The first buyback is only around 85K ICN's...spread over 90 days.... so they go to buy back around 1000 ICN a day.... that's nothing...That will not effect the market price... For me the decision to go the buyback way is 100% against what I expected and what was promised with ICO. We are owner of the platform, and Iconomi decides to change the basics. That's not fair in my opinion. I want ETH as Dividends... my % of Iconomi would be the same...but I would earn ETH, which in few years is 1000 times more worth than ICN.
Nothing like that was "promised" during the ICO. They presented a roadmap and fundamentals.
Fundamentals haven't changed.
You are not owner of the platform, you don't get to decide how the service operator decides to implement its plans. You only have shares in the revenue.
What was changed was the way they distribute profits, and for that no one promised a vote.
You are talking about dividends in the form of eth, like you would receive 10 eth every week. If you want to go long on eth, you can buy from the market.
Come on... as the main Moderator you should be aware of what they promised. (by the way your FAQ link in your footer doesn't work anymore)
and in the AMA Tim responded to me that there will be dividends... so don't tell me that was not promised. Such answers make me even more skeptic.
From the whitepaper:
"Being a crowdfunded project, a majority of 85 % will be owned by the crowdfunding participants in the form of ICONOMI tokens (ICN), while"
"ICN tokens represent ownership of the ICONOMI platform, allowing their holders to receive dividends and vote on ICONOMI related issues."
thanks for the signature tip
They didn't promise, what are we in kindergarden? Keep in mind that Iconomi is a young startup, running for 6 months in a ultra-fast changing environment.
There is a difference between knowing the path and walking the path.
The most important for every young company is to be able to foreseen potential obstacles and find elegant solutions before they occur.
IMO changing the profit distribution to buy/burn is such an example. Besides the potential legal implications that were already discussed, profit distribution in the first year of a startup should not be its main goal.
The focus should be developing its core business/product. In our case it is to release a secure, easy to use and usable platform (OFM).
I wrote it here and on slack several times - dividends are a mid-late game tool. No need to burn extra hours in distributing them now.
By burn extra hours I mean the technical implementation of it, testing, adding much more pressure on the support, having to spend tons of hours with exchanges, and at the end spend much more of those profits for fees.
Dividends are not the big deal, OFM with big userbase and a lot of active funds is.