I am trying to get my head around the following: When I buy the BLX token on the ICONOMI platform I can then transfer them to my own MEW. So all good, I control the BLX token. But the actual, underlying coins (BTC, ETH, BCC etc) that BLX then buys on my behalf remain with ICONOMI. Correct so far?
So my question is: If - for whatever reason - there is a problem with ICOMINI (hack, dev run-off, fake news, legal etc) and the platform shuts down, I will not be able to sell my BLX back to them and my entire investment will be lost. Yes, BLX are being traded on an exchange, but that wont help in this case at all, as the BLX token is really only a promise that ICONOMI will buy back your tokens and then give you BTC or ETH for it. And if ICONOMI cannot or will not be able to buy my BLX back, the BLX token is literally worthless.
Is that correct or am I missing something here?
So my question is: If - for whatever reason - there is a problem with ICOMINI (hack, dev run-off, fake news, legal etc) and the platform shuts down, I will not be able to sell my BLX back to them and my entire investment will be lost. Yes, BLX are being traded on an exchange, but that wont help in this case at all, as the BLX token is really only a promise that ICONOMI will buy back your tokens and then give you BTC or ETH for it. And if ICONOMI cannot or will not be able to buy my BLX back, the BLX token is literally worthless.
Is that correct or am I missing something here?
The idea behind fund tokens is just to make them tradeable on exchanges. Securitywise you have to rely on their insured multi-layer cold wallet architecture. Storing fund tokens in your own wallet doesn´t make any sense. So your asumption is correct
