Mycelium's "crowdsale": basically a donation, not an investment by any means

[Rassah]

Note, us creating a plugin architecture is being done exactly so that others can deal with adding their own stuff (WAVES that's being questionable, Ethereum that's having problems, DASH that may become obsolete should bitcoin become anonymous enough) without us having to put any of our own resources into any of those, and so we can spend our time focusing exclusively on Bitcoin.

I'm being told CoinShuffle is nearing completion, and should be ready in July, and SegWit is close to being done as well. We are also reviewing final Keepkey code for the current wallet.

[lordlucan]

So any word of exchanges or converting to B shares yet???

[alani123]

What's funny to me is that those integrations went from the wallet's main selling point and an integral part of its marketing camaign to optional addons. I didn't mention Ethereum's fundamentally flawed fundamentals because their team has shown willingness to actively develop and improve it. But either Rassah is lying right here, or Mycelium's team lyied when saying that they're running both R&D and practical tests on blockchains. Clearly they didn't research anything about WAVES before making them part of their marketing. Also, this whole "have others integreade with us" doesn't sound like a plan. We're already seeing how this is going with exchanges.

The plan for what to do with the funds has always been clear and clearly stated: To develop a new wallet that supports a plugin architecture, like a crypto finance app store built on top of a personal/business financial management suite. And even more specifically,  to use the funds to hire an Android, an iOS, and a UI developer to help get the project faster to finish.
Sorry if this wasn't clear to you specifically, but since you didn't invest and thus didn't bother to do anything beyond cursory "research" thats not surprising.

If WAVES fails to deliver on their promise, that doesn't really affect us or our plans. If they do deliver, it just gives us one more option on top of Colu, Tether, Ether, Rootstock, Omni, Counterparty...

[Rassah]

So any word of exchanges or converting to B shares yet???

No word on exchanges,  but I haven't asked for progress updates in a while.
B-Shares??? We haven't even finished the new wallet yet. We can't convert to shares at least until we actually start making huge profits.

What's funny to me is that those integrations went from the wallet's main selling point and an integral part of its marketing camaign to optional addons.

Like with all your claims so far, they didn't go from one to the other either. Third party integrations went from the wallet's main selling point and an integral part of its marketing camaign... to being the wallet's main selling point and an integral part of its marketing camaign. The only difference is that it will now be much easier to have even more integrations, since integration will no longer depend entirely on us, and people will have more choice over what they want to include. Which has been the marketing campaign from the start.

But keep digging. Maybe you'll find something actually wrong to complain about eventually.

But either Rassah is lying right here, or Mycelium's team lyied when saying that they're running both R&D and practical tests on blockchains.

We have been doing R&D on colored coins, and are using them to issue tokens (practical tests), so we're not lying. We're just not doing it with a lot of blockchains, since, as I mentioned,  our primary focus is still Bitcoin. On which we're also doing plenty of R&D and practical tests.

Clearly they didn't research anything about WAVES before making them part of their marketing. Also, this whole "have others integreade with us" doesn't sound like a plan. We're already seeing how this is going with exchanges.

They're approached us with a business plan and tech idea. They asked to work with us, we said ok. Since they didn't need anything from us, we were fine with it. They might still be ok, who knows, but as I said, they don't affect us. Part of our marketing was also Glidera, which has since been integrated and works, and Colu, which already works with our tokens and is being integrated right now. And with regards to third parties wanting to be integrated, we're about to finish integrating KeepKey hardware wallet support as well. This is all just since mid May. So the plan is going just fine. Exchanges is more a Colu problem, since it's their technology that we are using that needs to be implemented, and really we can only help so much. But I'm glad you found something insignificant to harp on. If this is a major point of concern for you, we can probably arange to buy and resell your tokens for you. Just let me know how much you have and wish to sell. In the mean time, we'll keep focusing on developing useful software.

[lordlucan]

So whats the timescale on the new wallett is it 2016 or 2017,and your probably right get wallet out there before trading coins

[yoyoamigo]

so 7th july 2016 will be the day when trading starts? on Bittrex? Polo?

[M28MmickT]

Are you re-investing those crowdsale BTCs ( or at least a part of them) into wallet/project development?

That's what they're specifically for.

Your website said the project is valued at around 60k BTCs including the 5k from crowdsale,  wouldn't you get more profit to develop and get that value higher than to take the crowdsale BTCs for you acting like if it was profit you took from selling 5% of your stock value?

I'm not sure what you mean. We didn't consider proceeds from the crowdsale as a profit. Just cash to use to develop the new wallet.

Why do you think this worths 60k BTCs? (sources)

That's what the valuation sale determined.

Is there any other source of profit for this company besides ads that could be put in the wallet?

We won't be putting ads into the wallet. At least we will try to avoid them. Yes, there are other sources of profits for this company. Basically what we are doing with the current wallet already, but on a much larger scale.

just to check: so there's roughly about <10000 mycelium tokens? as in total available supply?

There are a little bit over 5,000 tokens, which account to for 5% of the company. There will be more tokens when we sell more of the company  stake. Total we can't sell more than 100% of the company, or course. But this isn't anecessarily altcoin, so please don't think of it that way.

This seems serious:
http://coincidental.eu/2016/06/29/waves-is-not-ethereum-for-the-sake-of-god-dont-buy-it/

Has there been any comment from Mycelium's team yet? Given that WAVES was part of their marketing campaign, it doesn't seem like they did much (if any) research before asking for people's money for crowdfunding. Perhaps Mycelium will distant it's business from WAVES but this still goes to show that there was no clear plan for what was going to be done with funds from the crowdfunding and it more or less served as a cash injection/donation. In this case, they used WAVES just to gather up hype around their project.

WAVES approached us asking to work with us and develop support (a plugin) for our wallet. No different from other plugins, or other companies who approached us as well (most recent is DASH). We agreed, and considered using their service for some of our internal fiat stuff. But that never meant that we would spend any of the money we raised on them. Just that they said they would like to develop stuff for us, and we said would be willing to include it.

The plan for what to do with the funds has always been clear and clearly stated: To develop a new wallet that supports a plugin architecture, like a crypto finance app store built on top of a personal/business financial management suite. And even more specifically,  to use the funds to hire an Android, an iOS, and a UI developer to help get the project faster to finish.
Sorry if this wasn't clear to you specifically, but since you didn't invest and thus didn't bother to do anything beyond cursory "research" thats not surprising.

If WAVES fails to deliver on their promise, that doesn't really affect us or our plans. If they do deliver, it just gives us one more option on top of Colu, Tether, Ether, Rootstock, Omni, Counterparty...

Thankyou for your responses.

[BathSaltsDealer]

Happy birthday, Rassah!

so 7th july 2016 will be the day when trading starts? on Bittrex? Polo?

Give it another couple of weeks.

[steve8143]

I am having issues with finding my tokens at Colu
Can anyone help?
I have sent many support tickets with no answer

[M28MmickT]

Still waiting to see this coin an exchange, seeing that Waves trading started long ago and this project has big ties with Waves I expect this market to open soon or at least open a blog and post updates there.

[lordlucan]

Best idea to get support is to PM him on here

[lordlucan]

Wonder what each token will be worth

[groll]

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:

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.

Remember that a Cyprus-based holding company is involved, and Mycelium operations are supposedly Latvian-based. This is a borderline pyramid scheme setup and illegal for securities in most of the world.

Absolutely zero legal fallback

There will be no refunds. Token is not a security, is not listed, authorized, issued or traded on any regulated market.

No ETA on project rollout
and the creators have no clear idea how it's going to be built or even what it's going to be. You're you would literally be buying a stake in vapourware.

Mycelium's supposed address is a rent-a-desk service's address.
part 2
Why this has a high chance of being a loss:
First things first, up to this point, could you name anything that Mycelium did that was a commercial success? Their wallet software was free and not monetized, which is nice for users but not for potential investors. A supposed advantage of this crowdsale is dividends but there's no talk about how they're going to turn in profit.

They are granting themselvs the right to repurchase shares at the initial price.
There's no clear plan on how this project is potentially going to turn in profit, but even in the unlikely event that the project becomes profitable, they could buy back the shares at the initial price and end their obligation to investors.

Can only invest in the wallet but there's no guarantee that the money will be spent on it instead of other projects (that Mycelium won't pay investors dividends for)

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.

Thanks for that information. My friends are planning to take part on that crowdsale someone invited them to join and invest. That person told them that it is a good opportunity to earn. But after reading your post I realized that there are no guarantee that you will earn or your money will gonna come back to you. Im gonna spread this information so no one will regret after joining mycelium crowdfunding.

[M28MmickT]

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:

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.

Remember that a Cyprus-based holding company is involved, and Mycelium operations are supposedly Latvian-based. This is a borderline pyramid scheme setup and illegal for securities in most of the world.

Absolutely zero legal fallback

There will be no refunds. Token is not a security, is not listed, authorized, issued or traded on any regulated market.

No ETA on project rollout
and the creators have no clear idea how it's going to be built or even what it's going to be. You're you would literally be buying a stake in vapourware.

Mycelium's supposed address is a rent-a-desk service's address.
part 2
Why this has a high chance of being a loss:
First things first, up to this point, could you name anything that Mycelium did that was a commercial success? Their wallet software was free and not monetized, which is nice for users but not for potential investors. A supposed advantage of this crowdsale is dividends but there's no talk about how they're going to turn in profit.

They are granting themselvs the right to repurchase shares at the initial price.
There's no clear plan on how this project is potentially going to turn in profit, but even in the unlikely event that the project becomes profitable, they could buy back the shares at the initial price and end their obligation to investors.

Can only invest in the wallet but there's no guarantee that the money will be spent on it instead of other projects (that Mycelium won't pay investors dividends for)

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.

Thanks for that information. My friends are planning to take part on that crowdsale someone invited them to join and invest. That person told them that it is a good opportunity to earn. But after reading your post I realized that there are no guarantee that you will earn or your money will gonna come back to you. Im gonna spread this information so no one will regret after joining mycelium crowdfunding.

Mycelium crowdsale has already -ended- please read again.

[adamvp]

How I wish I didn't read it before participation :/

[gravitate]

How I wish I didn't read it before participation :/

I beg your pardon?

[gravitate]

I cant wait for the wallet. We can keep our tokens on it right?

[BathSaltsDealer]

I cant wait for the wallet.

No need to rush things.

We can keep our tokens on it right?

Sure!

[adamvp]

You cannot use it as usuall btc?  I though it could  be treat as btc..

[lordlucan]

if mycelium had told investors about the wait lack of news etc they would be lucky to sell aqnything,and Rassah I have 2.4 coins if you want to sell them for me my health dictates that now.Please PM me