So there is lot of talk about the utility of of the ICN token in the last few moths. Did devs promise such thing in the beginning i.e. pre-ico phase? All I can find that the dividends were mentioned but decided to go with buyback since that would avoid being seen as a security.
Nevertheless, ICN having a utility will be great and I can see that whatever they came up with will drive the price up strongly.
But what I actually wanted to say is that Iconomi already has a great product (which you can't say for a lot of other projects with high market cap like Augur 2 years without anything, OMG etc.) which will only have more success with the upcoming DAAs. This alone should set Iconomi much higher in top 100, plus the fact that we already have working buybacks. Utility of ICN is just a plus here as a lot of coins that have absolutely no utility are doing really good. What is IOTA utility other then tangle being fancy new thing which needs to be proved it can work first etc.
So only thing that worries me is not being on more popular exchanges (Bittrex, Polo, Bitfinex) as Kraken is really buggy so it only leaves Binance, but buybacks are probably the reason why exchanges won't list ICN. If ICN gets more volume somehow the price will skyrocket IMHO.
So lets all be thankful that Iconomi did a huge job in one years time which is a lot more than 90% of other projects can say. Future is bright for ICN which I can't say for a lot of projects out there. Just my two ICNs
Nevertheless, ICN having a utility will be great and I can see that whatever they came up with will drive the price up strongly.
But what I actually wanted to say is that Iconomi already has a great product (which you can't say for a lot of other projects with high market cap like Augur 2 years without anything, OMG etc.) which will only have more success with the upcoming DAAs. This alone should set Iconomi much higher in top 100, plus the fact that we already have working buybacks. Utility of ICN is just a plus here as a lot of coins that have absolutely no utility are doing really good. What is IOTA utility other then tangle being fancy new thing which needs to be proved it can work first etc.
So only thing that worries me is not being on more popular exchanges (Bittrex, Polo, Bitfinex) as Kraken is really buggy so it only leaves Binance, but buybacks are probably the reason why exchanges won't list ICN. If ICN gets more volume somehow the price will skyrocket IMHO.
So lets all be thankful that Iconomi did a huge job in one years time which is a lot more than 90% of other projects can say. Future is bright for ICN which I can't say for a lot of projects out there. Just my two ICNs
The utility part was brought in later, not during the ICO.
It doesn't matter if the platform and product are great, if the value doesn't transfer to the ICN holders. The team is hiring aggressively, so I suspect a lot of the profits are just going into salaries instead of buybacks, for example. This doesn't help the ICN holders. Making the ICN token have some utility is just another way to help provide value to the token holders, not just the product/platform users.
Also Iconomi have received a lot of tokes like OMG and many others that should have sold and used to buy back ICN. Instead they steal these tokens and added to their special fund! We as ICN holders as so FUCKED by this management team who only look after themselves.. Yes they suck up all of the profits before they buy back any of these worthless ICN tokes. And looks like next year will more of the same raping.
That's a fair point. The whitepaper, which has since been taken down, promised ICN to be similar to shareholders, which means it's the team's obligation to ensure they use the assets to buy back the tokens if they are undervalued in the marketplace. I suspect they are paying out a lot to themselves and the team, which leaves far less profits to buy back the ICN tokens.
Which is why, I think if they create some utility for the ICN tokens inside the platform, it might the price, since the platform is already seeing a fair amount of adoption, even as the ICN price deteriorates.
You really should read more about this project befor talk nonsense about this project! Every dolar, satoshi... made on this platform is goint for buyback! They do not take anythink for themselves. the team has 17 milions of ICN and about 50% of the asset that they collect in the ICO (this asset is now worth more than 100 milions. much more! other 50% is in Pinta and it is worth 115 milions at the moment.
you really should do a bit of a resarch before talking about stuff you do not know about.