[VOTE CLOSED myCoinvest] - a financial savings ecosystem powered by the NEM blockchain

[keelo]

Check out this video… This explains our token distribution method called “Utility in Community”.

As you may know in the U.S.A. ICO sales are starting to be classified as securities under the SEC.

In-order to bypass this, but still promote widespread user adoption of NEM in N. America, our team has decided to go with the NEM community for FUNDING and “Utility in Community” for the token DISTRIBUTION.

With Utility in Community, our tokens will be issued out FREELY in exchange for the completion of Veztask, or jobs used to build our ecosystem.

This benefits those involved, as CVZ will be the lifeblood and medium of exchange in our ecosystem

[keelo]

Good question.

Yes you are correct with our investment approach.

Once converted into crypto, a portion of the pooled funds will then used to provide P2P margin loans on exchanges.(Explains your second, third, and fourth question)

As an end user, in a bear market it is designed for you not to see the loss in value of the crypto assets. We take this “Loss” as a company, and try to mitigate by hedging our risk. (Reserve Fiat fund, used to handle daily user withdrawal request)

Our solution is meant to be simple, and easy-to-use, to encourage mass adoption of NEM tech.

With that in mind, all financial goals (deposits made onto the mobile app) will be reflected through the native fiat currency of all users. This will allow effortless investing into crypto without having to deal with confusing decimals and conversion rates.

Hope this helps

[park]

Are you working on myCoinvest’s project as planned?

[yeesypeasy]

Are you able to elaborate more on the means this project intend to provide interest to savers. What sort of interest rate is expected from a typical p2p loan yield. A similar reference lending rate in poloniex indicates around 4% at best. The multi level referral rewards is very reminiscent to a certain Bitconnect. Appreciate the distinction between these two projects.

Also as this is essentially a consolidation of savings and rewards marketplace, what are the effort spent with engagement with US regulators. Since this is a very US centric project.

[keelo]

Everything is progressing as scheduled. We’re very excited to have a functioning use case, with a lot of the tech built out already. Currently in alpha testing, our goal here is to perfect the end user experience and collect data for optimization.

Time Line

[keelo]

All wonderful questions.

1. Are you able to elaborate more on the means this project intend to provide interest to savers?

   Yea so the rate of return will be dictated by the supply and demand effects for margin loans. Regardless of fluctuating rates, users will still see some type of interest gains as their funds sit on the platform.

2. The multi level referral rewards is very reminiscent to a certain Bitconnect. Appreciate the distinction between these two projects.

   Sure. Bitconnect was a ponzi scheme fueled by the dependence of the constant recruiting of new users into the scheme to keep the ring afloat.

   If you’re referring to our VezPal program, then our model is completely different. It’s sustainable. While there are different levels of achievement as user become more trusted in the network. The beautiful part is, the logic for the VezPal network is similar to NEM’s POI Consensus.

   Users will have what is called an Investor Score, which will determine their level of trust and achievement in the ecosystem.

   Investor score = ( Account Value + (Activity/ Vezted Amount) + Recruiting )

3. Also as this is essentially a consolidation of savings and rewards marketplace, what are the effort spent with engagement with US regulators?

   Our project has been in development for over a year now, with most of the dev is behind us, legal is our top priority since this is the main barrier for mass adoption. I can’t go into much details on the legal structure for compliance reasons, but I will say that we have multiple legal entities registered at the federal level and set up in crypto friendly states. We have a good group of payment and securities lawyers working with us here in Atlanta.

[yohanzah28]

This business of Savings and Investmenst is highly regulated in each country around the world. So this company will obtain license for each country you operated in ?

[memario]

Thanks for answering.
What kind of interest are you paying them when you’re not making any though. Is there a fixed rate that I miseed ?

[keelo]

That is a bit tough to gauge at this moment. This is something that would need to be scoped out further by the legal team.

Our primary focus is the U.S. regulator environment, to ensure a compliant go live.

I will say, that the beauty of blockchain, is that by nature its border-less and international.

With a SMART Savings Wallet (Available in the iOS / Andorid) , global users will still have access to all of the features and functionality of our ecosystem through the conversion of supported crypto assets against our Vezcoin (CVZ) trading pairs. https://vezclub.mycoinvest.tech/convert

[keelo]

SMART Wallet elaborated

[AJ_Taylor]

Hi!

Yes, myCoinvest plans to adhere to all legal requirements in the areas that we support. We take compliance very seriously for the saftey of our customers. You guys and gals are our #1 priority!

We’ve partnered with a top notch law firm to assist us in keeping the legal framework up to par.

Feel free to reach out if you have more questions regarding legal.

Thanks,

AJ - COO

[keelo]

No. No fixed rate my friend. All variable.

No matter if the rates are as low as .01%, this still generates interest regardless of how small.

With this small amount of interest generated, it is then passed down to a user’s wallet.

Hope this clarifies.

[yeesypeasy]

A followup question on Question 1:

One of the benefits of having this saving ecosystem built of the NEM blockchain is that it will provide full transparency, accountability as well as process automation thru implementation of smart contracts.

It was mentioned that the interest will be accumulated thru p2p lending. Now, are these lending contracts something to be performed on the NEM blockchain so that it is easily auditable as well as providing transparency to the users?

[keelo]

Simple answer, No.

All of these transactions will be done by the exchanges themselves, and off of the NEM blockchain.

For transparency, we do plan on releasing quarterly financial statements, similar to the one of publicly traded companies once we have the data.

[leoinker]

"What kind of interest are you paying them when you’re not making any though"

Unless all crypto markets go bust, or there is some cataclysmic event, we will continue making margin loans. This is a demanding market which we don’t expect to saturate for quite some time. In fact, trends show the demand for margin loans is increasing.

"So this company will obtain license for each country you operated in"
Yes. Every country we operate in, we will make sure we are legally compliant. - However, blockchain is international for anyone to use, regardless of which countries we choose to operate in.
This means anyone anywhere can use it, except in these unlikely events:
A. Our base country (USA) forbids servicing citizens/residents of a specific country.
B. The country which the user is located bans their citizens/residents from using myCoinvest. - And even then, it is up to the user whether they continue using myCoinvest or not.

This question brings up a very powerful use case. - Banking the unbanked.
If a person is otherwise able to get money into crypto, they can deposit it to their SMART wallet, sell it for USD or other acceptable fiat, set a savings goal, and effectively have a high yield savings account held in whichever currency they chose. - Of which they can withdraw, or send to someone else, whenever they like.
There really is no feasible way for governments to stop anyone from doing so.

"are these lending contracts something to be performed on the NEM blockchain"
Like keelo mentioned. Our own internal exchange will allow margin lending - which will be fully transparent on the NEM blockchain. Right now, there is no way to add true 24/7 transparency to margin loans on external exchanges, However the transactions to and from exchanges will be visible in the blockchain. Additionally, all lending activities will be recorded and auditable as well, though this data is not stored on blockchain since it occurs within the exchange.

One last thing - The great thing about margin lending, is it is always backed by collateral, which is digitally locked, so there is virtually no risk of failure to receive repayment.

[catermak]

Sorry, If this question was already answered. I didn’t find a clear answer, but will I be able to choose which investments I want my money put towards?

[leoinker]

You can chose your investments in the sense that you can deposit fiat or crypto to your SMART Wallet and trade them on the exchange. And hold whichever currencies you wish. This would be your own personal investment, which everyone here is most likely familiar with.

However, With the savings feature, you would hold a fiat balance in a savings goal. So all you see is your current fiat balance - Say $112 USD + the daily interest payments.
But on the backend, the majority of your deposits are being used to facilitate margin loans, which users will have no direct control over.

This operation is very similar to traditional banks. You can see your bank account balance, withdraw it at anytime, though the funds are being loaned out to others for interest.
The biggest difference is that in traditional banking, the profits from the loans goes to the bankers, and a tiny portion is actually passed on to savings account holders. With myCoinvest the majority of the profit is distributed to the account holders, resulting in better interest rates for the user.
The secondary difference is the type of lending. Cryptocurrency margin loans are very low risk, as the collateral held is a digital asset which is locked. A borrower can’t destroy it, alter it, hide it, refuse to pay, etc. Additionally, interest rates on margin loans are usually much higher than other types of loans, and are short duration.

If anyone has any questions about margin lending, let me know and I will post some resources here that give a deeper explanation of the process.

[keelo]

With our solution we aim to simplify the crypto process and appeal to all stage investors.

For the more experienced investors, who would like the option to diversify their portfolio’s from the standard low risk “Savings Goal” method. Our app will also provide options for users to venture into more “higher risk” methods, such as directly buying their own assets.

[park]

Thank you for your kindness in informing me.
I support the progress of the project.

[AJ_Taylor]

We appreciate your support! Do us a favor and refer us to a friend!