https://www.reddit.com/r/ICONOMI/comments/63rjxv/question_for_all_the_questionmakers/nice little thread there with some pertinent questions:
for example
If you invest in a small start up in the conventional economy, do you expect to speak to the executives on slack everyday? Do you expect to have every question you ask on reddit and other online forums answered?
No, but usually investors have access to business plan, financial reports, etc. (I am a startup co-founder so I know how it works.)
ICONOMI doesn't seem to be very transparent in this respect. For example, I'd like to know fee structure on ICNX and ICNP. That kind of stuff should be in the business plan. But it isn't available anywhere, as far as I can tell.
Also, standards for funds are much higher than for "small startups": they are expected to post NAV on daily/weekly basis. Even in crypto space people do that.
Instead of having a clear policies and clear reports, ICONOMI is like "we have earned some money, will buy back!". This is extremely unprofessional.
dude, at this point we do not even know where, or even if, they incorporated. consider how crazy this sounds. I tried looking for it and this is the only thing I found:
https://www.reddit.com/r/ICONOMI/comments/5vi3go/details_please_on_iconomi_inc/de2xpmi/so, if anyone from the team reads this, please, where are you incorporated? and do the ICN tokens still represent ownership
Iconomi is going to release quarterly financial reports, if they fail to do this for Q1 then we have a problem. I believe it is supposed to come out this month. Q1 ended on March 31st we have to give them time to compile the report.
Business plan as in a whitepaper and a roadmap? Because Iconomi has both of those, although they do need to update them to reflect changes. They have kept us up to date with most changes (such as switching to burning and the splintering off of cofound.it) through their medium posts, though.
https://medium.com/iconominetIconomi is not a fund, ICNX is a fund and ICNP is a fund but Iconomi itself is not. Iconomi is- for lack of a better word- a cryptocurrency startup. You can follow ICNX value in real time and there are good reasons for not giving away re-balancing information ahead of time (to prevent front running, this was outlined by them in their "business plan"). They recently told us how many users were currently on the platform and how much they had currently collectively invested into ICNX.
For ICNP they have good reason for not announcing which projects they invest in until after the ICOs have closed (and they said this was the way they would do it from the get go in their "business plan"). You can track the ICO funds that were raised at their respective ICO addresses. They have disclosed each investment into ICNP after the ICO has closed as they said they would. They have disclosed the profit they took from their Golem investment, which brings me to the below point in regards to the buyback:
The reddit user acts as though Iconomi is just like "we have earned some money, will buy back!"
But Iconomi said they earned 1000 ETH by selling 1/3 of their ICNP investment into Golem, they said they would use that 1000 ETH to buy back over a 90 day period. They also previously disclosed how much they originally invested into Golem shortly after the ICO had closed. I think they will disclose more details surrounding the burn after it has been conducted, as with the funds they don't want to disclose how it will be conducted prior to prevent market manipulation and front running. If they don't disclose such information then we have a problem, but again just like with the Q1 financial report it is too early for us to act like there is already a problem.
The way that person is presenting the situation seems purposely misleading. Iconomi has been far more revealing and transparent than they allude to. And I'm not saying they have been perfect or that there aren't things they need to improve or need to address.
From my perspective these are the legitimate issues right now with Iconomi.
1. Why aren't we trading on more platforms yet? I don't think this has been address yet and this either needs to change or at least be addressed with a proper reason/answer. It was nice to see we will be added to shapeshift though. Perhaps ICN is trying to stick with more financially mature/professional platforms such as Kraken and shapeshift? They should at least explain their reasoning. If we are suddenly on polo or bittrex only after their ICN is unlocked that would be a huge red flag.
2. They need to disclose the rate at which people are being provided beta access to the platform and an estimate as to how long before release to the general public (an estimate not only for ICNX but also the DAMP as a whole), or in other words they need to readjust their roadmap/timeline/"business plan" to reflect recent changes/delays.
3. They need to disclose where Iconomi, INC. has been incorporated and clarify what ownership rights are given to ICN holders.
In regards to 3. Jani said this:
jani8x 5 points 1 month ago
"In a favorable jurisdiction we can not name yet. As I said: it's SPV."
https://www.reddit.com/r/ICONOMI/comments/5vi3go/details_please_on_iconomi_inc/de2xpmi/Probably not something they want to disclose willy-nilly on reddit or BCT, where it will get buried anyways and forgotten. Also I imagine incorporation of a crypto company can be tricky and take some time, or at least Lisk's process of doing so sure made it seem that way. Also people need to stop acting like they know what kind of legal and regulatory issues Iconomi is running into, and how SPVs and NDAs work in this sphere. What Iconomi is doing is brand new and largely unprecedented so unless you have also tried to start up and incorporate a company for managing crypto index funds (and want to be a fiat gateway as well) you probably don't know what the fuck you are talking about. Look at how long it took Lisk to form a non-profit and how little information could be disclosed during the process (and subsequently how long it took for them to produce their first financial report), what Iconomi is doing is likely more difficult considering they are not a non-profit, want to be a fiat gateway, are dealing in index funds and are responsible for management of other people's money, etc.
Give them time to do this the professional way, by making an official statement when everything is in place. I imagine it will be disclosed in the Q1 report, let's wait and see.
I've been away from the scene for the last few days so I may have missed additional information that came out during that time so somebody let me know if that is the case.
