ICONOMI Cryptocurrency Index Fund currently has Steem as No3 CryptoCurrency Holding...

in #iconomi5 years ago

Due to launch in a matter of weeks, the ICONOMI Cryptocurrency Index Fund (ICNX) currently quotes Steem as the 3rd Largest Holding, behind Bitcoin and Ethereum.

For Further Infomation, Click Here -

ICONOMI

ICONOMI, dubbed the UBER of fund managers, intends to launch their indexed fund immanently, and after a $10.3m Equity-ICO (which closed on Thursday), there is sure to be some reasonable capital inflow into these funds.

This is an important step in the Cryptocurrency world, as this type of vehicle will allow Crypto Noobs to spread risk amongst a range of Cryptocurrencies, managed (and stored) by industry experts. This in turn will result in a fresh wave of capital to flow into the Cryptocurrency ecosystem, and Steem is set to benefit.

ICNX currently has Steem as it's number 3 holding, attributing 11.6% of funds to be held in Steem. Depending on the success of these vehicles, there will be significant buy side volume coming into the markets to satisfy their conditions, and I expect the price of Steem to increase as a result...

11.6% could be a significant amount. Consider this fund raises $10m, this will result in $1.16m set to come on the buy side in the Steem market. Steem's 24hr traded volume has been hovering around $150,000-$200,000 for some time now, so we could have somewhere around 7-8 times 24hr Volume come on the buy side in the coming weeks.

Let us also consider that Liquid Steem is currently around 7m Steem/$3.5m. I hope everyone will agree this event has the capacity to be acute in nature.

This is all very much predicated on the ICONOMI index fund raising significant capital, to which, is an unknown. One thing I do know is that, Steem has solidified a position amongst the Top Cryptocurrencies in the world, and any innovation opening Cryptocurrency investment to the masses could certainly have a positive impact on Steem/Steemit and all underlying value.

Disclaimer:

I am not advising users to go out and speculatively buy Steem. This is merely an interesting upcoming event which could trigger extra buy side volume. This buy side volume could be matched by sell side volume, which would trigger no change, or even a decline in prices.

I would encourage everyone to do their own research and make their own decisions when it comes to investing their hard earned wealth.

I (personally) will be moving around Cryptocurrency in the coming weeks from Bitcoin and Ethereum to less liquid Cryptocurrencies amongst the top holdings of ICNX (this will include Steem, and will be dependent on how much ICNX raises). I expect the less liquid Cryptocurrencies to be affected more positively than Bitcoin and Ethereum, which can absorb a couple of $m on the buy side comfortably, when executed correctly.

Interested to hear your thoughts..

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Is it possible that when investors see the holdings of the fund that also triggers more buying in certain currencies...? I mean everyone has heard of Bitcoin... but when they see what the number 2 and 3 holdings are, is it possible others piggyback on the investment and pick some up for themselves?

Just to be clear, this vehicle doesn't exist YET, it will be coming into fruition in a couple of weeks. This is what they will be needing to buy to satisfy their fund rules. They have been publishing their fake holdings for a few months to give potential investor's a flavour of how things will work.

So yes, this is possibly a chance to front run a large buyer of cryptocurrency who may move the price up, in certain markets... I doubt Bitcoin and Ethereum will be affected in the short term from this companies actions...But Steem, Maidsafe, DGD...they might...

Ok got it. How long has this information been published for? When does the fund begin trading?

The fund will begin to raise money over the coming weeks, click on the link above to see how long they have been publishing information for (since July), and more details on the funds. In fact, here it is;

https://ico.iconomi.net/about-icnx-index

Interesting. Up voted and your up vote will appreciated. What plateform are you using to trade steem?

Bittrex and Poloniex. The internal market can be used for exchanging Steem and Steem Dollars.

Thanks. What is internal market?

It's not clear to me if they are holding (or going to hold) Steem or Steem Power?

It will be Steem. They need liquidity to rebalance the portfolio on a monthly basis. I doubt sincerely they will be looking at Steem Power

I believe they claim to be "value investors" rather than speculators (given the size of their fund, they won't be able to speculate anyway). Which means holding STEEM should make no sense to them as it loses value over time. And powering up doesn't make sense from liquidity standpoint... interesting to see what they'll be doing.

Exactly, if they don't power up it would be a terrible investment, but if they do they loose their investment's liquidity - but maybe they can live with that?

they most likely will not be happy if it's not steem power, as there are so many forces in play to keep the steem price down, but those forces have the opposite effect on steem power

In the fast moving world of Crypto, Liquidity will be everything to this fund. That is why I believe they will only buy Steem, until some point in the future when Steemit is old enough, and established enough to warrant holding Steem Power (with it's 104+ week exit)...

they would be much better off buying DASH

WOW. This is awesome

Know how they're calculating the amount of ICNs given? Threw some eths/btcs in there, and the numbers are still adjusting (mostly shrinking) after the ICO ended yesterday..

I hadn't been looking too closely to that @kevinwong. There was some problems with payments coming through from Coinbase, so I know the total raised has been increasing (as certain people prove they sent payment before the deadline), just had a quick look, and It's gone up $200,000 this afternoon.... ICONOMI tweeted about it yesterday.

Also, ICNs are an equity ownership stake, and there are a set amount of them. So every cent which the raise increases, your amount of tokens, and thus % ownership falls...

Percentaged stake - thats what Im aware of, just wondering why is it still progressively shrinking even after the ICO has ended. Looks like there are still some processes which are ongoing..

IMO, being 3rd in the list is certainly good news and sure to put Steem back up on people's radar, especially after the market cap has dipped below 3rd place in the cryptomarket cap..

how can we trust this company? How are we sure they aren't going to fly away with the money?

This company was born out of Cashilla, an EU regulated Ethereum Exchange. This is about as good as it gets for negating theft risk. However, certainly, there will be as much trust involved as holding Crypto at a regulated exchange...

Thanks for the heads up on this. Wish I hadn't missed the ICO would have thrown some speculative $$$s at it to have a stake. May look to use those $s told diversifying into some of the other cryptos in the basket instead now.

I gues a few billion dlls will be on funds easy on the near future because will be greater returns for investors in crypto, I guess will be a win win situation for ICN token holders and funds new investors.

For this one I am not planing to dump actually I am planing to buy as much as I can because new millionares will be made on iconomi and equity will flow to ICN holders, if Iconomi cash in a billion dlls in fees wow will be awesome for many of us, also with a debit card available to spend digital assets man that is a game changer!I hope Iconomi truly disrupt wall street, if that happens, I'm goin to mars with space X soon.

I'm pretty excited about ICONOMI. After doing some research on it, I bought into the crowdsale in the last couple days. This is exactly what we need, a vehicle to onboard new money into the crypto space. I'm happy to see DGD on the index list too, as I have a sizeable investment in it and consider Digix to be a very promising platform.

It is kind of surprising that Steem makes up such a large percentage. I always thought you didn't want to hold Steem long-term due to the high inflation. It's better to turn it into Steem Power, but I can't see an index fund doing that.

Iconomi will rise up Billions not millions, will be the best index fund in tge world!

I want to resteem your post but for some reason it wont allow me to!