[ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets

[DaddyH]

As this wallet clearly doesn't work on S7 and or Android 5.1.1. I'm uninstalling and leaving this currency alone.

Works fine on mine. Too bad.

Very helpful. You're mother must be very proud.

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[tempus]

I'm invested now. Even if I'm unsure about the price-potential in short-term I believe this could be a diamond for longterm.

And: I really like the App - unusual for me, because normally I don't like it to do things with my phone. ;-)


But I also have some more questions...




ICO and total supply:

- How many LKK are sold to Investors in total after this ICO? I know the prices of the other rounds, but not how many were sold in the first funding. There were two before this ICO, right?


- Are there any restrictions or can the company (the owner) sell as much LKK as they want whenever they want?


Bitcoin:

I know there are high expectations and that also would mean a lot of transactions. I know that won't necessarily all be on chain, but:

- Could the blocksize limit become a problem for Lykke?

- While I believe it's unlikely it could nevertheless be possible that Bitcoin could hardfork and split into two chains: What would Lykke do?



About the APP - I'm on IOS:

- There is a Trading- and a Private-Section: Does that mean that if my LKK are in the Trading-section they are on the Lykke-exchange and I should move them somehow to the private section to be safe with the backup-key? I don't understand the private-section to be honest and for what it is.

- If I would delete the App (or destroy my phone or whatever), I would only need the 12 words to get my wallet back, right? But how?

- Is there a way to generate a cold-wallet?



About the roadmap:

- Is it possible (and if yes, are there plans) to add other Crypto-Currencies/Blockchain-projects on the exchange to trade them on Lykke (let's say NXT or Factom - just for example)?

- Is there any time-estemation for a browser-setup?

- Are there chances, maybe even plans, to connect Lykke to Oanda?



About FIAT:

- If I would sell Lykke or BTC for Euro (I'm from germany): Would/Will I be able to transfer EUR to my personal bank-account? Will Lykke partner with a bank like bitcoin.de and kraken do it with the Fidor-bank?  

- There are already some providers for Bitcoin-debit-cards (Xapo for example): Are there any plans that Lykke will also go into such a direction?




Other exchanges:

- I know it was said: "LKK will be tradable only at Lykke Exchange, which is going to be better (nicer, more secure) then centralized trusted exchanges like Poloniex or Bittrex"

...but: Is it impossible for them to add LKK? I mean, if they would want to add LKK, they could do it, right?





I know, a lot of questions. But no need to hurry, I have time. I really like this project, because the professionalism I see here is rare in the Crypto-space.

[LykkeX]

- How many LKK are sold to Investors in total after this ICO? I know the prices of the other rounds, but not how many were sold in the first funding. There were two before this ICO, right?

Please see above, where more info was posted. Total funding pre ICO was 1.5M CHF (roughly 1.6M$). Some of the investors are public, see links above.

- Are there any restrictions or can the company (the owner) sell as much LKK as they want whenever they want?

Some capital is reserved to buy LKK.

- Could the blocksize limit become a problem for Lykke?

Great question. Offchain solutions are being worked on. Lykke has a different view on liquidity and trust in general, so it represents unique solutions to them. ColoredCoins can be created and traded off-chain - then they can settle on-chain. The issuance is unrestricted, so in that sense it could be seen as a solution to scaling.

- While I believe it's unlikely it could nevertheless be possible that Bitcoin could hardfork and split into two chains: What would Lykke do?

This is not an issue. The question at the moment is about Ethereum support, and how trading between chains should work. If Bitcoin would fail (which seems very unlikely), then any secure public chain can be chosen.

- There is a Trading- and a Private-Section: Does that mean that if my LKK are in the Trading-section they are on the Lykke-exchange and I should move them somehow to the private section to be safe with the backup-key? I don't understand the private-section to be honest and for what it is.

- If I would delete the App (or destroy my phone or whatever), I would only need the 12 words to get my wallet back, right? But how?

- Is there a way to generate a cold-wallet?

Will post answer later. These are reoccurring questions we should have an FAQ for.

- Is it possible (and if yes, are there plans) to add other Crypto-Currencies/Blockchain-projects on the exchange to trade them on Lykke (let's say NXT or Factom - just for example)?

- Is there any time-estemation for a browser-setup?

- Are there chances, maybe even plans, to connect Lykke to Oanda?

1) It is not planned to list other native coins. Lykke is about issuer based coins mostly, that is coins which can represent in some form traditional assets.

2) Oanda - no. Lykke is more of a replacement for any FX broker. But clearly having worked on building Oanda - one of the largest Forex brokers in the world - influences decisions in Lykke. There is no partnership between these companies. There are talks with other FX providers for various purposes (FX hedging and marketdata).

About FIAT:

- If I would sell Lykke or BTC for Euro (I'm from germany): Would/Will I be able to transfer EUR to my personal bank-account? Will Lykke partner with a bank like bitcoin.de and kraken do it with the Fidor-bank?  

Lykke has already a banking partner. Yes, you can already use it to deposit/withdraw (SEPA).

- There are already some providers for Bitcoin-debit-cards (Xapo for example): Are there any plans that Lykke will also go into such a direction?

Debit-cards - no. The focus and core expertise is on markets and trading.

...but: Is it impossible for them to add LKK? I mean, if they would want to add LKK, they could do it, right?

Correct, they could. It is the question whether they want to choose to and why. Commissions for LKK trade are and will remain 0.

[tempus]

@LykkeX: Thanks for the answers!

I'm just not sure how to understand "Please see above, where more info was posted. Total funding pre ICO was 1.5M CHF (roughly 1.6M$). Some of the investors are public, see links above."


Could you point me on the post you mean? In the first post it's said:

"Lykke has recently closed an investment round of 0.5 Mio CHF with angel investors at a valuation of 15 Mio CHF. We are adjusting the bid and ask price per share to 1.40 and 1 CHF, which corresponds to 0.014 and 0.01 CHF per Lykke coin. The bid and ask quotes will change in response to demand and supply"


And my question is simple, just how many LKK were sold prior to this ICO.

[LykkeX]

And my question is simple, just how many LKK were sold prior to this ICO.

Not all sales are disclosed beyond what was linked here. But assuming e.g. 1.5 M CHF capital raised at 15M$-30M$ valuation that would be 5-10%. From memorandum:

"1.7. Significant Shareholders Richard Olsen is the only significant shareholder with a holding in excess of 10 percent."

"Since the Company holds own tradeable shares (see section E.1.6) it has a lot of room for maneuver to find innovative ways for compensating work of employees or requested services from third parties."

"As of the date of this Brochure, the Company held 1,883,864 (14.65%) of its own shares."

https://lykke.com/Lykke_Corp_Placement_Memorandum.pdf

[tempus]

And my question is simple, just how many LKK were sold prior to this ICO.

Not all sales are disclosed beyond what was linked here.

 

But why not? I mean, that are not unimportant informations if one wants to come to a decision if to invest or not. And I'm already invested and thinking about investing more. But tbh, I don't understand why it's a problem just to make the number of already sold LKK public and in best case in combination with the price. Because reading about this project it all looks very good. I'm just unsure about earlier prices which were much cheaper and the pretty high valuation of 64 million Swiss Francs after this ICO. Out of Investor-perspective it's the question if I buy now or if I'll get it cheaper after the ICO because early Investors sell millions of LKK because they are with hundreds of % in the profit-zone.


I can't figure it out reading this...

 
But assuming e.g. 1.5 M CHF capital raised at 15M$-30M$ valuation that would be 5-10%. From memorandum:

"1.7. Significant Shareholders Richard Olsen is the only significant shareholder with a holding in excess of 10 percent."

"Since the Company holds own tradeable shares (see section E.1.6) it has a lot of room for maneuver to find innovative ways for compensating work of employees or requested services from third parties."

"As of the date of this Brochure, the Company held 1,883,864 (14.65%) of its own shares."

https://lykke.com/Lykke_Corp_Placement_Memorandum.pdf

[LykkeX]

Out of Investor-perspective it's the question if I buy now or if I'll get it cheaper after the ICO because early Investors sell millions of LKK because they are with hundreds of % in the profit-zone.

The founders started this for the longterm, and the investors are onboard with the mission. One of the investors is founder and CEO of 360T. You can read about 360T here: http://www.360t.com/about-us/ , http://www.reuters.com/article/us-360t-m-a-deutsche-boerse-idUSKCN0Q002M20150726

In terms of publication of shareholder data and confidential data, that's a complicated issue. Yes, you might speculate on the price in one way or another, but there is a mission here which is the focus. Ultimately the price should depend on whether Lykke can fully build out this marketplace. Our COO might be answer to your questions in a better way. I can pass a list of question on. I would encourage you to repeat the questions in the AMA on Tuesday.

Investor's Q&A with @LykkeCity co-founder & COO Prof. Ivliev on Tuesday 2pm UTC: http://bit.ly/2cPZHHQ
Join us: https://cryptocopia.herokuapp.com/

[tempus]

Out of Investor-perspective it's the question if I buy now or if I'll get it cheaper after the ICO because early Investors sell millions of LKK because they are with hundreds of % in the profit-zone.

The founders started this for the longterm, and the investors are onboard with the mission. One of the investors is founder and CEO of 360T. You can read about 360T here: http://www.reuters.com/article/us-360t-m-a-deutsche-boerse-idUSKCN0Q002M20150726 . "Deutsche Boerse buys forex trading platform 360T for $796 million"

In terms of publication of shareholder data and confidential data, that's a complicated issue. Yes, you might speculate on the price in one way or another, but there is a mission here which is the focus. Ultimately the price should depend on whether Lykke can fully build out this marketplace.

I already believe it's a good project and I have read a lot about it.

And I did not ask about "shareholder data and confidential data".

I just asked how many LKK were sold prior to this ICO.

And of course Investors and potential Investors are interested in prices and also about future scenarios. Nobody buys into an ICO to find out that the price goes down right after. And I don't want to say it will. But without knowing how much was sold and at what prices, prior to this ICO, it's a little bit like buying blind.

[tempus]

Investor's Q&A with @LykkeCity co-founder & COO Prof. Ivliev on Tuesday 2pm UTC: http://bit.ly/2cPZHHQ
Join us: https://cryptocopia.herokuapp.com/

Ok, thanks! I will do that.

[tempus]

Sorry, that I have so many questions and I don't want to sound over-critical, but what I also don't understand is this:

(...)

There exist  1,250,000,000 Lykke coins (LKK). (...)
 

But in the link that you gave me:

The shares are registered on blockchain. In total 1,285,690,000 Lykke coins were issued. Each registered share of Lykke Corp corresponds to 100 Lykke coins.
https://lykke.com/Lykke_Corp_Placement_Memorandum.pdf

And on the Coin-holders-list it's also:

Total   1,285,690,000 Lykke

https://www.coinprism.info/asset/AXkedGbAH1XGDpAypVzA5eyjegX4FaCnvM/owners


That's a difference of 35,690,000 LKK = 1,784,500 CHF

That difference is higher than this ICO. Kind of hard to understand.

[Bannedseller]

Sorry, that I have so many questions and I don't want to sound over-critical, but what I also don't understand is this:

(...)

There exist  1,250,000,000 Lykke coins (LKK). (...)
 

But in the link that you gave me:

The shares are registered on blockchain. In total 1,285,690,000 Lykke coins were issued. Each registered share of Lykke Corp corresponds to 100 Lykke coins.
https://lykke.com/Lykke_Corp_Placement_Memorandum.pdf

And on the Coin-holders-list it's also:

Total   1,285,690,000 Lykke

https://www.coinprism.info/asset/AXkedGbAH1XGDpAypVzA5eyjegX4FaCnvM/owners


That's a difference of 35,690,000 LKK = 1,784,500 CHF

That difference is higher than this ICO. Kind of hard to understand.

I agree with tempus. It's a great company and I would like to know also. The company can be overpriced. Thanks,

[LykkeX]

Reply from COO

Increase of 35M coins in June was due to additional shares issuance in the 2nd round

In the 3rd round no extra shares were issued - Lykke Corp sold out partially the coins it held in treasury

In August around 590k CHF were raised from private investors

[LykkeX]

David Siegel has compiled an excellent slideshare. A lot of information there:

http://www.slideshare.net/pullnews/lykke-crowdfund-i

[tempus]

Ok, thanks for the infos. The slide-share gives a good overview - but also underlines my concerns:





1,590,000 CHF were raised until the current ICO

If this ICO should end successfully it will be 3,090,000 CHF.

The total value will be at 64,284,500 CHF after this ICO and I believe that's a discrepancy.


And it seems to be kind of "top-secret" how many LKK were sold prior to this ICO for the 1,590,000 CHF but most likely the price was about 5 times cheaper than it is now or something like that.


Would it be possible to make public what the price was for the "visionary supports" from august 2016?

I mean, it seems as if there was an explosion of the total value of Lykke up to 64,284,500 CHF in just one month. And that's kind of hard to understand.

[LykkeX]

The price of the March funding round was 0.015 CHF. So ICO price is 3x higher than the earliest funding rounds, but this also reflects the progress of the company which leads to higher demand. I'll see what we disclose about August round, but ICO price is certainly not 5x from that (price was significantly higher than March price). I'll let the COO answer any other question on Tuesday about this matter.

[tempus]

The price of the March funding round was 0.015 CHF. So ICO price is 3x higher than the earliest funding rounds, but this also reflects the progress of the company which leads to higher demand. I'll see what we disclose about August round, but ICO price is certainly not 5x from that (price was significantly higher than March price). I'll let the COO answer any other question on Tuesday about this matter.

Okay, thanks!

I believe it would be best just to disclose those informations. I mean, it's understandable that early Investors had the opportunity to buy cheaper. They were willing to take a bigger risk - so, nothing wrong about that.

But the impression that it seems to be important to keep it secret how much LKK were sold prior to this ICO, could do more damage than help to make this ICO a success. For me personally it's the number one reason to be carefully in general, whenever I have the impression there could be something to hide - while I actually think that this is a good project. I have no doubt that it's legit and not comparable to some other hyped up and basically corrupt projects like theDAO for example (which wasn't just a fail because it was hacked) - and a lot of other ICO's.

But of course: A question for every Investor, who doesn't want to buy blind, is how the price will be after an ICO and if something is overvalued or not. It's also about attention and market-reactions etc. And of course, Lykke will be different in many ways. It won't be a Poloniex-Coin and the market won't play by the usual crypto-rules. But some things never change: If there are many with a lot of LKK in a high profit zone, it could very well be that they will bring some pressure on the price, especially if Bitcoin should go up. That's also something to consider in Crypto for those who pay with Bitcoin and not FIAT. And this ICO is a "Crypto-ICO". And it's not a cheap one.

[jupiter00000]

Can I sell back my Lykke? I am growing more uncomfortable with the currenct ICO price as I learn more about how large the supply of coins will be. It was an unwise and impulsive decision for me to pay .05 for these coins. However, it is cool to own .001% of the company haha.

[DaddyH]

Can I sell back my Lykke? I am growing more uncomfortable with the currenct ICO price as I learn more about how large the supply of coins will be. It was an unwise and impulsive decision for me to pay .05 for these coins. However, it is cool to own .001% of the company haha.

Muppet

[LykkeX]

Sept 18 results: 8,479,040 Lykke coins bought, 423,952 CHF raised.

[eye4bd]

Sept 18 results: 8,479,040 Lykke coins bought, 423,952 CHF raised.

Hi
My problem about purchasing btc from lykke built in exchange have been solved.
I'm fall in love with soomth functionality of the lykke mobile wallet.
The exchanging prosses was very quick and strait forward.
You Guy's deserve big thanks for building such a enjoyable wallet with real life facilities.