Another clarification needed: For those who wish to participate in the ICO with fiat currencies: - will they also get an official certificate/contract of participation?
- in case funds will be returned, will fiat payment be subject to depreciation like BTC or hidden fees or will the full invested amount be returned at the expense of ECONOMY?
For those investing with fiat everything is same. You invest and in exchange for invest receive ICN tokens. There is no contract signing or anything else. Straightforward. In case of refunds we'll cover wire fee. That means if you send 5k usd in with OUR option we will receive 5k usd. Thus in case of returning we'll send all 5k usd back. And we'll cover transaction fees. When you were sendinng money in, you also had to pay fee for wire transfer and that's the only expense u would have in case of returning funds. With sending non usd/eur it will be the same. But because we'll convert anything that is not usd/eur into eur. You would be subject to volatility between eur currency and the currency that was sent. Also thank you for copying an answer for translation bounties just before! Appreciated. You're welcome! Thanks again for your answer. I guess it's wiser to invest in fiat then so as to avoid any possible depreciation with BTC in case funds shall be returned. Correct? That depends on if you are long in BTC or not. If you invest 10 BTC and we do refunding then you will receive all 10 BTC back. Now if you care if they are worth more or less in a few months that depends on you. |
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Another clarification needed: For those who wish to participate in the ICO with fiat currencies: - will they also get an official certificate/contract of participation?
- in case funds will be returned, will fiat payment be subject to depreciation like BTC or hidden fees or will the full invested amount be returned at the expense of ECONOMY?
For those investing with fiat everything is same. You invest and in exchange for invest receive ICN tokens. There is no contract signing or anything else. Straightforward. In case of refunds we'll cover wire fee. That means if you send 5k usd in with OUR option we will receive 5k usd. Thus in case of returning we'll send all 5k usd back. And we'll cover transaction fees. When you were sendinng money in, you also had to pay fee for wire transfer and that's the only expense u would have in case of returning funds. With sending non usd/eur it will be the same. But because we'll convert anything that is not usd/eur into eur. You would be subject to volatility between eur currency and the currency that was sent. Also thank you for copying an answer for translation bounties just before! Appreciated. |
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Which means (if I read it well) that " If the funds aren’t released by the end of Q4 2016 (or by 31/12/16), meaning that we (ICONOMI) didn’t deliver our service, funds will be immediately returned to all the participants." Is that correct?That is correct. |
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how i can join facebook and twitter campaign bounty
and where i can see participant is acceptedp bounty campaign facebook and campaign twitter
U'll have to wait for a bit more. Probably during first week of ICO we'll have conplete dashboard for bounties. |
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So is Gasper from Xaurum. His whole coin is at risk is he doesn't play fair. And Alexander as well. He is not known globaly. But very well know locally in VIE/MUC - also very smart guy. |
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Damn wth is that  I don't understand what you propose that any of us can't do without you ? You are right, for example you can manage your portfolio of coins and you dont need then to do it. But the point is, are you able to display your performance and eventually attract investors so they can put some of their coins under of your management in exchange for a fee ? and once you have some investors, will you have the right tools to manage their "money" ? Thats what i believe is the value of the Open Fund Management (OFM) platform, they will provide you the tools to be a "crypto coins fund manager" and if you perform good you can eventually get people to put money under your management in exchange for a fee, just like the old economy fund industry, but much more cheaper, transparent and efficient If your premise above is correct, then the entire fund and hedge fund industry woudn't exist, because you can also create a portfolio of stocks, bonds, derivatives etc etc etc and nobody would need to ever put money in funds. + you speak about today market not offering returns (look at SPX please... just at ATH).
Then if you defend yourself speaking about cryptocurrency market and its volatility, well again, nothing new. Just have a look at all the pennystock everywhere in the world.
It is not really a matter of yield and returns, in my opinion is a matter of worldwide liquidity, all major central banks are pumping huge amounts of cash into the economies in order to get then moving, they are doing it while the world is experiencing negative yields, the SPX movement is just a reflection of this liquidity, but SPX and penny stocks are not even close to be able to absorb this liquidity, the market is eager to new investments opportunities and thats where i think lies the value of the Coin Traded Fund (CTF) and Coin Managed Fund (CMF). Anyway, if someone could explain me the point of iconomi I would be grateful Cheesy
Well i am really new to this cryptocoins market so i am not of much value in terms of analyzing this side of the project (tech, security, structure..etc etc etc) but i have more than 15 years of experience working with investment industry so i tried to give you my view from this side. Of course everything above is easier said than done,but thats the bet here isnt it ?Thats the risk that you have to measure in order to decide to invest or not, i believe a lot in the idea what i am trying to decide right now is if this can become a reality. Thank you! You made some really good points here. |
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Newbie questions. But what happens IF something happens to one of the people on the escrow team. How would the funds get refunded?
Escrow is 2 out of 3. That means we ICONOMI hold one key. The others two keys are held by different outside trusted people. All escrow trusted people will be receiving a list of participants once a day with their email addresses and amounts invested. In case something would happen us. Outside escrow holders have enough information that they can refund all. Additional to that, they also will have a multisig address with ETH preloaded from which they will be paying themselves. All that, that investors are covered in any possibe scenario. There was a question mentioned what happens in case one of key holders dies during ICO. In that case we would create new multisig with different participants and transfer funds there immediately. Basically.... we would replace collecting address. |
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I wonder how big this is going to be? I see some pretty big names in crypto involved in the project... I bought a few ICOO thinking that maybe some investors will see the potential upside of early cryptocurrency investing
We certainly believe we're in a business with huge upside potential. But it is for each on it's own to make conclusion and participate or not. I would recommend reading both whitepapers: https://www.iconomi.net/ICONOMI_Whitepaper.pdfhttps://www.iconomi.net/CoinFundsWhitepaper.pdfCould you fix the link? I don't know if it's just on my connection but it says that the site cannot establish a secure connection. I'd like to read the whitepaper but I can't. -- On a side note, seeing that LISK's CEO is somehow involved in this ICO makes me think that it would be a pretty good investment. Also, participating in several dev-related events is a plus because unlike other ICOs, the devs of this coin is willing to show the public their faces. Links do work for me. Try different browser? We're behind Cloudflare. Or go to https://ico.iconomi.net and there are links well visible. |
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I wonder how big this is going to be? I see some pretty big names in crypto involved in the project... I bought a few ICOO thinking that maybe some investors will see the potential upside of early cryptocurrency investing
We certainly believe we're in a business with huge upside potential. But it is for each on it's own to make conclusion and participate or not. I would recommend reading both whitepapers: https://www.iconomi.net/ICONOMI_Whitepaper.pdfhttps://www.iconomi.net/CoinFundsWhitepaper.pdf |
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I have a question about translation bounty, 100 stakes per translation, total 400k tokens, so if there are 20 translations, total stakes are 20*100=2000 stakes, each stake= 400000/2000=200 tokens, so i can take 200 tokens per stake*100 stakes= 20000 tokens. Am i right?
And other bounties calculate in this way as well?
Btw, if the 2000 btc target won't be reached, so the translation bounty won't be paid either, right?
Waiting for your answer to decide translate or not.
It's calculated differently. Actually even better for you. 400k tokens will be proportionally distributed to all the stakes collected in translation and moderation bounty. If you do translation you receive 100 stakes. Then for each post in your local thread you get 5 more stakes. Example: - you do translation: 100 stakes - your local thread receives 50 posts. Then you also get 50x5 stakes = 250 stakes That way your total stakes are 350. If all the stakes earned for translation and moderation are 5000. Then your share is 350/5000 stakes. 5000 stakes equals to 400k ICN tokens. That means that each stake is worth 80 tokens. In the example above you would receive 28,000 ICN (80 x 350) tokens for your translation and keeping the thread alive. |
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Threshold: 2000 BTC
Should the crowdfunding campaign fail to reach its capital goal of 2000 BTC, all funds will be returned.
I notice this, is this too greedy? Btw, you have escrow, which is good, I see Lisk's Max.
It's a big project, involving many already and more team members to come. Therefore not greedy. I think escrow with trusted people should be must with any ICO. |
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ICONOMI,
How are you counting the tweets/retweets & facebook likes, shares & comments for the bounties?
Is there a spreadsheet you are tracking these so participants will know how many stake they have?
We're counting it via API. There will be interface on our ICO website where you will link ur profile and then be able to see in almost real time your stakes and estimated number of tokens to receive. Will be out probably during first week of ICO. Bounty participants will need to create account on ICO site as well. Just a signup. That way we'll be able to distribute tokens. |
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My thoughts on the whitepaper : What attracts me the most is the Transparent Open Fund Management (OFM) platform, the idea of individuals creating their own investments funds is really powerful, in the old economy although possible it is prohibitively expensive to do so and to attract investors is impossible. For investors into the funds the transparency is another differential and also powerful. But do i think the platform will disrupt the asset management industry ? Unfortunately in my opinion not while the platform allow just position on coins, if at any point in time in the future i am also able to buy other assets through the platform, example i have a portfolio which is short ETH, long S&P500 and short USDJPY, then this have a real potential of disrupting the industry, but i imagine we are far away from this reality at this point, because of regulation. But still it is an idea that i want be in from the start because the successful paths that the platform can take are many, even if the OFM doesn't fly on the short/middle term. Also can't wait to open my own crypto quantitative fund !  You are right. It will be very hard to disrupt classic asset management from the old economy. Regulations, rules and everything. And this world of ours is moving way too fast for the old one to follow at the same pace. Is there any possible situation that my initial stake in the platform gets diluted by any management action ? Like a second round of tokens issue, creation of another form of stake in the platform. If not, how this is guarantee ? It will be baked in the contract. 100m is the coin cap. |
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You get paid in one you participated. One from signature campaign thread is limited to 100 participants and will be paid in btc. One from our blog post gives you our tokens. You can participate in only one of them. After all, signature and profile is one. |
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I read op and watched presentation on YouTube (very formulaic, I must say) and I see that your main goal and target is to bring people who are totally new to cryptoworld to invest in your project.
But you are not giving out any serious vibe, and saying something like: 'we can make you rich with no problem, without risk' is not something that seasoned investor of 'old economy' will believe in easily.
Gathering 2000 BTC is not easy task either. Will you abandon this project if you fail to do so? Or will try to find alternative sources of founding?
We'll create new financial services for people outside of crypto so they can easily invest. Unless there is an easy to use service that buys you coins with fiat they won't come. We are not saying that we can make anyone rich with no risk. What we are saying is that in order for outside people and outside money to flow into crypto new services needs to be offered to them. No seasoned investor will buy BTC on one exchange, transfer them to another, then buy there some coins with BTC. For them that is mission impossible. And when they come to crypto it will be good for all. In case we failed to raise 2k BTC we'll grab institutional investors money. |
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Damn wth is that I don't understand what you propose that any of us can't do without you ? + you speak about today market not offering returns (look at SPX please... just at ATH). Then if you defend yourself speaking about cryptocurrency market and its volatility, well again, nothing new. Just have a look at all the pennystock everywhere in the world. Anyway, if someone could explain me the point of iconomi I would be grateful  You are from the community. For you it is easy to to buy BTC on one exchange, transfer it to another. Buy a token there that has a value and is not something scamy. But for any outside investor, not familiar with anything crypto, that is mission impossible. They wanna put fiat somewhere and grab certain tokens. We are solving 3 problems for them: - how to buy (it is too hard for them now - hard to imagine.. but people need fiat to buy tokens) - what to buy (over 700 coins, and only like 30 or so that are worth putting money in - see where doge/peer/etc were once and where they are now and where they will be in the future. besides, with new ICO surging there will be over 1000 new ones next year (that's like 3 new ones per day). that will be hard or impossible to monitor, make proper due diligence. this will have to be done systematically, and this is part where it might be interesting even for the community. because you don't wanna miss good ICO and with that many, this will happen. even to us with systematic approach, but on a smaller scale) - how to keep secure things. yet. if someone figures all that out. he will just leave things on exchange until it gets hacked. and for us within the community it might be a problem as well. like how do you create multisig cold wallet for Sia or Storj? not that easy. This is what ICONOMI is all about. If we want outside investors and outside money to flow in, new financial services needs to be provided. And here we're creating one. Now we are funding the operator of the funds. Where you become a shareholder of the company to say. And funds that will be sold to outside investors will create certain profit that will be distributed to us as operators and shareholders as owners. It will be first "coin" with dividends. SPX... adjust with inflation and it's not that great anymore. German 10y bonds with negative interest rate are not selling for no reason. |
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My thoughts on the whitepaper : What attracts me the most is the Transparent Open Fund Management (OFM) platform, the idea of individuals creating their own investments funds is really powerful, in the old economy although possible it is prohibitively expensive to do so and to attract investors is impossible. For investors into the funds the transparency is another differential and also powerful. But do i think the platform will disrupt the asset management industry ? Unfortunately in my opinion not while the platform allow just position on coins, if at any point in time in the future i am also able to buy other assets through the platform, example i have a portfolio which is short ETH, long S&P500 and short USDJPY, then this have a real potential of disrupting the industry, but i imagine we are far away from this reality at this point, because of regulation. But still it is an idea that i want be in from the start because the successful paths that the platform can take are many, even if the OFM doesn't fly on the short/middle term. Also can't wait to open my own crypto quantitative fund ! You are right. It will be very hard to disrupt classic asset management from the old economy. Regulations, rules and everything. And this world of ours is moving way too fast for the old one to follow at the same pace. |
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ICONOMI tokens will be issued on the Ethereum platform as a smart contract. Initial distribution will be assigned to accounts participating in the ICO. After that, token will be easily transmittable to whichever private key you want or simply kept safely on ICONOMI platform. Token supply will not be increased and there won’t be any inflation of ICONOMI tokens.
ICN token supply: 100 mio
Crowdsale: 85 mio
Early stage marketing and bounties: 2 mio
Advisors: 2 mio
Team: 8 mio
Reserve for future team: 3 mio
1.That's all specs? Token supply will not be increased - 100 millions total max amount of supply tokens,right? If that right how you would be paid a stake part to every member of your startup hype you would be doing that manually from your dev fund,sending stake rewards to your clients,monitoring states of tweets RT,posts,re-posts.
2. If here we have a stake rewards,may be here would be used a PoS method of work after launch? If here would be use PoS,what about stake interest per year for ICONOMY?
3. Your Premine have same amount with max amount of total supply tokens,right? So here not available generating new tokens after launch,if you sell all ICO funds by your ICO campaign. In that case we must getting a static amount of tokens since launch right? Or you are simply not getting full info about that part of your specs? Can you getting more clear info about?
4. If you are want be based on Eth platform ,why you are plain to collect and hold a main part of you ICO fund in BTC? You are not believe in Eth future? But if you are want be build on ETH platform,work of your net fully depends from ETH,and price here depends too.
5. And really guys what you want to realize in the end( if all your plans not a simple bookmarks and empty noise) ? ICO centralization fund for decentralize cryptocurrencies? On that moment trading,using,mining crypto it's a crime in EU or anywhere else? Alternative decentralize economic have now ways for use it legal without ICONOMY centralize funds,without simply speculating interest what else you can present here? No any innovations,no new algo or technical features,no any new ideas(promises),Standart pump and dump OP with 2000 Btc lowest start level. Why not a 18 million of BTC guys? If you are collect it you are can control fully all market. Good luck. First investors catch profits here anyway. 2000 BTC not a problem after LISK,right guys?
Great questions! 1. More specs will come early next week. But as it will be issued on top of Ethereum there won't be any POS/POW etc. Contract for now will be issued on ETH chain. Token supply will be fixed at 100m. Twitter/FB bounties are done via API. We can't count that manually. Newsletter is straightforward. Signatures and translations have to be checked at first and will be counted at the end of campaign. Monitoring will be done asap as campaign starts on our ICO site. 2. On top of Ethereum. Why we don't run our own blockchain? Because value is elsewhere. Not on a blockchain itself. Kind of like why Xaurum migrated from their own blockchain on top of ETH chain. 3. Crowdsale will be for 85m tokens. 15m will be distributed and reserved for team and future use cases. The distinction here compared with other "coins" is that this is actually share of a company which will be generating value and providing "dividends" back to the token holders. 4. We'll be collecting funds in BTC / ETH / LSK. Only threshold is set up in BTC number. We could also say 1m USD or 100k ETH. It's just for perception. 5. To understand what we're doing you need to forget "coin" mentality. This is not just a coin. If you have time please do read our whitepaper. It's really well written. We'll create a product for the whales of this world don't want to go into hundred of different blockchain projects and cryptocurrencies, they often just want to invest into the broader picture. Blockchain - yes or no? And ICONOMI will offer them exactly that. Just to be clear the 8 mln your claiming for the Team will be your salaries ? U wont be dipping into the 2k + Btc u hope to raise to pay yourselves ? How will those 8 mln be distributed to the team ? not all at once I hope. 8m will be distributed to the team in the same way Ethereum did. This is for the team. We'll publish blog post about that as well. Addresses will be public and distribution will also be publicly known. And we'll set a rule that we can not sell anything before certain conditions are met. That way, you can be sure team members won't be dumping anything. 2k+ BTC will be used for funding. So yes, of course we'll be spending this. While we'll have this amounts we'll also be distributing 100% of profits to token holders. That way, ICN token holders will get 100% of our profits as dividends. |
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