinmarketcap.com.  Next up in our sights is Augur, that "other" ETH token...  

Dividends will be released in 2017 from fund profits and fees once those are accumulated from ongoing operations.  Dividends will be distributed to ICN held at the ICONOMI ICO website or any standard ETH account where you hold the private keys.

And your sale at $10 will be to me.  See you there.   

I vote Slovenia.  I hear they have some very sharp and smart money managers there.

ICN now has Waves and Dogecoin in the rear view mirror at http://coinmarketcap.com and is just $1.3M away from overtaking Factom and the number 12 spot there.

This is shaping up to be a pretty good day for ICONOMI.  I wonder what Dec 28 will be like?

Kraken ICN/XBT.  Hurry.

Amen.  $110K of buys will propel the market cap of ICN from its current $23M to $87M, a gain of $64M.

Totally insane risk-reward ratio.  Anybody that sells now is absolutely crazy.  

HODL.  HODL.  HODL.

Interesting article worth reading before buying your ICONOMI Lambo.

http://www.forbes.com/sites/peterjreilly/2016/12/18/on-bitcoins-tulips-and-irs-tax-compliance/#56a08bed6853

It references these important PDFs:

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

https://www.treasury.gov/tigta/auditreports/2016reports/201630083fr.pdf

Also referenced:

http://www.nasdaq.com/article/got-crypto-how-the-irs-and-some-software-can-remove-the-dread-from-tax-time-cm718227

So what is this FAQ phrase referring to?  

"...will not participate in profit sharing as long as there are ICO funds left over...."