Topic: ICONOMI - Live for today. Invest for tomorrow. - page 25. (Read 583532 times)

It's a matter of risk. No one should hold 9 figure wealth in a piece of software that hasn't even been audited. Whoever does that is in the wrong. The whole purpose of blockchains/smart contracts is you don't have to trust authority figures. That's why the code is public. Blindly relying on someone else's code is ok for small amounts, not for large amounts.

Many other Organizations also did the same. I think it was due to the trust on 'Parity', that they used it without some audit.

Just saying, whole development of major Clients makes Ethereum less 'trustless'.

It is irresponsible for the Iconomi team to use code that stores literally hundreds of millions of dollars without even a proper security audit. They raised a lot of money in the ICO - they should have used some of that for the audit of the piece of code that is the backbone of the entire system. Asking the whole Ethereum network to fork due to the irresponsibility of a few parties is what the Ethereum community doesn't want to do, hence the debate in the first place.

Welcome to the latest edition of the ICONOMI Weekly Update series: https://medium.com/iconominet/iconomi-weekly-update-9a9e9a9b0ebc

Sure lets call parity a incident just like the Dao “incident”, meanwile Vitalik zits in zwitserland Zuric in his million villa not having a fund in iconomi. I wanna open a fund in Iconomi and call it for the fun wtf Vatalik if the etherium community does not reverse the parity situation. Call me a conspiracy theorist but the Doa situation was needed and used to know what would happen to bitcoin/bitcoin cash the parity thing is just the next step to know what we will do and how we will react with the traped million bitcoins of Satosi Nakamoto. But lets not talk about why the exchanges hold icn while iconomi can be a exchange.

I for one like to call Parity and Dao coincidinks zo that everyone would understand

The next coin to be added to the ICONOMI platform will be LOOM:

https://twitter.com/iconominet/status/996759616250892288

https://www.futuretechpodcast.com/podcasts/iconomi-ervin-kovac-coo-ethereum-blockchain-based-digital-asset-management-platform/ what interests you begins at 5:20


"With these types of new digital assets security, custody is basically the key we all know what happened with some of the exchanges so the security of the assets of our users is our top priority. We have developed our own hot and cold security system that safely stores all these assets and it is very simple to use for the end user.

Some of these assets don’t offer multi sig wallets by themselves and that’s one of the systems we developed. Our system is like this: it goes from hot to cold based on the projected needs of these assets ever being to be moved. The lowest level is a multi sig contract with the highest number of participant or signatories required. They are all over the world and don’t know each other. This is the level we don’t expect to need to move often. There are some additional requirements based in to the smart contract that I cannot give out. So this is lowest level. As you go higher the criteria for security lowers. There are lower number of signatories in these smart contracts for the funds to move and when you get to the top you have some buffers for the small percentage of the total assets that basically insure the liquidity for the platform and these assets are controlled by the server and are naturally the most exposed. We solve this exposure with insuring them. So our hot wallets are insured so we have that covered and as you go lower all of these are done offline with hardware wallets, etc…
There are multiple levels of cold and hot storages and each of them is more or less complicated depending on the projection of how often those funds have to be moved."

unfortunately there's no good answer for the parity incident
The parity hacked library was a incident that should not happen, as we we're insured many times that the funds have been moved from parity wallets after other incidents in the past.

Hey Gutenhans what did you mean with “Your investment is not only very securely stored but also insured so there is no hacking risk”. My investment was icn and the parity hack (potential buy back monney) was not secured and insured. And what sane person would trust Deloitte, now i have to ask myself who audits Deloitte i dont know what kind of bonusses the ceo of deloite gets do you? Who cares what China does (and again Binance is in Malta) look at what japan is doing whit the bitcoin mt gox trustee guy. At they end of the day i dont trust China, Deloitte, Iconomi, Japan, Malta, Gutenhans or Binance, but tomorrow with a few kliks on the iconomi computer i can use iconomi as my exchange whatever fee is on there. And that is the point a few kliks and people will pay fees.

Again binance is a exchange and iconomi is a platform for index funds. insert "Different but the same, but still different" GIF

Binance did the 50% fee discount because of competition on a already established segment (Crypto Exchanges). On a exchange you exchange your funds for crypto and then if you're a sane person you get them out of there as quick as possible and store them as secure as you know and can. Considering a lot's of exchanges don't even bother with transparency it's a very high risk to hold you're funds long term with a exchange.

With the Iconomi Platform you are able to invest your funds in crypto projects. Projects that are selected by different experts who have their own skin next to yours. They re-balance the funds as they see fit so you don't loose you're time trying to keep the ratios in line with the project development. Your investment is not only very securely stored but also insured so there is no hacking risk. Besides the security you actually know and can be sure they have the money they claim to have because of the financial audit. At the moment they have no competition. Not real and not at the same level. Low fees/transparency/nina listed on stock exchange/fiat ramp up/security and so on

Iconomi is way more transparent in reality. Binance fakes trading Volume https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5e and can also be hacked - see the ViaCoin incident.

Putting your money with Binance long term means you have to trust a Chinese businessman/broker/developer for his word. In compassion with iconomi where you have all this security, insurances and transparency (financial audit) plus the columbus who looks like he knows what he's doing with the investment. Given that binance is putting every token that pays a nice commission even scams - see BRD, CTR and TUSD i would be carefull with letting my money sit there for more then a couple of minutes.

Iconomi is a lot more carefull what tokens they list

By GOD i've got nothing with the Chinese people but they way they deal over there it's incredible. They've fooled even the American stock market with so many firms that declared profits even 10x bigger than in reality. They've got away with it because who can get the truth in china? If you look at how binance fakes the volume and you don't see the similarity then i don't know what else can i tell you.

They've made a really bad name on the stock market and with serious investors because of this in the last 10 years. And that bad name can stick to binance too if people will see (i hope) the fake volumes the scam listing and so on.

Maybe you don't care about all this stuff because moving a couple of g's around it's not really a concern for you even if it should be. But for people who want to invest long term and be sure about the liquidity and the safety of the invest this is the perfect product.

There will be no quick burning of the tokens with iconomi, not one as you are so desperate to see. Patience is what many people are missing for good projects to grow.

Another day another coin added, this time it is Zilliqa:

https://twitter.com/iconominet/status/996406224336965632?s=21

ICONOMI Monthly Update for April

https://medium.com/iconominet/2018-monthly-update-iv-c91f95ad76fc

"WAN added to the ICONOMI platform! DAA Managers can now add WAN to their Digital Asset Array!" added for voting, proof and forecast on YEENOT TODAY https://yeenot.today/catalog/news/247
How much DAA will buy WAN?

about:
Wancoin (WAN) is Wanchain’s native token. Transactions consume a certain amount of WAN, and users pay WAN security deposits to cross-chain verification nodes when making transactions. Wanchain is creating a new distributed financial infrastructure and aims to power the new digital economy with their cross-chain smart contracts.

The first coin that was added in the new 10 coins in 10 days is Wanchain:

https://twitter.com/iconominet/status/996074253790441477

Its easy for iconomi to become a exchange its harder not to compete for buy backs. (i.e binance nr25 coinmarketcap and iconomi 126) Btw they are now both in Malta, if iconomi wants cheaper fees than binance the extra income from the funds make it posible? or do they want binance and the other exchanges to hold icn and in return iconomi is not doing the exchange? There is no advantage if icn does not do this and the price is volitile no mather what.

why not let them pay the whole fee (it's small anyway) ? iconomi is gonna convert it right away into ICN in the near future. Nobody is forced to buy ICN this way but the fees are translated to ICN anyway. We lose something like 0.10% or less from the actual fees during the conversion instead of 50% discount for using the ICN token to pay.
I'm sure Iconomi can do the conversion BTC/ETH > ICN cheaper than is for the average Joe to do it himself. That means in the end it's cheaper and easier for the customer to let Iconomi do the conversion for him, but for us it's the same

There's also more volatility that comes with such a system. Where would be the advantage?

I'm sure they've considered it, but their original aim was to become more of a fund manager...
So they're working on that first... Very different business model.

But I agree, the Binance model for the BNB token might be good to copy. E.g. give 50% discount if people pay fees using ICN.

Exchanges offer just a few FIAT/Crypto pairings, with Iconomi you will have access to all the funds with cash and in future buy also single assets/tokens.
A financial audit it's the standard for company's that list on the stock exchange where the big money moves around. In crypto at the moment are no such demands but will come with regulation. A financial audit it's already a tool used in the past that became a standard of security with the stock exchanges. Having that give's us and the investors peace of mind even if regulations hit over night.
These two things like fiat gateway and financial audit are for the index funds to grow and not for the ICN holder. We benefit from the token burns that happen as a result of more money on the platform.

I would say careful with everything that comes from China and has explosive growth. Regulations there are a joke. There's no transparency. No way to tell if the profits declared or the numbers that they give are real or not. Saying that you are worth 10X more that you actually are is first thing in Chinese marketing. I'm not referring just to scams but every other booming business in China. I'm sure that Binance makes the same thing pumping the numbers before they even got there.

If a fiat gate way takes a year why not become a Binance competitor a Iconomi exchange first i see the Binance tokens get burnt buy the millions. And see exchanges poping up everywere like its nothing why is this something for iconomi? I dont care for the fiat gate way or events/audits.

yeah finally they understood this type of marketing gigs like 10 days 10 new cryptos. What's touching my spot is the fact that they are in new york right in the moment when wall street wants to go in crypto and Nina (index fund) is gonna be there for them to do just that with FIAT and probably with the super low iconomi management and exit fees. There's no competition to what they offer. BLX and Pinta already have some history behind them and i think Nina is going also to pop the same crazy profits when open to investors.

Well this one really has some goddies. 10 new assets for managers to use and their first bank account is ready! Looking good for the short term.