Hi Kamil,
thank you for your opinion on our proposal. We’ve worked hard on developing our business and protocol to provide a strong use case to demonstrate the great capabilities of the NEM blockchain. We’re proud to be working to support the growth of the NEM community and XEM in the long term.
Greg
Hi sheepXcat,
Many thanks for your kind support. We are excited and grateful that you and many others like our project!
Every claim we make in the above proposal has been opened up for due diligence by the NEM foundation. We believe we can be a key catalyst for NEM’s growth and an Accelerator can help NEM adoption in the industry to grow fast. We have already spread the word about NEM on Bloomberg TV, China Central Television and have several key partners in our accelerator whose participation will benefit the NEM community.
Greg
Nomura does not matter.Nothing has been done.
You should do business on your own responsibility.
The development of NEM and your business are irrelevant.
The NEM community should not support this.
First of all, you do not know what you realize.
You should be realized only with funds obtained by ICO.
Even then it is not late.
Are not you just wanting money?
When did you join the NEM Forum?
15 days ago? 20 days ago?
This is exploitation from the NEM community.
Hi Mexxer,
Thanks for the great question and great talking to you just now on Telegram.
If you don’t mind, I just reiterate what we talked about for the benefit of the whole NEM forum.
The 1:1 is capped on the XEM side. The 1:1 is to ensure that we adequately leverage the wider blockchain community to support this project and bring sufficient other folks into the NEM community.
We have funding in three ways: 1) we have over $7M traditional VC funding 2) we will do ICO 3) NEM funding.
The Benefits for the NEM community:
We care deeply about making sure NEM is used to solve a great deal of practical business cases in large scale, especially in the financial sphere. I am glad that after our chat you see the great value in our Accelerator idea and the benefits for the NEM community.
Greg
How do you use blockchain in this project?
I can’t understand. Why don’t you show us it.
How do you use AI in your project?
I cant’t understand.Why don’t you show us it.
what is protocl? Do you know what NEM is?
what is wealth? Do you know what NEM is?
Show us more detail.
Show us more sincerity.
Are you kidding us?
Go home.
Are you aiming for a big edition on the scale of “sesame credit” in China?
NEM has importance but it is not good for use as credit rating. Therefore, combine mijin and enter various information in addition to inscribe the trustworthiness that can not be tampered into the blockchain. I think that it is a wonderful attempt if it is trying to make that calculation artificial intelligence without going through human judgment.
Or, my idea is wonderful. oh my god.
Hi Greg,
The ICO event is just used to establish the Accelerator Program, but it cannot change the ownership structure of your MiCai company, that is, the ico money can be used to support the development of MiCai company but cannot be regarded as a venture capital, is it right? So how could the public investor benefit from the ico event and be sure the ico event is legal in law?
Hi Greg,
Interesting project.
I read the proposal last night and although I really like the sound of MiCai and would love to have it built on the NEM platform, I was pretty critical about parts of the proposal.
Like some others I am confused by the ‘NEM Investment Fund’. It appears you are taking $8million from the ‘NEM Community Fund’ and then re-allocating it instantly to this ‘NEM Investment Fund’. However looking through your description of the ‘NEM Investment Fund’ -
• 30% to other wealth management innovators to "encourage" blockchain adoption, and the possibility of it being NEM based.
• 30% to your business partners that integrate into your product.
• 30% to improve "your" customers experience with "your" product.
• 10% to push brand awareness for NEM AND MiCai <<<<< Is this the entire accelerator budget?
This doesn’t really look like a NEM Investment Fund to me, and I still don’t understand why we should remove funds from one investment fund that the community has control over to this fund which appears to be not so great. The benefit to the NEM community is tenuous.
Regarding the accelerator I mentioned above (I’m not sure if that is where the budget for it comes from). The NEM Foundation is here to support the NEM ecosystem so I’m not sure why removing funds from the community fund for you to do the same is a good idea.
Maybe you can explain this? Why you think you can do it better, or what you can offer the NEM Foundation cannot etc.
Similar to others in this thread I also have an issue with the amount of XEM that is being requested by MiCai and if the community fund is best spent on projects similar to yours.
You are requesting a very large sum of money yet the VAST majority of the upside is with MiCai and its investors. You will receive possibly tens of millions of dollars from the NEM community to build a private company that if it becomes successful will make you and your investors a lot of money.
The NEM community which it looks like will contribute the majority of the funding will not receive any of the profits you generate, yet it will take the most risk. Your VC and individual investors have raised $5million which could easily be 10x less than the funding you receive from the NEM community yet they will no doubt receive a nice profit share for a much smaller risk.
There is a benefit to having you build on the NEM platform for the NEM community, but I don’t believe it is enough to justify the amount of XEM being requested. I again stress most of the upside belongs you to and your investors and a much smaller amount to the community, while most of the risk is taken by the NEM community.
We as a community also need to remember there is a big benefit for this company to build on the NEM platform already, it is an amazing platform. It is one they have identified they want to build their product on. Lets remember as a community we do not need to give away our funding cheaply to the companies making these proposals as they already want to work on our blockchain.… let us drive the BEST deal we can for NEM.
This leads me to give my opinion on how we as a community should handle the community fund. It is my belief that we should try to push for companies to repay their loans in full once they become profitable. This allows us to sustain the community fund and have a more balanced deal which benefits the NEM community and the company requesting funding equally.
They receive a large interest free loan which they only begin to repay once they are in profit. If they fail, they do not have to repay the loan - This is a pretty damn good deal.
The NEM community has the receiver of the loan build their product on the NEM platform, has the loan repaid in full, receives no excess profit but benefits due to adoption.
If the company fails the NEM community takes the hit - This is still more beneficial to the company than the NEM community in my opinion but it is much closer than the deal MiCai has proposed.
As the proposal stands I will be voting NO, but I would still like to see MiCai pursue building on the NEM platform and would be happily open to considering a revised proposal.
Ben Gee.
As a footnote - After seeing Charlie Lee sell and donate all Litecoins to remove any conflict of interest he may have, I wonder if it would be in best practice to not have those who are vetting the proposals also be equity investors in the company.
I trust Lon, Jeff, Stephen and Jason however it does seem like it may be in best practice to not have those who are invested in the company also vetting it. Something to think about.
this guy gets it
I have just a few questions. First, I must say well-done on executing such a large-scale project, The fact that you’ve garnered attention from Bloomberg is quite impressive. To my knowledge,it’s the first mention of Nem by the mainstream financial media.
Question1: Why do you feel Nem is a superior platform as opposed to Sequence/Chain? Is there an inherent benefit to decentralization? Wouldn’t MiCai profit more from using a platform that’s “corporate america” ready?
Question2: What type of ROI are you anticipating both short-term and long-term?
Question3: MiCai is touted as a protocol, so the goal is to create a platform for high wealth individuals where they can access sophisticated trading techniques without having to hire dedicated managers? So the rich get richer? Is there any benefit to a commoner such as myself?
If you continue to draw attention to Nem similar to the interview you had on Bloomberg, I’m inclined to vote yes, based on the value of the exposure alone. However I do feel the overall purpose of the project runs counter to the initial vision of a “New Economy Movement.”
If Lon Wong come out publicly endorse this project, I will most likely vote yes
Vetted, not endorsed. Think for yourself.
Hence I said “‘IF’…publicly endorse”. You don’t know what Lon knows. You don’t have Lon’s vision, you don’t know what Lon’s plan is if he endorses it, but I know he would have a plan. I read everything here and Q & A and I have worked in the financial industry. I think for myself and I decided to trust Lon. If you think you can make a decision better than Lon can then do so. I decide to trust Lon and it has worked out so far.
Lon did not take a picture shaking hands. That is the answer.
Hi GodTanu,
Thanks again for your feedback.
I’m not sure what you mean by “nothing has been done”? We are a legitimate, revenue generating business that has been operating in China for close to 4 years now. We have already raised USD 7M capital for our business on our own, however we need significant more funding to be able to grow our operations globally and fast.
I’m disappointed to hear that you think we are trying to exploit the NEM community. I don’t think my joining the online NEM forum more recently means that we haven’t been active or any less supportive in the NEM community. My team and I have spent a lot of time offline getting to know the community, providing knowledge, working alongside NEM developers, and learning from our NEM peers.
We need funding to grow our business like any other business, we are exploring as many avenues as we can to help build our business into the successful global enterprise we want it to be.
Greg
Hi shiwq,
Thanks for your interest in MiCai, and for your good questions.
We can only raise funds within national jurisdictions that allow us to run the ICO. As you will know, unfortunately China has banned ICOs currently, so we ensure that through KYC processes that we don’t let any legal residents of China participate in the ICO, we also don’t advertising the ICO in those markets…
Regarding the legal side of things, we are using Singapore as our ICO jurisdiction. The Singapore regulator allows token sales to take place and we do everything following the strictest regulatory requirements. Everything we will publish regarding the ICO will be signed off by a legal firm. In terms of investor onboarding we use the strictest KYC requirements.
Regarding your question on ‘how could the public investor benefit from the ico event’: Well first of all, XEM holders with a minimum of $3000 equivalent in their account can claim 10% of our tokens for free. In this way the NEM community already becomes a large owner in our token infrastructure. Secondly, the question is how investors in general can benefit from investing into an ICO? Firslty, because they can get access to investments in companies they otherwise will not be able to get access to at this earlier stage, as they might have to wait for the firm to go public. And secondly, the return of ICOs on average has been, according to a study by Mangrove Capital, 1320% percent until October 21
Venture capital firm Mangrove Capital Partners claims that: “If one had blindly invested €10,000 in every ICO, including the significant number of ICOs that failed, this would have delivered a +13.2x return.”
More info on this topic: http://uk.businessinsider.com/ico-mangrove-capital-average-returns-crypto-icos-2017-10
I don’t understand why some people here have to be so rude. You can vote no to the proposal but to call them borderline scam and tell the CEO to go home is insulting to the Nem foundation team as well as bad strategy for businesses that want to adopt Nem.
The one thing financial industry has is money. Sometimes it’s not a good idea to bring a knife to a gun fight. I don’t completely agree with the funding structure myself but I can also understand why they need more money. I trust that Lon’s experience can help me make the decision. You make yours but stop being so rude, this project has been vetted by the Nem team.
@Greg
Poll address is not described in this page, is this vote official?
Poll Address: NAL6BIHE7YGX2ZEQ3AUFKO3EJX5MXUTQR26Q6JGQ
Hi @mizunashi,
Thanks for reaching out. Yes the vote is official. The reason we didn’t put the polling address was due to a misunderstanding in terms of when we should post the proposal and when we should post the polling address within the proposal. We had originally created the poll when we first posted by were advised by a member of the foundation to remove the polling address and post it 5 days after the proposal has gone live. So we will post the wallet address again above on Sunday morning. I do apologize for the confusion it has caused you. It’s been a learning experience for me too. Hope you will be able to show your support for MiCai, we’d really appreciate it.
Thank you.
Greg
Hi awu25,
Thanks for your comments and constructive feedback. We understand that not everyone is going to support what we are trying to do here at MiCai, but nevertheless my team and I are still committed to what we want to achieve and have spent a lot of time and resources trying to build up our company and integrate ourselves within the NEM community. Whilst that might not always be visible on this online forum in particular, we are doing a lot more behind the scenes and directly in person with the NEM community and foundation. I really do appreciate that you are willing to consider our proposal and provide support to us as we continue to work towards our goals.
Thank you for your support.
Greg
