Long time lurker here and a holder of a considerable amount of these.
Their most recent statement left me, befuddled to say the least. Let me explain.
First of all, almost all ICOs as one of the first orders of business other than create a wallet try to get their coin listed on an exchange. Common sense tells us that this is so that market forces can decide a price for said coin.
By XFC not explicitly addressing the exchange issue and instead mentioning they are creating "their own exchange service", this tells me they are more concerned with creating a one way money funnel. Currently, you can buy XFC for fiat, on their own exchange, you will also be able to do the same. This allows them to control the fiat exchange price. By not allowing it to be listed on a crypto exchange, they aren't allowing their coin to be subjected to normal market forces, and the only justification for such an approach is to try and fix the price for their token to fiat. If you can think of another reason they would do this, I'm all ears.
If their original intention was to turn this into an arcade token or gift card style form of currency for their game, and to only allow the exchange of this currency into a one way money funnel (to them, and them only with no way of getting it out) then they merely exploited the crypto community on two accounts: one, they took advantage of the current enthusiasm in the cryptosphere to raise a lot of money in their ICO, anonymously, mind you, and second by doing an ICO, they did so knowing that a notable unregulated investment mechanism will have no legal recourse should things go awry.
As I said, if their original intention was for this to just be a game where you buy in with fiat, have your game tokens and play the game with no incentive for cashing out, where your tokens won would simply just allow you to continue to participate in tournaments or own more cards, then this should have been stated from the beginning.
I can assure you that I'm not trying to spread FUD here, I'm merely a concerned investor that by not explicitly stating in their roadmap, any intention or PRIORITIZATION of allowing this token to be subjected to either market forces or to be listed on an exchange that actually has volume, then this is deeply concerning/borderline scam-like behavior.
While I am happy they are working out their technical issues due to the limitations of their original blockchain, to not come out and say that they are dedicated to creating the MARKET aspect of their platform, a key feature on their website, then I am afraid we are all being taken for a ride. By only allowing money IN and not OUT, they are not only allowing themselves to control the price for more favorable XFC to fiat transactions, but they are leaving crypto investors holding a very heavy bag with no way of moving it.
I, and I would imagine others, welcome from the developers a specific response to the issue of how they are intending to handle subjecting this token to actual legitimate market forces (i.e. listing this on a legitimate third party exchange) beyond their own proprietary exchange which will likely have extremely low volume. The fact that this was not mentioned on their lengthy roadmap/feature list is extremely troubling, and it probably should be for any of you that wants to see this as an actual marketplace-styled fantasy game beyond an online soccer version of Magic: The Gathering.
Their most recent statement left me, befuddled to say the least. Let me explain.
First of all, almost all ICOs as one of the first orders of business other than create a wallet try to get their coin listed on an exchange. Common sense tells us that this is so that market forces can decide a price for said coin.
By XFC not explicitly addressing the exchange issue and instead mentioning they are creating "their own exchange service", this tells me they are more concerned with creating a one way money funnel. Currently, you can buy XFC for fiat, on their own exchange, you will also be able to do the same. This allows them to control the fiat exchange price. By not allowing it to be listed on a crypto exchange, they aren't allowing their coin to be subjected to normal market forces, and the only justification for such an approach is to try and fix the price for their token to fiat. If you can think of another reason they would do this, I'm all ears.
If their original intention was to turn this into an arcade token or gift card style form of currency for their game, and to only allow the exchange of this currency into a one way money funnel (to them, and them only with no way of getting it out) then they merely exploited the crypto community on two accounts: one, they took advantage of the current enthusiasm in the cryptosphere to raise a lot of money in their ICO, anonymously, mind you, and second by doing an ICO, they did so knowing that a notable unregulated investment mechanism will have no legal recourse should things go awry.
As I said, if their original intention was for this to just be a game where you buy in with fiat, have your game tokens and play the game with no incentive for cashing out, where your tokens won would simply just allow you to continue to participate in tournaments or own more cards, then this should have been stated from the beginning.
I can assure you that I'm not trying to spread FUD here, I'm merely a concerned investor that by not explicitly stating in their roadmap, any intention or PRIORITIZATION of allowing this token to be subjected to either market forces or to be listed on an exchange that actually has volume, then this is deeply concerning/borderline scam-like behavior.
While I am happy they are working out their technical issues due to the limitations of their original blockchain, to not come out and say that they are dedicated to creating the MARKET aspect of their platform, a key feature on their website, then I am afraid we are all being taken for a ride. By only allowing money IN and not OUT, they are not only allowing themselves to control the price for more favorable XFC to fiat transactions, but they are leaving crypto investors holding a very heavy bag with no way of moving it.
I, and I would imagine others, welcome from the developers a specific response to the issue of how they are intending to handle subjecting this token to actual legitimate market forces (i.e. listing this on a legitimate third party exchange) beyond their own proprietary exchange which will likely have extremely low volume. The fact that this was not mentioned on their lengthy roadmap/feature list is extremely troubling, and it probably should be for any of you that wants to see this as an actual marketplace-styled fantasy game beyond an online soccer version of Magic: The Gathering.
Zanos,
You've made some well thought-out points and I also look forward to a response from Octa but I didn't take the original statement to mean that the new exchange service would stop XFC being traded on other exchanges.
"we will launch a new exchange service, especially helpful for the users outside of the cryptocurrency community, for easier access to XFCCOIN currency"
I just took this to mean that you'll be able to buy XFC with your fiat. Once you have those XFC there's no reason why you shouldn't be able to transfer them to an exchange as and when you want.
Trying to have total control over the exchange of this coin would severely limit the potential of this project and I think the developers have put too much work into this so far to all of a sudden blow its kneecaps off. Of course they could walk away right now with a few million in ICO funds but they could make life-changing amounts EACH if they continue to develop this project and let the market decide what one XFC is worth.
