If ICNP goes BTC->ETH->ERC20, then what is the base currency for the P/L calculation in that case?
I would assume when ERC20 profits are realised, these would be expressed in ETH because ETH was used to purchase them.
If Iconomi used BTC to invest in ETH it would measure profits in BTC.
But if Iconomi had no ETH and decided to invest in ERC20 token ICO that only accepts ETH, it would convert BTC to ETH then buy ERC20. So, as to my understanding, that means investing BTC in ERC20, so profits should be expressed in BTC.
That's just my point of view, I might be wrong.