For those of you who don’t know, ICONOMI is a decentralized investment fund hoping to act as a bridge between the two very different economies, namely fiat and crypto currencies. It experienced tremendous amounts of success during it’s ICO, when it managed to raise an amount of $11,319,689.82 with investors being able to deposit five different types of currency. Three of those were cryptocurrencies, Bitcoin, Ethereum and Lisk, while two of them were fiat currencies, Euro and US dollar.
This amount is to be split across 100 million tokens, making the inital value of each token approximately $0.113 or 0.00017439 BTC per token. This is a strong entry for the markets, but there is one single problem. The state of the Ethereum network was pretty bad, due to the DDoS attack that it was enduring. Because of the potential negative consequence over the value of ICN tokens on the exchanges, ICONOMI is holding out the genesis of the tokens, until the Ethereum network stops experiencing these attacks over the network, and we are all hoping this will happen soon!
Actually we are at the beginning of the transformation of this problem into a solution viable for every user of the network. Today is a significant day in Ethereum history, with a hardfork which happened at around 2pm UTC time. By now the upgrade to the network has passed without problems or technical complications. We hope that this upgrade will mitigate the negative effects of the attacks and bring back the entire network in working order. This will allow the community to relax and get back on track towards developing new solutions, or as is the case with ICONOMI, finally issue their product and start their day to day business operation activities.
One question that we’ve got from one our users is the following:
I’m getting frustrated with ICONOMI! They are holding out on my funds which I invested and I really really hope they won’t just outright scam me. I’ve invested in the ICONOMI fund and they’ve been holding out the issuing of their tokens for a week now. They claim it’s due to what is happening to the Ethereum network, but I’m getting nervous that I will lose my investment.
What do you guys think?
This is the reason we’ve started writing this article and examined the different possibilities that might come up as a result of these problems that the network has been experiencing.
It is highly unlikely that you will lose your investments with ICONOMI, because of two very specific reasons.
- ICONOMI is a registered company and the owners carry the responsibility to take care of your funds, and additionally they are held accountable by their partners and mainly the European law. Like we said before, they are holding out on the issuance of ICN tokens, because it could severely affect it’s value on the markets negatively, and holding out is simply a way to eliminate this unnecessary risk.
- Ethereum. The developers and the network have shown time and time again that they can cope with any technical and situational challenges that they encounter and overcome with relative ease. These people want their network to succeed and they’re working tirelessly to make sure that Ethereum will continue to exist in the future.
These reasons prevent you from losing your investment with ICONOMI in particular, because there are really only two potential ways you can lose this specific investment, where one is that ICONOMI will betray the trust of their investors and the other one is that Ethereum will stop exisiting.
Both of them are equally unlikely!
Therefore, relax. Your investment is perfectly fine in the hands of these dedicated and responsible people who have given a tremendous amounts of effort, energy and have shown due diligence and discipline in their business practices regarding their cryptocurrency projects.
Everybody in the cryptocurrency community (with exception of the original attackers), hopes that the network will return to optimal performance really soon, where we can expect the issuance of ICN tokens to happen.
Extra: As it stands now, the market for Ethereum has presented strong belief that the hardfork will indeed completely resolve the problems that the network has been struggling with this past month. As a result, the price of Ethereum has risen by almost 10%. Some traders are suggesting that it is high time to enter or reinforce long positions on the exchanges.