Topic: Mycelium's "crowdsale": basically a donation, not an investment by any means - page 19. (Read 21259 times)
April 30, 2016, 11:14:02 PM
The one thing that puts me off is the fact that we are not buying any shares in their company and not even 'real' shares in their Mycelium Wallet but we are getting fantasy tokens instead which are not traded on any stock markets whatsoever. How can be sure that we could sell these tokens to anyone later on for a profit? What if Mycelium starts buying back all the tokens for cheaper than we have bought them? I mean all this crowdsale can go south very fast for the investors. I think I am going to stay away from this one.
April 30, 2016, 08:41:25 PM
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.
April 30, 2016, 08:40:54 PM
But as mycelium has stated, they are aiming to become a full blown finance company. Their fees should be able to fund their dividends.
I am very happy if it could come true, but is later after the company became a financial firm mycelium full blown will remain committed to its investment ..??, April 30, 2016, 08:36:27 PM
But as mycelium has stated, they are aiming to become a full blown finance company. Their fees should be able to fund their dividends.
April 30, 2016, 08:34:43 PM
So glad that there's someone who gives an offer to do a donation, but that makes me puzzled is why you are not giving a support/gifts to donors to support your activities..??, can you provide real evidence for these activities so that I could trust this.
April 30, 2016, 08:29:26 PM
Pure money grab on the heels of all these icos. Reminds me of the dot com bubble.
April 30, 2016, 08:06:03 PM
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?
April 30, 2016, 03:19:06 PM
So Mycelium is organising a "crowdsale". If you've been in their website you've most definitely heard about it because they're doing their best to get the word out. I'm here to give you the hard truth though, this is quite possibly the worst place to put your money in and most certainly a guaranteed loss of principal. Don't give them money unless you consider it a donation. Here's why:
Part 1
Unacceptable practices:
Giving a 10% discount to people expressing interest prior to the sale.
You don't have to be a genius to see how bad of a practice this is for securities (note: this crowdsale isn't even a security) that are supposedly representing a stake in a company.
Promising investors part of the money received from future crowdsales
In their own words:
Tokens are released in their own platform.
So fair distribution is entirely based on trust, as well as trading. Yet they claim that Token owners can either sell them on the open market at any moment or redeem to us if conditions are met, which is misleading at best.
Especially risky when you look at this from a legal perspective:
For now yes. It's not my company, I am technically just a contractor. It's registered in Cyprus, with the Wallet division registered in Latvia.
My advice on this would be to stay away. It looks bad in every way possible, there's no guarantee that Mycelium have the supposed platform ready or even that they're working on it. Don't fall for their misleading advertising, this looks bad no matter how you look at it. Only send money if you consider it a donation.
Part 1
Unacceptable practices:
Giving a 10% discount to people expressing interest prior to the sale.
You don't have to be a genius to see how bad of a practice this is for securities (note: this crowdsale isn't even a security) that are supposedly representing a stake in a company.
Promising investors part of the money received from future crowdsales
In their own words:
Quote
And do I have a guarantee that the collected funds will only be used for the wallet project and not for the rest of the company?
Not entirely, but that's mainly because eventually all of the rest of our company will be rolled into this wallet. Most of the expense will be used to pay Wallet developer salaries, but some of our resources (like office and general brand marketing) are shared, so it would be difficult to keep completely separate. Sorry I can't give a more satisfactory answer.Tokens are released in their own platform.
So fair distribution is entirely based on trust, as well as trading. Yet they claim that Token owners can either sell them on the open market at any moment or redeem to us if conditions are met, which is misleading at best.
Especially risky when you look at this from a legal perspective:
You're a US citizen, right? Where's your company based/registered at?
For now yes. It's not my company, I am technically just a contractor. It's registered in Cyprus, with the Wallet division registered in Latvia.
My advice on this would be to stay away. It looks bad in every way possible, there's no guarantee that Mycelium have the supposed platform ready or even that they're working on it. Don't fall for their misleading advertising, this looks bad no matter how you look at it. Only send money if you consider it a donation.
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