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Author Topic: [ANN] ICONOMI - Digital Assets Management Platform  (Read 28238 times)
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kalpit
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February 22, 2017, 05:08:35 PM
 #641

I have some questions on how does ICNX work.

Would cryptocurrencies be bought each time a new ICNX is created?

For example, if composition of ICNX is 50% BTC and 50% ETH (just assumption)
If I buy $1 worth of ICNX, would .5$ of both btc and eth be bought by Index fund immediately?

Wouldn't it mean lots of wastage in fees?
Real ICNX has 12 cryptocurrencies. For each purchase of each cryptocurrency they have to pay gas and fees of exchange.

Yes, when you buy ICNX from Iconomi platform, buy orders are executed on your behalf and the ICNX tokens are created. I'm sure they have a way better fees plan than the average trader. In addition, there is a 0.1% entry/exit fee, so basically it will cover all fees paid by Iconomi.

Keep in mind that people will also buy ICNX from exchanges, and in that case no fees will be paid by Iconomi.

I got your point.

But, entry fee is just 0.1%. If Index Fund buys each of the crypto, they have to pay fees of exchange which would be around 0.1% (would be more for some cryptocurrencies) and also transaction fees/gas.
I can see three solutions to this problem-
1. Minimum purchase amount of ICNX would be higher (maybe greater than $10).
2. They make their own exchange.
3. They sell ICNX monthly/weekly. To club all the purchases and minimise the fees.

All exchange fees are percentages, so they scale proportionally to the amount invested so it doesn't matter whether purchases are large or small...

1% of 10000 is 100
1% of 10 a thousand times is also 100...

Or maybe I'm missing what you are getting at.

ETH gas is a fixed amount instead of a percentage of the transaction so that is the only thing I can think of that would set a minimum buy limit, but the price of gas is super cheap.

If Iconomi used Poloniex for purchasing assets for index fund for example. It would cost them more than 0.1% fees to purchase (if daily trade volume is less than 24000 Bitcoin).

Gas fees are low. But when compared to a $1 purchase, they cannot be neglected.

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February 22, 2017, 05:23:07 PM
 #642

Iconomi will be working out deals (if they haven't already) with exchanges to get special deals. I am sure many exchanges would love to compete for Iconomi's buy volume and would offer them discounts.
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February 22, 2017, 05:31:29 PM
 #643

3% Management fee (yearly calculated every 6 hrs)
0.1% Entrance / Exit fee

Start reading up people
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move that crypto


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February 22, 2017, 05:37:49 PM
 #644

I have some questions on how does ICNX work.

Would cryptocurrencies be bought each time a new ICNX is created?

For example, if composition of ICNX is 50% BTC and 50% ETH (just assumption)
If I buy $1 worth of ICNX, would .5$ of both btc and eth be bought by Index fund immediately?

Wouldn't it mean lots of wastage in fees?
Real ICNX has 12 cryptocurrencies. For each purchase of each cryptocurrency they have to pay gas and fees of exchange.

Yes, when you buy ICNX from Iconomi platform, buy orders are executed on your behalf and the ICNX tokens are created. I'm sure they have a way better fees plan than the average trader. In addition, there is a 0.1% entry/exit fee, so basically it will cover all fees paid by Iconomi.

Keep in mind that people will also buy ICNX from exchanges, and in that case no fees will be paid by Iconomi.

I got your point.

But, entry fee is just 0.1%. If Index Fund buys each of the crypto, they have to pay fees of exchange which would be around 0.1% (would be more for some cryptocurrencies) and also transaction fees/gas.
I can see three solutions to this problem-
1. Minimum purchase amount of ICNX would be higher (maybe greater than $10).
2. They make their own exchange.
3. They sell ICNX monthly/weekly. To club all the purchases and minimise the fees.

All exchange fees are percentages, so they scale proportionally to the amount invested so it doesn't matter whether purchases are large or small...

1% of 10000 is 100
1% of 10 a thousand times is also 100...

Or maybe I'm missing what you are getting at.

ETH gas is a fixed amount instead of a percentage of the transaction so that is the only thing I can think of that would set a minimum buy limit, but the price of gas is super cheap.

If Iconomi used Poloniex for purchasing assets for index fund for example. It would cost them more than 0.1% fees to purchase (if daily trade volume is less than 24000 Bitcoin).

Gas fees are low. But when compared to a $1 purchase, they cannot be neglected.
I see I miscalculated in my last post

They will probably have special low fee accounts with exchanges.  Otherwise, you are right, it would cost more than 0.1% with standard account on an exchange like Bittrex: 11 x 0.25% = 2.75%

There is no gas fee involved unless you withdraw ICNX tokens from iconomi.net.  Just like any crypto platform, there will be withdraw fees to cover gas/transaction fee.

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February 22, 2017, 06:12:57 PM
 #645

Reminder to ALL:

Please do not reply to the FUD group, including but not limited to cryptoinsiders.


Just hit 'Ignore' and move on

ICONOMI questions? CLICK HERE FIRST FOR FAQs....
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February 22, 2017, 06:26:22 PM
 #646

Reminder to ALL:

Please do not reply to the FUD group, including but not limited to cryptoinsiders.


Just hit 'Ignore' and move on


Isn´t there anyone from bitcointalk who could kick his complete account out of this community?

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February 22, 2017, 06:28:19 PM
 #647

Jani response for Mal's question on reddit about incorporating Iconomi:

"ICONOMI Inc. was incorporated after the conclusion of the ICONOMI ICO and officially became the service operator of ICONOMI with the release of the ICN tokens. We have decided to use a separate entity, a special purpose vehicle, as it is the most straight-forward and logical solution. ICONOMI Inc. will not be accepting fiat deposits and/or fiat withdrawals, but it will cooperate with several fiat ramp-ups, including Cashila, which will be integrated in a user-friendly way."

https://www.reddit.com/r/ICONOMI/comments/5vi3go/details_please_on_iconomi_inc/de2qqgn/


ICONOMI questions? CLICK HERE FIRST FOR FAQs....
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February 22, 2017, 07:47:51 PM
 #648

Jani response for Mal's question on reddit about incorporating Iconomi:

"ICONOMI Inc. was incorporated after the conclusion of the ICONOMI ICO and officially became the service operator of ICONOMI with the release of the ICN tokens. We have decided to use a separate entity, a special purpose vehicle, as it is the most straight-forward and logical solution. ICONOMI Inc. will not be accepting fiat deposits and/or fiat withdrawals, but it will cooperate with several fiat ramp-ups, including Cashila, which will be integrated in a user-friendly way."

https://www.reddit.com/r/ICONOMI/comments/5vi3go/details_please_on_iconomi_inc/de2qqgn/



Yeah ICONOMi team wasnt gonna screw us over or anything like that. Witht their calliber of a team, we can be sure we invested into something that is gonna be huge. Just wait and see Smiley
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February 22, 2017, 09:33:37 PM
 #649

Quote
Yes. The ICN token is a representation of ownership over the profits of Iconomi.

Thanks. The website is very unclear but I found a lot of answers on the following pages, am listing them in case anyone else finds them helpful:
https://medium.com/iconominet/faq-update-1-1d3ab37dc324#.ljqz0vs9q
https://bitcointalk.org/index.php?topic=1587736.0
https://medium.com/iconominet/legal-part-1-42fa72e1f157#.i665lqhrt
http://axon.partners/uncategorized/ico-and-crowdsale-literacy-class-for-cryptocurrency-investors/

Now I understand all the FUD. But anyone who is investing in this is taking into account all those risks.
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February 22, 2017, 09:44:53 PM
 #650



Kraken has no intention of delisting ICN and that was even proven by a chat with their support who were surprised(to say the least) when they heard such rumors exist.

SEC won't come knocking on anything cause first they don't care and second nothing illegal has been done. US investors bought ICN tokens and they will be able to profit from dividends when they become available and sell their ICN at a higher price if they hold their bags long enough, so I see nothing wrong here either. Why would they want out from an easy money making opportunity like this? This makes no sense. Start making sense please! You've just been repeating the same debunked BS over and over for the past 3 weeks. You're even copy-pasting the same sentences.

Like I said, their behavior is the definition of insanity. They are either being payed to do it- or profiting off of it somehow- or they are literally nuts and think something has magically changed in the last 15 minutes since they last posted the exact same "concerns".

Doing something over and over again and expecting different results is not actually the definition of insanity. That is just a quote from Albert Einstein. It makes sense in physics, but not in psychiatry or, more importantly, criminal psychiatry (there is no such thing as insanity in medicine - it is a legal concept).

Or they know exactly what they are doing - using a very powerful concept which worked well throughout the history:



Translating it to this day case: A constant bombardment with lies will produce that iconomi investors will start dumping their tokens.


 

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February 22, 2017, 09:55:25 PM
 #651

didnt see much lambo pics and everything lately. even cryptoshithead is almost instantly deleted. i love it.

P.S. who applied for beta testing?

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February 22, 2017, 09:59:04 PM
 #652

didnt see much lambo pics and everything lately. even cryptoshithead is almost instantly deleted. i love it.

P.S. who applied for beta testing?

Indeed, he just made a shitpost a few minutes ago. I was just reporting it when boom it was gone Cheesy
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February 22, 2017, 10:28:31 PM
 #653

didnt see much lambo pics and everything lately. even cryptoshithead is almost instantly deleted. i love it.

P.S. who applied for beta testing?

Indeed, he just made a shitpost a few minutes ago. I was just reporting it when boom it was gone Cheesy

just like that
Smiley

Better to use that 'Ignore' option and not respond to their FUD and BS

ICONOMI questions? CLICK HERE FIRST FOR FAQs....
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February 22, 2017, 10:42:25 PM
 #654

Sold ICN at a low price, LOL Angry


sold sold on our buy orders weak hands!
 
in crypto people need to make their decision and study, it's this that make people rich or poor in this space.




I think one dump was necessary before platform launch.Now ICN is slipping from weak hands to be grabbed by strong hands.ICONOMI is not for noobs who sell at slightest panic.Remember people who sold bitcoin for $4 still repenting their decision.Same is going to happen with ICN sellers

lexusmike
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Today at 12:05:07 AM
 #655

didnt see much lambo pics and everything lately. even cryptoshithead is almost instantly deleted. i love it.

P.S. who applied for beta testing?

How can i apply for beta testing? can you provide a link? thnx

EDGELESS.IO — New Era Of Casino  || ICO || DISCUSSION
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Today at 12:34:56 AM
 #656

After getting slammed by Slovenian Government, Iconomi is running away to Cayman Islands.

http://www.a-tvp.si/Default.aspx?id=151&key=595


http://portal.kyckr.com/AvailableProducts.aspx?code=offline
https://www.reddit.com/r/ICONOMI/comments/5vi3go/details_please_on_iconomi_inc/
spendawgs
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Today at 12:54:10 AM
 #657

Anothrr lie

To Da Moooon!
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