create account

RE: AMFEIX - The First Blockchain Fund Built On Smart Contracts by devann

View this thread on: hive.blogpeakd.comecency.com

Viewing a response to: @amfeix/amfeix-the-first-blockchain-fund-built-on-smart-contracts

@devann (edited)
$0.52
I have read all the comments here and would like to draw the attention of the readers to a review of AMFEiX I wrote about 19 days ago [here](https://steemit.com/investing/@devann/would-you-invest-in-the-world-s-first-blockchain-fund). Please read it before proceeding with my observations below. 

1. If you click on the "Company Registration" link in my post referred to above, you will notice that  AMFEIX was originally registered in UAE as a "one owner company". However, if you now click "Company Registration" link on the AMFEIX website it shows the company is currently registered in Indonesia as a "two owners company". AMFEIX needs to explain this change in registration and explain why they are not choosing countries with strict financial supervision requirement. 

2. The registration document is in Indonesian language. I would expect any serious business catering for the worldwide audience to provide a legal and official translation of the said registration document from Indonesian to English at the least. I am sure most of AMFEIX investors don't understand Indonesian. 

3. It appears from registration document that AMFEIX has registered a private limited company in Indonesia with a paid-up capital of less than $9000. The company has one director and one commissioner, which are minimum requirement under Indonesian law to have a private limited liability company. Under the Indonesian law a commissioner is someone who advises and supervises the board of directors. The commissioner need not be a shareholder. In my opinion, for a company that accepts deposits for investment, a paid-up capital of less than $9000 is simply ridiculous. 

4. It is my understanding that if a company conducts financial services in Indonesia it is required to have a license issued by the Financial Services Authority of Indonesia (known as Otoritas Jasa Keuangan or simply OJK in Indonesian). There is no evidence that AMFEIX has obtained such license. If there is an exemption granted to AMFEIX, that exemption letter should be displayed on the website for the sake of transparency. 

5. With regards to obtaining licenses, I would like to refer readers to another of my instructive post [here](https://steemit.com/cryptocurrency/@devann/confirmed-envion-ag-in-violation-of-swiss-laws). Please note that even in a first world country like Switzerland investors were duped into investing and lost money. Indonesian laws are definitely not as stringent as that of Switzerland. Indonesia is an emerging market as per MSCI market classification, which simply means their market regulations are not as good as a developed country. 
	
6. In its reply to a comment by @ew-and-patterns, AMFEIX said "Traders names are not public as it is in the best interest of AMFEIX that they stay with us." This is truly a lame excuse. If AMFEIX wants to retain their "skilled traders and analysts" they could do so with contractual stipulations such as paying bonuses and incentives in staggered manner, say 50% in January and the balance 50% in June. Staff who resign earlier would lose the bonus. This is just one proven method to retain good staff. There should be others. 
	
7. Although the names of the commissioner and the director are given in the registration document, no details of their credentials are made available. Surely the investors are entitled to know this because they are asked to trust these guys with their money. 

cc @scorer @jwolf @cryptogee @theguruasia @coincollecto @oneshot 
@indigoocean @solarwarrior @svemirac @jdkennedy @aggroed @runicar
馃憤  , , , , , , , , , , , , , , , ,
properties (23)
authordevann
permlinkpu97ll
categoryamfeix
json_metadata{"tags":["amfeix"],"users":["ew-and-patterns","scorer","jwolf","cryptogee","theguruasia","coincollecto","oneshot","indigoocean","solarwarrior","svemirac","jdkennedy","aggroed","runicar"],"links":["https://steemit.com/investing/@devann/would-you-invest-in-the-world-s-first-blockchain-fund","https://steemit.com/cryptocurrency/@devann/confirmed-envion-ag-in-violation-of-swiss-laws"],"app":"steemit/0.1"}
created2019-07-07 04:10:36
last_update2019-07-07 16:05:51
depth1
children18
last_payout2019-07-14 04:10:36
cashout_time1969-12-31 23:59:59
total_payout_value0.394 HBD
curator_payout_value0.125 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length3,557
author_reputation10,173,108,038,561
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,922,118
net_rshares1,260,775,929,804
author_curate_reward""
vote details (17)
@amfeix
1. The reason for this is Indonesian Law did not allow company to be held by one person only, doesn't matter how much you pay or set up, there will be no room at all for any company to be held by one person, since its a branch of AMFEIX it should not be a problem who is the owner of the branch as long as AMFEIX central issued a legal appointment. The 1st observation is answered by itself, we just obey the rules of Indonesia with no any side agenda or whatsoever. AMFEIX didn't change the registration from UAE we have both and will have more in the future such as AMFEIX Malta. So there has been no change in registration as both are still valid.

2. It doesn't matter what language the registration is in as long as its regulated (which it is) it shouldn't matter.

3. Again, this is how  Indonesian regulation works, you can't really argue about it actually, the way the government handles things is different, with that capital we can legally do business with any amount of money, we are obeying the Indonesian rule. If for the company deposits we had to pay more we would, but if that amount of paid up capital is enough for us to do business why do we have to put more when we don't get any more benefit from it.

4. The important thing is we work with btc capital not fiat, and in Indonesia we still don't have any legal paperwork to do business with btc capital, as we continue our business, AMFEIX is on process negotiation with several official government and religious organisations in order to get more legal protection and sense of security for our investors. Due to local regulation that will take time and the right partner to do so. Even for the local company to get approved by OJK takes quite some time and effort to do so, AMFEIX is in the process as we speak.

5. At AMFEIX we've never compelled people to deposit capital, we are trying to get all the documents and licenses ready at the earliest time possible, but during due time it is investor's self policy to deposit capital or not, we give a lot of proof of work unlike many of the other companies, we are happy to support the decision made by our prospective investors.

6. Our traders will be made public this month to further improve our transparency. We have done a fund audit which we have seen very few to no other crypto companies do successfully this is very important as this proves all trades are actually being made and increases investor confidence. All BTC managed by AMFEIX has been proven and shown to investors.

7. We are waiting and preparing our company to have more legal protection than we will announce the credentials for the owner of the company. AMFEIX is ready to reveal everything, when the time is right, and it is needed going to do so. As for how we invest we have shown more transparency than any other company and will continue to do so. AMFEIX is going to be here as one of the leading crypto companies in the near future, we will continue to strive in that path.
馃憤  , ,
properties (23)
authoramfeix
permlinkpua4x2
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-07 16:10:15
last_update2019-07-07 16:10:15
depth2
children2
last_payout2019-07-14 16:10:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,975
author_reputation14,930,553,604
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,946,967
net_rshares4,478,278,334
author_curate_reward""
vote details (3)
@devann (edited)
$0.43
By and large, you have not answered the issues raised directly and explicitly. You have skirted around the issues and have obfuscated, either by design or sheer ineptitude, your readers rather than enlighten them with your purported answers. 

It is clear from your purported answers that you have not even understood many of the issues raised. Engaging with you in a discussion is akin to dealing with a person lacking in comprehension and therefore will only lead to more balderdash from your side and frustration on my and the readers' part.

Personally, I would like to see you providing information such as that provided by gemini.com [here](https://gemini.com/security/). In addition, I would also like you to appoint one of the [Big4 auditors](https://en.wikipedia.org/wiki/Big_Four_accounting_firms) as your auditor and produce monthly [attestation reports similar to this](https://www.paxos.com/attestation/)  to show proof of funds and that your accounts are audited in accordance with acceptable [international auditing standards](https://en.wikipedia.org/wiki/International_Standards_on_Auditing), and that you mean business.
馃憤  , , , , , , ,
properties (23)
authordevann
permlinkpucwqc
categoryamfeix
json_metadata{"tags":["amfeix"],"links":["https://gemini.com/security/","https://en.wikipedia.org/wiki/Big_Four_accounting_firms","https://www.paxos.com/attestation/","https://en.wikipedia.org/wiki/International_Standards_on_Auditing"],"app":"steemit/0.1"}
created2019-07-09 04:06:15
last_update2019-07-09 04:38:39
depth3
children1
last_payout2019-07-16 04:06:15
cashout_time1969-12-31 23:59:59
total_payout_value0.320 HBD
curator_payout_value0.105 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length1,137
author_reputation10,173,108,038,561
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,036,231
net_rshares1,042,234,063,382
author_curate_reward""
vote details (8)
@data.plus (edited)
$0.05
Yes, these are the things that ought to be done to instill confidence in the investors and to show that AMFEIX is professional in its dealings. Plus Amfeix should keep client's assets not in active trade with a licensed custodian for maximum security. 

Thanks @devann for the well articulated comments.
馃憤  , ,
properties (23)
authordata.plus
permlinkpukl29
categoryamfeix
json_metadata{"tags":["amfeix"],"users":["devann"],"app":"steemit/0.1"}
created2019-07-13 07:35:06
last_update2019-07-13 07:36:45
depth4
children0
last_payout2019-07-20 07:35:06
cashout_time1969-12-31 23:59:59
total_payout_value0.034 HBD
curator_payout_value0.011 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length303
author_reputation467,836,310,889
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,234,978
net_rshares128,279,441,285
author_curate_reward""
vote details (3)
@amfeix
1. The reason for this is Indonesian Law did not allow company to be held by one person only, doesn't matter how much you pay or set up, there will be no room at all for any company to be held by one person, since its a branch of AMFEIX it should not be a problem who is the owner of the branch as long as AMFEIX central issued a legal appointment. The 1st observation is answered by itself, we just obey the rules of Indonesia with no any side agenda or whatsoever. AMFEIX didn't change the registration from UAE we have both and will have more in the future such as AMFEIX Malta. So there has been no change in registration as both are still valid.

2. It doesn't matter what language the registration is in as long as its regulated (which it is) it shouldn't matter.

3. Again, this is how Indonesian regulation works, you can't really argue about it actually, the way the government handles things is different, with that capital we can legally do business with any amount of money, we are obeying the Indonesian rule. If for the company deposits we had to pay more we would, but if that amount of paid up capital is enough for us to do business why do we have to put more when we don't get any more benefit from it.

4. The important thing is we work with btc capital not fiat, and in Indonesia we still don't have any legal paperwork to do business with btc capital, as we continue our business, AMFEIX is on process negotiation with several official government and religious organisations in order to get more legal protection and sense of security for our investors. Due to local regulation that will take time and the right partner to do so. Even for the local company to get approved by OJK takes quite some time and effort to do so, AMFEIX is in the process as we speak.

5. At AMFEIX we've never compelled people to deposit capital, we are trying to get all the documents and licenses ready at the earliest time possible, but during due time it is investor's self policy to deposit capital or not, we give a lot of proof of work unlike many of the other companies, we are happy to support the decision made by our prospective investors.

6. Our traders will be made public this month to further improve our transparency. We have done a fund audit which we have seen very few to no other crypto companies do successfully this is very important as this proves all trades are actually being made and increases investor confidence. All BTC managed by AMFEIX has been proven and shown to investors.

7. We are waiting and preparing our company to have more legal protection than we will announce the credentials for the owner of the company. AMFEIX is ready to reveal everything, when the time is right, and it is needed going to do so. As for how we invest we have shown more transparency than any other company and will continue to do so. AMFEIX is going to be here as one of the leading crypto companies in the near future, we will continue to strive in that path.
馃憤  ,
properties (23)
authoramfeix
permlinkpua50v
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-07 16:12:33
last_update2019-07-07 16:12:33
depth2
children0
last_payout2019-07-14 16:12:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,974
author_reputation14,930,553,604
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,947,069
net_rshares520,557,999
author_curate_reward""
vote details (2)
@crypto.piotr
Seriously amazing comment @devann

Thx for sharing with us.
馃憤  
properties (23)
authorcrypto.piotr
permlinkpufbdf
categoryamfeix
json_metadata{"tags":["amfeix"],"users":["devann"],"app":"steemit/0.1"}
created2019-07-10 11:17:39
last_update2019-07-10 11:17:39
depth2
children0
last_payout2019-07-17 11:17:39
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length59
author_reputation27,396,789,428,606
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id88,110,027
net_rshares27,256,130,492
author_curate_reward""
vote details (1)
@focusboysports
I had Bit coin connect wallet last year.how do I transfer my funds to a different coin?. I'm a sports card collector / blogger I like talking about sports cards
properties (22)
authorfocusboysports
permlinkpucs7r
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-09 02:28:42
last_update2019-07-09 02:28:42
depth2
children0
last_payout2019-07-16 02:28:42
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length160
author_reputation-11,271,927,112
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id88,031,589
net_rshares0
@focusboysports
I had Bit coin connect wallet last year.how do I transfer my funds to a different coin?. I'm a sports card collector / blogger I like talking about sports cards
properties (22)
authorfocusboysports
permlinkpucs8u
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-09 02:29:18
last_update2019-07-09 02:29:18
depth2
children0
last_payout2019-07-16 02:29:18
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length160
author_reputation-11,271,927,112
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id88,031,601
net_rshares0
@indigoocean
Good research. Thanks for the ping. 

Posted using [Partiko iOS](https://partiko.app/referral/indigoocean)
馃憤  
properties (23)
authorindigoocean
permlinkindigoocean-re-devann-pu97ll-20190707t125732173z
categoryamfeix
json_metadata{"app":"partiko","client":"ios"}
created2019-07-07 12:57:33
last_update2019-07-07 12:57:33
depth2
children0
last_payout2019-07-14 12:57:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length106
author_reputation83,283,947,872,393
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,937,947
net_rshares33,446,690,607
author_curate_reward""
vote details (1)
@retinox
Good work done 馃憤
馃憤  
properties (23)
authorretinox
permlinkpu9yly
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-07 13:53:57
last_update2019-07-07 13:53:57
depth2
children1
last_payout2019-07-14 13:53:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length16
author_reputation25,584,395,648,520
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,940,308
net_rshares27,361,304,709
author_curate_reward""
vote details (1)
@devann
Thanks @retinox
properties (22)
authordevann
permlinkpugrz4
categoryamfeix
json_metadata{"tags":["amfeix"],"users":["retinox"],"app":"steemit/0.1"}
created2019-07-11 06:13:57
last_update2019-07-11 06:13:57
depth3
children0
last_payout2019-07-18 06:13:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length15
author_reputation10,173,108,038,561
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,144,375
net_rshares0
@solarwarrior
$0.53
Excellent work.
This was exactly what I was referencing to.
馃憤  , ,
properties (23)
authorsolarwarrior
permlinkpu9tyu
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-07 12:13:39
last_update2019-07-07 12:13:39
depth2
children7
last_payout2019-07-14 12:13:39
cashout_time1969-12-31 23:59:59
total_payout_value0.396 HBD
curator_payout_value0.129 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length59
author_reputation38,274,774,316,415
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,936,670
net_rshares1,255,860,633,446
author_curate_reward""
vote details (3)
@focusboysports
I had Bit coin connect wallet last year.how do I transfer my funds to a different coin?. I'm a sports card collector / blogger I like talking about sports cards
properties (22)
authorfocusboysports
permlinkpucs9m
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-09 02:29:48
last_update2019-07-09 02:29:48
depth3
children2
last_payout2019-07-16 02:29:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length160
author_reputation-11,271,927,112
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id88,031,618
net_rshares0
@devann
Please don't post your question over and over again all over. You may annoy someone and may get downvoted.
properties (22)
authordevann
permlinkpudmfd
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-09 13:21:15
last_update2019-07-09 13:21:15
depth4
children0
last_payout2019-07-16 13:21:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length106
author_reputation10,173,108,038,561
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,058,558
net_rshares0
@steemcleaners
$0.56
[Source](https://steemit.com/@focusboysports/comments)
Spamming comments is frowned upon by the community. Continued comment spamming may result in action from the [cheetah bot](https://steemit.com/faq.html#What_is__cheetah).

More Information:
[The Art of Commenting](https://steemit.com/steemcleaners/@steemcleaners/the-art-of-commenting)
[Comment Classifications](https://steemcleaners.org/comment-classifications/)
馃憤  , , , , , , , , , , ,
properties (23)
authorsteemcleaners
permlinkre-focusboysports-pucs9m-20190714t022522934z
categoryamfeix
json_metadata{"app":"steemcleaners/0.3","format":"markdown+html","community":"steemcleaners"}
created2019-07-14 02:25:24
last_update2019-07-14 02:25:24
depth4
children0
last_payout2019-07-21 02:25:24
cashout_time1969-12-31 23:59:59
total_payout_value0.428 HBD
curator_payout_value0.136 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length424
author_reputation2,789,224,428,782,668
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id88,266,580
net_rshares1,601,729,245,273
author_curate_reward""
vote details (12)
@haikubot
$0.44
<em>Excellent work. This 
Was exactly what I was 
Referencing to. 
</em>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>- solarwarrior</sup>

---
<sup><sup><em>I'm a bot. I detect haiku.</em></sup></sup>
馃憤  ,
properties (23)
authorhaikubot
permlink20190707t121346246z
categoryamfeix
json_metadata{"tags":["test"],"app":"steemjs/examples"}
created2019-07-07 12:13:45
last_update2019-07-07 12:13:45
depth3
children3
last_payout2019-07-14 12:13:45
cashout_time1969-12-31 23:59:59
total_payout_value0.327 HBD
curator_payout_value0.109 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length263
author_reputation1,821,968,927,944
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,936,677
net_rshares1,040,250,146,084
author_curate_reward""
vote details (2)
@solarwarrior
$0.45
dear bot please show me the haiku proof.. I doubt that someone wrote exactly the same words I wrote.. hence you might be broken..
馃憤  ,
properties (23)
authorsolarwarrior
permlinkpu9wa5
categoryamfeix
json_metadata{"tags":["amfeix"],"app":"steemit/0.1"}
created2019-07-07 13:03:42
last_update2019-07-07 13:03:42
depth4
children2
last_payout2019-07-14 13:03:42
cashout_time1969-12-31 23:59:59
total_payout_value0.341 HBD
curator_payout_value0.110 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length129
author_reputation38,274,774,316,415
root_title"AMFEIX - The First Blockchain Fund Built On Smart Contracts"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id87,938,203
net_rshares1,085,224,765,139
author_curate_reward""
vote details (2)