IFX ICO Progress Report + Notice to Users

Dr Jiulin Teng
Jul 16 · 3 min read

Dear Users and Enthusiasts of Asset Tokenization,

A month after we started our ICO, it is now time to report the progress. There is not much to say, honestly:

In one month, we have barely sold 1/4 bitcoin worth of IFX. Since we have been working on this project for over a year and a lot more time and effort will be needed to see it to fruition, it is painfully obvious to us that little more can be expected of this ICO.

What do we think has led to this sales performance?

We are actively reviewing and analyzing. Off the top of my head, I can point to two set of factors:

  1. Scammers have scared honest people away: Everyday, there are a dozen or more who try to scam me alone by pretending to be marketers, investors, exchanges, and every other stakeholder imaginable. There have also been a huge number of fraudulent ICO projects. Essentially, would-be investors have long been scared away. While we have been closely following blockchain and cryptocurrency, it is not until we started the ICO when we realized how much worse it is.
  2. Marketing has become impossible for projects without considerable cash to burn: I have written over sixty articles on our blog, and have taken numerous videos. We are simply unable to reach any significant audience. Press releases these days cost easily over 1 BTC each. It has been said to us that commonly a successful ICO spends 70 cents of each dollar they raise on marketing. We simply do not have this budget — if we did, we would have developed the product to the full and not attempted an ICO. If 70% of what is raised must be spent on marketing, to us there is no responsible reason to do it, because the 100% will be taxed, and after tax there is hardly anything left.

What happens now?

We are evaluating our options. Unless sales pick up significantly soon, we will be cutting our token sale short and refund those who have made purchases. Before this decision is made, we will hold back the function to withdraw IFX for your protection: if the ICO is confirmed a failure, IFX will not be worth anything; we do not want to disappoint you.

On a side note, if the ICO fails, we will remove KYC records for all but those who have made purchases (in order to prove to the regulators, if necessary): We are fully aware that the majority of registrations that we have received come from “airdrop hunters”. We have over 13k registrations but fewer than a dozen buyers. Unlike unscrupulous companies, we do not need or want “zombie accounts”.

Please consider this post a notice.

What other actions can you expect?

  1. After our ICO is closed, we will very likely abandon Telegram within two weeks. The overall experience with this tool has been horrific: 90% of the scammers that I mentioned earlier are active here. We do not want to deal with all these scams. Please note again that we do not DM you! You can consider every DM on Telegram from anyone pretending to be us as scam. You can always follow us on LinkedIn, Twitter, and Medium.
  2. We will adjust our development schedule and release an early version after the summer. We will seek funding through other means (probably equity-based). If you are interested, please stay tuned.
  3. We will publish deeper analyses.

Dr Jiulin Teng

Written by

Founder of IdeaFeX, marketplace for tokenized real-world assets

Asset Tokenization

On the tokenization of real-world assets

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