RT @crypto_bobby: Iconomi essentially discontinuing their $ICN utility token, re-issuing as a security token, and offering a buyback to token holders at (presently) a 13% premium if exchanges stop support. Will be interesting to watch if others try to do the same https://t.co/K1AFpYnGzP
Iconomi essentially discontinuing their $ICN utility token, re-issuing as a security token, and offering a buyback to token holders at (presently) a 13% premium if exchanges stop support. Will be interesting to watch if others try to do the same https://t.co/K1AFpYnGzP
I’m just really hoping the rate they give us is honest and true to their word that icn tokens were 100% ownership of the company. otherwise there’s just no way anyone could ever trust the leadership of the company it’ll be doomed from the start if they don’t honour their word. Everyone who supported them will feel deceived. I’ve been a quiet supporter throughout but to say I would be extremely disappointed would be an understatement. I’m Happy to see what comes of this, as I can understand the need to become a Legitimate company. But if this is not at a reasonable rate of near 1:1 token swap to shares then I think people can safely say they’ve been stuffed.
If 1 ICN represents a pro rata share of 100% of the Iconomi platform (as stated repearedly), then anything else than honouring 1 ICN = 1 eICN is fucking everybody over by going back on what you promised. Definitely going to talk to lawyers over this.
Please help me understand how a guaranteed price of .0019 ETH per ICN wouldn't make me want to go out and snap up ICN at anything under that price in the coming months. (Unless, of course, I didn't trust Iconomi....)
Nutcrako4 - 5 years account age. 63 - 125 comment karma.9 months ago
The medium article said that the team would buy *IF* ICN stopped trading at exchanges. I'm not sure what kind of exchanges they are referring to, but it'll probably not get delisted en masse, and most likely will continue to be available in most DEXs for some time
I think we can expect more of this to come. The grey area of regulatory approval is becoming...less grey. And that actually means bad things for some. Personally I think security tokens and STOs (security token offerings) are the next big engagement and adoption wave for all of crypto, perhaps alongside non-fungible tokens and dapps like Gods Unchained.
That said, Iconomi at least appears to be giving its investors a path forward. They probably don't have to. But if they didn't their reputation would be destroyed so in a way it's their only choice.
I don't think they ever really wanted ICN to just be a utility token. It's detailed in the whitepaper that ICN represents ownership, but they could never implement that
lakopy1 - 2 years account age. 200 - 1000 comment karma.9 months ago
Yes I agree. It was the only way for them to go forward. It's actually exciting for all those ICN holders that will now officially become shareholders of the company, especially since the book value is considerably higher than iconomis market cap.
ICN tokens have always been like shares. I don't really understand why everyone is always clamoring about utility. Most shares don't yield much dividend (and have no utility) but do represent the value of the company and provide voting rights. eICN will do this better than the current tokens. Currently, ICN is trading for 0.001739 ETH. No matter what happens, you're guaranteed a price of ETH 0.0019 in November. Seems like a good opportunity to make a guaranteed profit.
Whats ridiculous is they are now trying to offer anyone who cant convert shares to eICN only .0019 ETH/ICN rather than what should be our equal share of iconomi's assets as was always stated. They are completely going back on what THEY have stated over and over to reassure people. Everyone should be pushing them to do the right thing and give the ones who want to cash out their actual share of Iconomi assets as was always stated if they were to close down as a company.
"The value of one share will be set to 1 CHF, and the ICN/CHF exchange rate will be determined and duly published at a later stage, taking into consideration the specifics of this case and the provisions of applicable laws."
We will have to wait and see although I presume the exchange rate will be used to cover the cost of buying ICN back at .009 if the market rate is beneath that. Fair enough IMHO.
Also, the ICN/CH ratio was never going to be 1/1 because of the volume of ICN that will be burnt during the buy back. Dilution other than for the reason above seems unlikely.
They really need to figure out a way to take care of U.S. and Canadian investors. It's been a long time and it's just not right to be forced out, gotta be a way for us to get our shares, even if their held until we have regulatory framework, has to be a way. I can't take this loss.
With this decision, strong foundation has been laid by Iconomi team to declare what everybody has been echoing these past few months. ICN is/was a Shitcoin from beginning and they don't care about investors who invested in ICO. They will take your money if you are in US for ICO, but they won't let you have their shit shares in exchange.
Ok as im not a techinal guy or a professional trader ... im a hodler from europe and invested a lot of eth in icn with a pretty high average so that 0.0019 is pretty much out of the question for me .....
There is a lot of negativity here , can someone tell me the positive side of this ?
No.. it really isn't at all. Especially when you have the threat of them just changing their company direction and issuing new bullshit tokens and forcing many investors to liquidate at whatever price they set. While constantly saying they will come up with a utility for the token.
I will probably get attack by fanboys with pitchforks, but this is a real shitty move.
Doing this at a moment when all massive sell pressure has worn off after all those months hodlers had to see the rate go down.
It is finally going up and boom, Iconomi decides to fuck over the utility token :/
Agree completely. They don't care about the people who invested in this project and made them millions and financed their company. All they care about is money, and this is a clear as fucking day move that shows these people have no idea what they are doing and don't have a direction and are more than willing to fuck over the people who believed in them and financed it from the beginning. Now they are forcing many to liquidate at a laughably shitty ETH/ICN price of .0019 ETH per ICN. I hope this company goes down in fucking flames.
Exactly.. They kept saying ooh trust us, trust us, we have a plan for ICN to be a utility token don't worry for a fucking year and a half. And now they just switch directions, say its not a utility, its a security, and only tier 2 registered people can own this security, sorry if your a US or Canadian citizen or others, but WAIT DONT WORRY, theres this awesome opportunity were giving all investors to liquidate at a LOW LOW price of .0019 ETH per ICN.. Doesnt that sound great?? They are literally giving us the finger and laughing while they have already made millions and will make more from this underhanded BS deceptive tactic.
Pretty much. Even the 180 day average is a joke. Why not the average of the ICN lifetime? Why not even the 365 day average. It's complete bullshit, while they hark on about transparency, and due diligence, yet there is one person official here, and they aren't even answering questions. Mostly as they don't have any answers, as they are making it up as they go along.
Because Iconomi only exists because of the patience of the token holders who have been taken for a total ride and are being told now to get lost. The final shake will be do it all over again this time with "shares". Total disrespect and contempt for the small investors. IMO the company should be liquidated.
>What will happen with regards to the ICN in the treasury?
The ICN in the treasury will be converted to eICN.
>Will the eICN still trade on exchanges (e.g. Binance)?
It is too early for us to comment about anything related to eICN and exchanges.
>What does the 'e' stand for?
The "e" stands for "equity."
So basically you are starting the process in less than 30 days, and you don't even have a notion yourself what am eICN represents, what the functions will be, how it will be used, or what the benefits of ownership will be?
I am sorry, but this is a complete joke. A complete and utter joke.
How have you let your knickers get this twisted? Listings on exchanges are never announced before they happen because it is illegal to do so. You have taken this simple fact and taken it to mean that they have no idea about anything to do with the token. Quite a leap...
> How have you let your knickers get this twisted?
Because this announcement has come completely out of the blue, and is not followed by much actual information. Not to mention the buy out price is at nearly the bottom of the market, with a back-stop price of a 180 moving average - which doesn't take into account any time from ICO to the bull market. Seems a but convenient.
> Listings on exchanges are never announced before they happen because it is illegal to do so.
What do you mean illegal? In what jurisdication? Under what law? We don't even have the details of what the eICN actually is. Regardless of that, they do not have to tell us what exchange, just that it will be a traded security, on open markets, just as ICN is/has been.
> You have taken this simple fact and taken it to mean that they have no idea about anything to do with the token.
Because it seems they don't, and are just reacting as they have been threatened with Legal action regarding the selling of the ICN token to US and Canadian buyers.
> which doesn't take into account any time from ICO to the bull market
The cost of not selling during the bull market is that your coins are worth significantly less today than they were. This has happened regardless. You are being offered more than market value.
>What do you mean illegal?
This is widely applicable across jurisdictions so as to avoid insider trading.
> Because it seems they don't, and are just reacting as they have been threatened with Legal action regarding the selling of the ICN token to US and Canadian buyers.
Two documents released today with significant amounts of information and clear direction. More to follow.
They are literally doing the same thing over that they started with ICN. They are exchanging to eICN and will probably take a year or two before they actually tell people what the true functions of the token are or never will and just fleece people for as much money as they can. This project is fucked at this point. They already had a rocky reputation but this move just cements the fact they have no clue what they are doing and are happy to fuck over original investors to figure it out.