Frustrations Over The Return of XDN ICCO Coins
We start with a number of statements from DigitalNote Developers on Friday last week after the end of XDN ICCO:
XDN is powered by FREE market, ICCO is an action of FREE market, we never said about any contracts … We have investors interested in buying high stakes of XDN at free market. I am just trying to say: If investor is going to invest N sum of money with some fixed price (as was proposed 156 sat initially) and when he see the price is going much higher (600 sat actually), no one can stop him from buying at free market.
We should worry about technology, price will always follow it!
Will have a statement on that later. In general that was about XDN core development, XDN PoA implementation, new projects.
And the confirmation about releasing the coins after one week:
Next week HitBTC will provide stats and calculations, so after 1 week XDN ICCO will be released and BTC will be released too.
XDN coins are not released yet, with the increasing frustrations in the community over this situation, ICCO investors are losing patience since there are no further information nor confirmation about when the coins will be released. Moreover, some members contacted HitBTC, the exchange platform that hosted XDN ICCO, asking them when will the coins be released. But still no one heard anything back in that regard.
A total of 1.25 billion XDN coins were raised during the Initial Crowdfunding stage (CO) in the first week of the campaign, started on 02 June 2017 and ended on 09 June 2017. And then the Coin Offering stage (CO) started on 09 June 2017, which lasted for three weeks with the following pricing terms (0.6 BTC per lot) in the first week, (0.7 BTC) in the second week, and (0.8 BTC) in the final week. Each lot contains 100,000 XDN coins. However, only 9 lots have been sold in the first week, recording no sales in the second and final weeks. As such, the frustration over the ICCO kicked in early in the first week because the low number of sales determined its failure. XDN ICCO then ended on 30 June 2017 and that is when XDN Developers made the statements above.
Noticeably, the XDN price went as high as 350 just before the CO stage started, and then began to decline to 250 – 280, 220 – 240 until reaching as low as 80 the middle of this week. However, XDN price increased to as high as 155 after this decline while it is expected to hit even lower after the ICCO coins get released. According to Bittrex, the trading volume increased from 38 BTC to 690 BTC, which helped the digital currency to re-establish a new value level.
We covered the failure of XDN ICCO in another article, and made a number of recommendations for the future success of the digital currency. However, with the lack of communication over various aspects of the project, especially when investors’ funds are locked without knowing the exact date and time for the release of these coins. The public image of the project is getting a lot of negativity. It is important for the core developers to maintain a high level of trust, and keep the public image trustworthy to increase XDN user-base and improve its position in the industry. The community members, however, are trying to communicate with the core developers, but always fail to hear something back – at least within a reasonable amount of time.
According to that, the very first step is to establish new forms of communication and make it clear when the community could hear something from the team to maintain the trust that the community needs.
Update: A Response from HitBTC
“We are terribly sorry for such a delay. Deposits and withdrawals become available within a few days after token is being released. Our team is already on it. Hope you are ready to wait a bit longer”