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Topic: Mycelium's "crowdsale": basically a donation, not an investment by any means - page 18. (Read 21223 times)

newbie
Activity: 19
Merit: 0
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...

I put in a small amount just after the crowd sale opened and I was only just now able to log in and see the bitcoin transaction and an MT balance on the dashboard.  So they are definitely working on it.

The 10% extra MT was not there for me either.
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
yes I know, but my question was for other participants and their experience...

To be honest, I did put in 0.01 BTC and it showed up the next day. Although it didn't account for the 10% "discount". I'm sorry if you're having issues, that's why I didn't put any significant amount of money in that personally, I mostly see this as a donation so far.
legendary
Activity: 1666
Merit: 1020
expect(brain).toHaveBeenUsed()
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...

It takes up to 24 hours for funds to show up based on what their page says. I don't know why they're doing that with bitcoin though, perhaps they keep logs but only go through them once a day. This is more of an old, bank-like practice if you ask me. Roll Eyes
yea but still its more than 24h already...
Well I don't know, feel free to contact them if you think it's crucial.

yes I know, but my question was for other participants and their experience...
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...

It takes up to 24 hours for funds to show up based on what their page says. I don't know why they're doing that with bitcoin though, perhaps they keep logs but only go through them once a day. This is more of an old, bank-like practice if you ask me. Roll Eyes
yea but still its more than 24h already...
Well I don't know, feel free to contact them if you think it's crucial.
legendary
Activity: 1666
Merit: 1020
expect(brain).toHaveBeenUsed()
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...

It takes up to 24 hours for funds to show up based on what their page says. I don't know why they're doing that with bitcoin though, perhaps they keep logs but only go through them once a day. This is more of an old, bank-like practice if you ask me. Roll Eyes
yea but still its more than 24h already...
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...

It takes up to 24 hours for funds to show up based on what their page says. I don't know why they're doing that with bitcoin though, perhaps they keep logs but only go through them once a day. This is more of an old, bank-like practice if you ask me. Roll Eyes
legendary
Activity: 1666
Merit: 1020
expect(brain).toHaveBeenUsed()
does anyone have any transactions shown in the account after investing? Theres nothing after more than a day in mine...
sr. member
Activity: 298
Merit: 250
How is this setup any different than Ethereum, Lisk, or Waves ICO's ?

Ethereum was selling ETH tokens used to pay for smart contracts on the platform.  It's true that the platform wasn't built till later, but Vitalik Buterin had a fantastic reputation for contributing to the Bitcoin community and for his technical competence.  If someone believed that Ethereum would later become a success, then the value of ETH would rise accordingly as the "fuel" of the platform.

These "Mycelium tokens" have no use outside of speculation/donation.  There is little reason to think the wallet will make a profit, but even if it does, there is no reason for the value of these tokens to rise accordingly.  If there was a direct tie between profits and dividends, then there might be a thin thread connecting the two, but I didn't see any.

Ok, I see your point.  With Ethereum or Lisk, the tokens are supposedly valuable because they must be purchased in order to run the decentralized applications or smart contracts.

With the mycelium token, there is no reason anyone must purchase the tokens?  (other than a promise of dividends)

I still have to read the whole mycelium proposal

Yes buying the tokens is more like donating rather than purchasing or investing.
copper member
Activity: 21
Merit: 3
How is this setup any different than Ethereum, Lisk, or Waves ICO's ?

Ethereum was selling ETH tokens used to pay for smart contracts on the platform.  It's true that the platform wasn't built till later, but Vitalik Buterin had a fantastic reputation for contributing to the Bitcoin community and for his technical competence.  If someone believed that Ethereum would later become a success, then the value of ETH would rise accordingly as the "fuel" of the platform.

These "Mycelium tokens" have no use outside of speculation/donation.  There is little reason to think the wallet will make a profit, but even if it does, there is no reason for the value of these tokens to rise accordingly.  If there was a direct tie between profits and dividends, then there might be a thin thread connecting the two, but I didn't see any.
sr. member
Activity: 298
Merit: 250
Make it look nice like half the people on crowdfunding sites do, and then people think its legit and invest.

Simple!
copper member
Activity: 2926
Merit: 2348
I haven't really looked very closely at the crowd sale, however I have glanced at a few articles and read some headlines, and my impression was that it was most likely some kind of donation solicitation.

If you use Mycelium on a regular basis (and benefit from their product/wallet) then I would suggest that you donate/"invest" in order to give the devs some kind of incentives to continue their work on Mycelium.

A similar principle for armory is true as they (at least previously) accept donations to support the development of armory.

I personally use (and recommend) electrum and would most likely donate to thomasv if he/electrum accepted donations.
hero member
Activity: 490
Merit: 520
I had a feeling it was a series of donations, and I'm glad that I didn't think twice about buying into this.

If they could get the bloody thing out sooner, then maybe people would be more interested in ""investing"", but that doesn't look like it is anytime soon and chances are they will be pressed for funds.
sr. member
Activity: 298
Merit: 250
Somebody shared the original crowdsale pdf with me privately. I've uploaded it to archive.org
https://ia601503.us.archive.org/23/items/Mycelium_crowdsale/crowdsale.pdf

Comparing the two documents programmatically is hard because the later update of the PDF was styled with a different pdf editor and contains proper line breaks whereas pasting the first one in an editor results to it having 1800+ lines. I'll try reading them to do an analysis when I have time.


Thanks for the file as well
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
Somebody shared the original crowdsale pdf with me privately. I've uploaded it to archive.org
https://ia601503.us.archive.org/23/items/Mycelium_crowdsale/crowdsale.pdf

Comparing the two documents programmatically is hard because the later update of the PDF was styled with a different pdf editor and contains proper line breaks whereas pasting the first one in an editor results to it having 1800+ lines. I'll try reading them to do an analysis when I have time.
sr. member
Activity: 350
Merit: 251
Shit, did I leave the stove on?
I have decided to stay away from this one. I don't like the idea of buying digital tokens for something like their Mycelium wallet which is not even stocks of a real company. And I don't know how they can put a worth of $100 million to $900 million on something that is basically free for everyone to use. What am I missing here? It looks like a get rich quick scheme that can blow up in our faces.
member
Activity: 90
Merit: 10
I have not yet decided if I will get involved with this one. It a pretty big name, but it has a lot of negatives... Undecided
legendary
Activity: 1036
Merit: 1000
Nighty Night Don't Let The Trolls Bite Nom Nom Nom
i was shocked to see my favourite mobile wallet touting
hero member
Activity: 926
Merit: 1001
weaving spiders come not here
Agreed. This has scam written all over it. If they want to sell shares, then do it right and sell actual shares through the proper channels as negotiable securities.
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
But as mycelium has stated, they are aiming to become a full blown finance company. Their fees should be able to fund their dividends.
That's if you trust them. Normally when buying securities a third party is responsible with trading and distribution, in Mycelium's case you'd also have to fully trust them with that. Their crowdsale doesn't even have to abide to regulations because it's not a security, there's no fallback if they try to defraud investors.

Thanks for the affirmation....This is exactly the way I see it too.  But, what's so confusing to me is that they seem to be serious!  Their crowdsale terms don't make a lick of sense from an investor's point of view, or from any angle for that matter, but is there anything at all in their offer that might justify an investment rather than a donation?  SMILE--I'm thinking about donating out of pure confusion but can I at least expect a t-shirt, coffee mug, or something for my support?  I guess what I'm asking: is it a pure scam or is it a genuine project?
There's no way for me to tell if it's a pure scam from now since they haven't even released their shares or product. It seems bad though and that's why I recommend not putting money you can't afford to lose in that initiative. However, this might as well be a legitimate project but the potential of it to be profitable enough to be a decent investment also doesn't seem good. I believe the marketing from Mycelium is trying to mislead people into giving them more money instead of asking for donations.
sr. member
Activity: 298
Merit: 250

Quote
You get the share of Mycelium and the right to receive money whenever Mycelium gets more expensive. Let's suppose that this time, with this crowdsale, it will be valued at 100 million USD. Imagine that when we sell another portion one year later it will be valued at 1 billion USD. So you will get 900 million USD multiplied by your portion (if you are the owner of 5% you will get 5% of 900 million = 45 million). Your initial investment stays with you: you keep owning this right and it is non-dilutable. The next 20% we sell will be dilutable.

I get $45 Million USD!
Good quote, which clearly shows they are speaking to people who fall for Ponzi schemes.

Exactly what I thought, sounds like a typical Ponzi scheme type thing!
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