Hello Everyone
Please accept my sincere apologies for my delayed return!
So... where are we??
The token sale had ended on May 31st 2019 for both MBTU & MBTX. The Softcap had not been reached.
Here's why we think our softcap hasn't yet been reached.
- We started the token sale in a bear market , mining wasn’t as profitable as it could have been and I believe this put people off. We are also knocking down walls and rebuilding them after many fakes/scammers had "ripped off" investors with false hopes or delivery of their roadmaps/Business plans.
- Security Tokens are unproven — Whilst they are far simpler to manage in a compliant manner they are relatively unknown, the exchange and secondary market wasn’t established yet and they require KYC. As a company we want to eliminate and legal risk factors and we believed that investors wanted security in the market.
- As we have bootstrapped the majority of this project the compliancy costs absorbed the majority of our funds so our marketing isn't at the same level as established projects undergoing an additional funding round
- DCoin’s team had faked the progress from the start of the IEO, adjusted the sold progress bar, despite asking them not to, and decided it was best to end the sale with the appearance of 98% having sold out. The progress of the projects sales were faked and only a mere $183.50 was actually raised. Due to the lack of trust in this exchange and the lack of sales; we cancelled the listing of MBTX & MBTU on here.
- There are many open conversations with institutional investors but we are yet to secure investment. We have been to several countries to meet with these investors but it seems that some were (IMO) trying to scam us??
- There have already been a lot of mining projects that have disappeared or closed their doors due to poor management or bad planning — we thought starting in a ‘bear’ market was a better idea, it allows us to structure the business around lower returns rather than becoming unsustainable. We may not have a new innovative product but we do have innovative business model to deliver an existing service to the market with greater sustainability, earning a passive income during a "bear market" and reaping even greater rewards when the markets go green, after all innovation is crucial to the continuing success of any organization
We have a fundamentally great opportunity here we just need to raise the funding to prove it and for that, we need a little more time.
To deliver on this we are extending our fundraising round until August 31st 2019. There are some further changes in which I will detail further;
MBTX Security Token Our Softcap target has also been lowered from $1,000,000 to $500,000 — this gives us a smaller target to aim for to get the project operational.
MBTU Utility Token The Initial Exchange Offering that we ran with DCoin was a setback, the results didn’t match what was advertised and it was, to be honest, a complete flop but we move on from that, we learnt a valuable lesson and won’t get caught out again.
We are talking to a number of bigger exchanges, ones with more established success with running IEOs, so we can re-launch this. Realistically, this could be in the next couple of weeks, or it may take longer but we will keep the community apprised of all developments in this.
The security token market is evolving, more exchanges are being opened and there is a lot more competition in the ‘issuance’ platform space, we are just an early adopter of this technology. We still fully believe in what Polymath are building and their platform is being developed constantly. Once we’re operational, sharing profits (or dividends) between token holders will be as simple as pushing a few buttons which is great and will allow us to eventually automate the process and further reduce costs of delivery. Lower cost means higher profits and therefore more back to investors pockets.
We are
110% committed to delivering this project in the right way and are fully focussed on the end goal. Hopefully, it means you will all keep supporting our project while we continue what we started 12 months ago, 18 months actually since we started thinking about it.
The response from all of our current investors, whom have been contacted, is that we have their full support to move forward in a timely manner.
So there we have it, we would like to thank our community for their continued support and patience. Together we will grow MinedBlock into a leading service in this industry.
#TeamMinedBlock
