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April 30, 2016, 11:19:32 AM

I'm in and excited about their planned support for OpenAssets. Support for digital assets in wallets (over 3rd party websites) is imho long overdue.

interbtc

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April 30, 2016, 11:28:29 AM

I don't understand this to be honest ; why are they selling shares of their project ? They know best will it turn profit, so it seams to me that they are
looking more for bailout of sorts, rather than that they are selling shares from any other reason.

Personally, i am not even remotely considering of investing my funds there, but i am interested in what others have to say tho.

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= jasad =

Quote from: OmegaStarScream on April 30, 2016, 10:54:45 AM

April 30, 2016, 11:34:57 AM

It's going to start soon : https://wallet.mycelium.com/early-bird-registration.html
Here is the basic terms : https://wallet.mycelium.com/elements/licenses.html or :

Quote

No i dont interest to invest now,but i wonder what really they (mycelium) to open this project to everyone?is they really need funds and want to share profit?

bitkilo

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April 30, 2016, 11:36:03 AM

Sounded good when i first read about the project but the more you read into it the worse it sounds.
I mean how will the take this company to a value of 900 million usd, what's their long-term plan to do this?
Also the 100mil value on Mycelium currently relates to the company as a whole but you can only invest in the wallet.

There is also some clause im still looking into regarding mycelium buying back the shares at the original ipo offer when they want to.

Quote

Token repurchase. In the event of SIAs IPO Mycelium shall have a right to repurchase
Participants Tokens and corresponding SARs at Tokens Nominal Value equal to the Tokens
purchase price during Sale Event in the USD based on BTC to USD BitcoinAverage exchange
rate at the time of the Sale Event closing. When SIA decides to start paying dividends,
Participant will have a right to sell Tokens to Mycelium for the Nominal Value or convert the
Tokens into class B nonvoting preference shares of Mycelium SIA.

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Monnt

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Quote from: interbtc on April 30, 2016, 11:28:29 AM

April 30, 2016, 11:47:48 AM

The whole idea of crowdfunding is that they don't really have the funds to do everything they want. They sell shares to fund their research and development. I'm investing 1 btc Cheesy

Bgjjj2016

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Ben2016

Quote from: Monnt on April 30, 2016, 11:47:48 AM

April 30, 2016, 11:57:52 AM

Quote from: interbtc on April 30, 2016, 11:28:29 AM

The whole idea of crowdfunding is that they don't really have the funds to do everything they want. They sell shares to fund their research and development. I'm investing 1 btc Cheesy

When you read their legal mambo jumbo , you'll see they can force you sell your share for the original price. I love mycelium and was very excited first until I read their legal disclosure.

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April 30, 2016, 12:02:43 PM

To me, even the name is misleading. They call it a "crowdsale" but they have the right to repurchase shares at IPO sell price and don't give investors many other options to sell or trade the shares. This puts Mycelium in a no risk position while giving them very little incentive to go after profit after getting the funds, but even if they do meet sucess they could just kick investors out by getting the shares at the sell price. It's more of a crowdfunding initiative.

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Bitware

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April 30, 2016, 12:05:55 PM

Sounds like they are in financial trouble.

gentlemand

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April 30, 2016, 12:07:58 PM
Last edit: April 30, 2016, 05:57:13 PM by gentlemand

#10

The terms are bizarre and shit so it's a no. If you can put in small amounts then i will more as a donation and expect nothing back.

bitkilo

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April 30, 2016, 12:12:22 PM

#11

Found this comment from Rassah on reddit:

Quote

Rassah

2d, 17h

In the future, how do you plan to determine the value increase of just the project separate from the rest of the company?

Value increases will be determined by the next sale of tokens, or during trigger events.

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.

Link: https://m.reddit.com/r/btc/comments/4gkwov/mycelium_new_wallet_and_crowdsale/

So we can only invest in the wallet but they can't guarantee that the funds won't be used for other projects, really?

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alani123

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Quote from: bitkilo on April 30, 2016, 12:12:22 PM

April 30, 2016, 12:40:15 PM

#12

Found this comment from Rassah on reddit:

Quote

Oh right, of course they urge investors to put money in their wallet project which so far was entirely free and didn't offer them any direct way to profit while they could be funneling funds to other projects profitable for them and with no obligation to investors...

^{P R E M I E R B I T C O I N C A S I N O & S P O R T S B O O K}

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bitkilo

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Quote from: alani123 on April 30, 2016, 12:40:15 PM

April 30, 2016, 12:49:47 PM

#13

Quote from: bitkilo on April 30, 2016, 12:12:22 PM

Found this comment from Rassah on reddit:

Quote

It would be good if Rassah could pitch in here and answer some questions regarding what the crowdsale funds will actually be used for because as of now it just looks like the investors will just be paying salaries.

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OmegaStarScream (OP)

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Quote from: Bitware on April 30, 2016, 12:05:55 PM

April 30, 2016, 12:51:12 PM

#14

Sounds like they are in financial trouble.

I don't think so because they are planning to re work on the UI/UX and other stuff so I assume they need to pay more developers to work. : https://wallet.mycelium.com/concepts.html

bitkilo

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Quote from: OmegaStarScream on April 30, 2016, 12:51:12 PM

April 30, 2016, 12:57:13 PM

#15

Quote from: Bitware on April 30, 2016, 12:05:55 PM

Sounds like they are in financial trouble.

I don't think so because they are planning to re work on the UI/UX and other stuff so I assume they need to pay more developers to work. : https://wallet.mycelium.com/concepts.html

Paying developers wages looks to be exactly what they are planning to do with the funds. It's the only answer i have seen so far regarding what will happen with the money the receive from this.

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calkob

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April 30, 2016, 01:03:03 PM

#16

i have thought about it, it is a very interesting project which could take off in the future.

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April 30, 2016, 05:30:18 PM

#17

$100,000,000 valuation of a software wallet that probably took less than 100,000 man hours to develop? and projected 10x increase in value in a year?

NOOOOOPE

clearly venture capital firms have not been interested, and it makes sense since a realistic valuation is probably $2,000,000 or less. There are a half dozen qualified software wallets out there already who are not deluded into assuming billion-dollar valuations

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klondike_bar

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April 30, 2016, 05:34:46 PM

#18

from the mycelium discussion page (which only shows the most recent 3-6 messages because of a terrible job formatting it):

"I did not say you are buying shares of the whole company. Just the wallet division
There is no minimum investment, yet. We may make one if there is s transaction spamming
We are not valued at $100,000,000, and will not accept that valuation. We do not expect 10x growth in a year."

which is almost total opposite of the basic terms page:

"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."

this is worse than paycoin

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Chris!

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April 30, 2016, 05:57:35 PM
Last edit: April 30, 2016, 06:24:30 PM by Chris!

#19

I was excited about it but after looking into it I'm not going to be giving up my BTC. There are a few reasons:

1. They seem to be based in Latvia or Cyprus[1]
2. You will own a 'token' of the company. Not a share, not a stake[2]
3. They haven't set out a valuation for their company. If they raise 500BTC and you're contributing 1BTC you now 'own' 0.01% of their company. Who's to say the app was worth 10000BTC though?

I have lots of questions for them:

Why do you need the money? What will it be used for?
What's the business model?
What does your cash flow look like? What's your cost of acquisition per customer?
Do you have debt? What's the debt service ratio?
What assets do you own?
What happens if you dissolve, go bankrupt, or decide to run with the funds (not saying they will, but how would you sue for $400US internationally? You wouldn't. It's too expensive).

I would want to do a lot more due diligence on the company but it's not readily available so I'm not risking my capital.

Quote

[1]Mycelium Holding LTD, Emmanouil Roidi, Kirzis Center, 2nd floor, Office D25, Agias Zonis, 3031, Limassol, Cyprus
Mycelium SIA, 34-1 Blaumana Street, Riga, LV-1011, Latvia

Quote

[2]IMPORTANT:

The crowdsale offer refers to the Wallet project only. No refunds. Token is not a security, is not listed, authorized, issued or traded on any regulated market. We do not guarantee that the value of tokens will increase.

EDIT: this isn't meant to bash Mycelium. I love their new ideas for the wallet and I use it all the time. I just won't be investing (or won't be investing very much).

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