WARNING About Iconomi ICN...
One coin that I personally liked was Iconomi... after they just launched their platform last month it was looking very promising as it makes investing in crypto easier using fund managers, and would be appealing and easy for newbies to invest in a basket of currencies.
However when I invested in early August they had 86,900,350 ICN coins in total. Now they have sold the company and all of a sudden there are 99,900,350 ICN thats an extra 13 million coins that appeared with no notice or any after announcements.
Iconomi was supposed to be a platform that rewards token holders by buying back tokens and burning them whenever they happen to make profit from their fund platform, this was supposed to limit the supply and drive the price of the coin up.
Now all of a sudden instead of coins decreasing 13+ million coins appeared out of nowhere to dilute the price, and this is not mentioned anywhere that I could find... (please comment below with a link if I missed the article)
Im guessing the new owners did this, but there is no guarantee that they wont do it again. So I sold my Iconomi at a loss as I only like to invest in coins and tokens that I like and trust the people behind the coin to a certain degree.
A lot of people are talking about what a bargain this coin is at the moment, unfortunately Iconomi is no longer one of my holds as I have lost trust in this coin, so if you are holding ICN Iconomi or buying during this mega sale, keep an eye on the supply of coins....
Until Next Time... Stay Wealthy
Colombus Capital took over management >>> https://www.reddit.com/r/ICONOMI/comments/6t33e5/iconomi_august_2017_reddit_ama/
Interesting did not know that... but still doesnt make sense as why they they disappeared on coin market cap, If I buy 10 million tokens and store them on a wallet for a year or more this wont dissappear on coinmarket cap.
Relief after having sold
Thanks for commenting....
1 Wrong. Columbus Capital will manage 2 of the arrays hosted on ICONOMI. You realise Columbus Capital is Jani, right? The CEO of ICONOMI.
2 Yes it does. They were vested tokens and were always on coinmarket cap as vested tokens.
Thanks for sharing. Love it. Followed...
oh dear, not more bad news for a coin I hold...
All the news recently has been incredible.
An array will be built on traditional stock exchanges (source https://medium.com/iconominet/introducing-columbus-capital-iconomis-first-asset-management-partner-5c64c3bc6abf?source=collection_home---6------0----------------)
Beta testers seeding with 100k USD will begin testing user created arrays (source https://medium.com/iconominet/become-one-of-the-first-iconomi-digital-asset-array-managers-1a4f1779a97e)
BLX is now live and has huge sums of money flowing in every day and lots of users (source https://etherscan.io/address/0x687aeda127fd2bd4f374c73e3724bf9b7c7a6b9c)
0.1% of supply already bought and burned pre BLX even being live! (source https://www.reddit.com/r/ethtrader/comments/6q1ova/iconomi_burn_contract_is_live_nearly_100k_icn/)
In short: price is low and profits increasing therefore buybacks will burn more.