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Iconomi publish quarterly reports and in the latest one they had over $9m cash. They've also previously said they always aim to have ~2 years of runway in cash

Iconomi publish quarterly reports and in the latest one they had over $9m cash. They've also previously said they always aim to have ~2 years of runway in cash to protect against a long term bear market: https://medium.com/iconominet/iconomi-financial-report-q4-2017-17da25349f3d https://medium.com/iconominet/iconomi-financial-report-q4-20...

thisisit 9y ago
That is good on ICONOMI that they publish such reports. But, this kind of misreporting really lowers my confidence in ICONOMI. First, they only have a profit and loss statement which looks correct. What is does this burn rate entail? Second, the Balance sheet is out of whack. This makes me wonder if they have a finance guy on their payroll. Balance sheet needs to contain Asset and Liabilities. This report actually contains coin and cash balances. Third, the actual balance sheet was delivered by this Deloitte report. Given that they have this data, how hard was it to prepare a proper report and tell everyone what were actual their assets and liabilities? They seemed too focused on liabilities. It seems either Deloitte audit was fake or ICONOMI is knowingly hiding their numbers.
- cryptogeek 9y ago
  For whatever reason they didn't break down the reserves it should be pretty clear. They have the Q1 quarterly report due by end of month. Considering they report Iconomi assets it should be visible from that since: - in that article that I linked Deloitte said that they hold user / DAA assets - the difference to the reserves therefor is what Iconomi holds - which is what they publish in every quartly report right? It's funny how an actual Deloitte audit lowers your confidence in ICONOMI. How many crypto companies publish anything like this that they manage to gain your confidence? With links please.
  - jlgaddis 9y ago
    > It's funny how an actual Deloitte audit lowers your confidence ... WHAT Deloitte audit? I have seen absolutely nothing to convince me that an audit actually took place. Let me know when they post a document roughly similar to the one at [0] (disclaimer: it's not the best example either, but it is a reasonable one that I could locate quickly). On a side note, your brand new HN account (created just several hours ago) that was apparently created just to comment on this thread about how ICONOMI is "legit" (for example) does not really inspire confidence either. In fact, it does exactly the opposite. [0]: http://www.ab-inbev.com/content/dam/universaltemplate/ab-inbev/investors/corporate-gov-pdf-archive/cg/Shareholders%20Meetings/2017/Deloitte%20old/Deloitte%20Report%20old%20ABI%20EN.PDF http://www.ab-inbev.com/content/dam/universaltemplate/ab-inb... (PDF)
    - cryptogeek 9y ago
      I can create that kind of PDF right now if you want me to? But I have a feeling that if they had that kind of document on the site that you would just say what does that prove, that it needs to be on Deloitte site. And then I'll ask you to find any audit on Deloitte site and we'll see if you manage to do that. And yes - I'm a long time reader, never posted. Opened an account because of all the bashing. And I do follow Iconomi regularly and I hold their tokens. I would suppose you can take it that I am better informed because I follow them regularly or a shill. I have a feeling which option you will take.
    - gregorkobal 8y ago
      Deloitte press release: Setting New Standards for the Blockchain Industry: Deloitte verified ICONOMI’s digital assets https://www2.deloitte.com/si/en/pages/press/blockchain-industry.html https://www2.deloitte.com/si/en/pages/press/blockchain-indus...

thisisit 9y ago

That is good on ICONOMI that they publish such reports. But, this kind of misreporting really lowers my confidence in ICONOMI. First, they only have a profit and loss statement which looks correct. What is does this burn rate entail? Second, the Balance sheet is out of whack. This makes me wonder if they have a finance guy on their payroll. Balance sheet needs to contain Asset and Liabilities. This report actually contains coin and cash balances. Third, the actual balance sheet was delivered by this Deloitte report. Given that they have this data, how hard was it to prepare a proper report and tell everyone what were actual their assets and liabilities? They seemed too focused on liabilities. It seems either Deloitte audit was fake or ICONOMI is knowingly hiding their numbers.

cryptogeek 9y ago
For whatever reason they didn't break down the reserves it should be pretty clear. They have the Q1 quarterly report due by end of month. Considering they report Iconomi assets it should be visible from that since: - in that article that I linked Deloitte said that they hold user / DAA assets - the difference to the reserves therefor is what Iconomi holds - which is what they publish in every quartly report right? It's funny how an actual Deloitte audit lowers your confidence in ICONOMI. How many crypto companies publish anything like this that they manage to gain your confidence? With links please.
- jlgaddis 9y ago
  > It's funny how an actual Deloitte audit lowers your confidence ... WHAT Deloitte audit? I have seen absolutely nothing to convince me that an audit actually took place. Let me know when they post a document roughly similar to the one at [0] (disclaimer: it's not the best example either, but it is a reasonable one that I could locate quickly). On a side note, your brand new HN account (created just several hours ago) that was apparently created just to comment on this thread about how ICONOMI is "legit" (for example) does not really inspire confidence either. In fact, it does exactly the opposite. [0]: http://www.ab-inbev.com/content/dam/universaltemplate/ab-inbev/investors/corporate-gov-pdf-archive/cg/Shareholders%20Meetings/2017/Deloitte%20old/Deloitte%20Report%20old%20ABI%20EN.PDF http://www.ab-inbev.com/content/dam/universaltemplate/ab-inb... (PDF)
  - cryptogeek 9y ago
    I can create that kind of PDF right now if you want me to? But I have a feeling that if they had that kind of document on the site that you would just say what does that prove, that it needs to be on Deloitte site. And then I'll ask you to find any audit on Deloitte site and we'll see if you manage to do that. And yes - I'm a long time reader, never posted. Opened an account because of all the bashing. And I do follow Iconomi regularly and I hold their tokens. I would suppose you can take it that I am better informed because I follow them regularly or a shill. I have a feeling which option you will take.
  - gregorkobal 8y ago
    Deloitte press release: Setting New Standards for the Blockchain Industry: Deloitte verified ICONOMI’s digital assets https://www2.deloitte.com/si/en/pages/press/blockchain-industry.html https://www2.deloitte.com/si/en/pages/press/blockchain-indus...