Mingo + Reddit’s ICO Investing Rules

If you’ve visited the r/icocrypto subreddit, you’ve probably seen their “Beware of scams + ICO investing rules” post. We at Team Mingo are taking these rules head-on to build confidence in our brand.

r/icocrypto ICO investing rules

Let’s address each bullet in the post’s reminder section:

You are not really investing, you are mostly gambling. Some of these companies will likely fail to deliver. Maybe they never even intended to produce one.

Mingo is already a product. We agree that too many ICOs are built with a whitepaper and a fancy website (and some not-so-fancy websites), but have no real content, utility, or product. These ICOs are risky at best.

Mingo, on the other hand, is already a real product, is backed by a team of developers that has experience delivering real products, and has already built the strategic relationships that have real growth potential.

Do not rush.

Agreed. While Mingo does have a limited time to raise funds, it is wise from a contributor’s perspective to not feel rushed, but take a step back and think about the project.

Be a “sane paranoïd”. People are not always what they pretend to be and scammers are gifted to seduce.

We at Team Mingo want to be as transparent as is necessary to build your confidence. We’ve been through some tough scrutiny already, but we come out on the other end feeling more confident and clear about our positioning. We encourage all contributors to do their homework on our team and ask questions in our Telegram or Discord groups.

Due diligence is the key. You cannot just rely on other people comments, thoughts or so called “analysis”. The interests of others are not necessarily yours.

Do your due diligence. Read our Whitepaper, join our Telegram and Discord groups, and ask questions. Subscribe to our Medium publication. Be smart about your contribution. No question is off-limits, though we may answer some in private due to the nature of potentially sensitive information.

Invest only what you can afford to lose.

While we have every confidence in our ability to succeed, we ask every one of our contributors to be wise about what they contribute. To make things easy, we’ve removed the minimum contribution limit to allow everyone to participate.

At the same time, we do need to reach our goals to ensure success, so if you can contribute more, please do. If you can refer others to Mingo, please do that as well. As we meet our goals, the value of each contribution increases due to the increased potential of success.

Invest in something you do understand. You have to deep dive into the product: who, what, when, how? What about technology, team, market, viability, roadmap, token, supply, market cap, distribution, incentives, etc.

A quick review of what Mingo is:

  • Mingo is a revolutionary multi-channel messenger; meaning you can connect all of your favorite messaging providers (including Facebook, Twitter, Slack, Steam, etc) into one app.
  • Mingo is a merged contact list. All of your contacts from your various messaging providers are now visible in one place. This allows for simple discovery of friends and contacts for the other Mingo features.
  • Mingo is a crypto-mentor. Every user who downloads Mingo will receive 1 MingoCoin (MGC) and will be encouraged to share 0.1 MGC with 10 of his/her contacts, who are discoverable through MingoMessenger. Once those contacts download Mingo and accept their gift, the sending user will be rewarded with progress recognition and another 2 MGC. Using this pattern of teaching cryptocurrency principles one step at a time, recognizing and rewarding along the way, and being built on top of a unique messenger with real built-in value, Mingo has the potential to not only spread as an app, but to bring a whole new audience to cryptocurrency like no other app has before.
  • Mingo is a multi-currency wallet. MingoWallet is being built to support multiple currencies, but that’s not really that unique. The real value in MingoWallet is: a) its simplified and gamified interface, b) its ability to store multiple currencies, c) its ability to leverage off-chain technologies like Plasma and Lightning for low fee and near instant transactions, d) the underlying Mingo platform that will support the Interledger Protocol (ILP) for cross-currency transactions — imagine sending a friend ETH when all you have is BTC.

There are plenty of other features on the roadmap, but these are the fundamentals of Mingo. For more information about who Team Mingo is, the roadmap, token supply, market cap, and distribution, read the Whitepaper and our most recent Q&A session.

Does the product really need to be based on blockchain technology?

Most solutions don’t “really need to be based on blockchain technology”. As a matter of fact, most solutions would be faster and in some cases cheaper to implement on a private infrastructure. One of the major values of blockchain is the trust factor; participants don’t have to trust a single central authority.

That being said, there are a number of features of Mingo that will benefit from blockchain technology. The first and foremost is the User Reward system that will immediately benefit from MingoCoin. The User Reward system is the heart of gamification in Mingo. This system incorporates both a token reward (MingoCoin) and a recognition reward (achievement badges). Blockchain technology is a natural fit for those functions.

Is there a market?

Not only is there a market for Mingo, but we’ve already signed a contract guaranteeing 1.2M users in the first year through one of our strategic partners. We’re also lining up a celebrity endorsement with over 30M followers on social and other strategic relationships. If we could get even a 10% penetration into the audiences of our strategic partners, we would effectively double the number of active cryptocurrency users.

What about the token? Necessary? Useful? What’s the use? What about the incentives to use, hold or sell it? Is there a way to sell it?

When determining the usefulness of a token, the term Utility is generally used. MingoCoin has multiple utilities.

The first is with regard to usage. As users use Mingo, they are rewarded with MingoCoin for their progress in Mingo’s achievement tree as they become more proficient with cryptocurrency.

The second is as a unit of value (currency). MingoCoin will be the currency of choice through which our strategic partners will sell their products and services.

The third is related to advertising. As we incorporate more messaging provider channels, we intend to integrate with their advertising platforms. We strongly believe in opt-in only advertising, meaning MingoCoin will be a mechanism for advertisers to incentivize Mingo users to view their ads, creating a direct channel to ready buyers.

The value of a token is directly related to the activity of its usage. Many transactions leads to a greater demand. Greater demand leads to a greater value. Those interested in MingoCoin as a medium for investment will benefit from the activity of the token in Mingo, the app.

We plan to pursue listing MingoCoin on token exchanges like Poloniex and Bittrex.

As a token holder, what do you gain?

As a user of the Mingo app, you can participate in the utilities of recognition and value transfer with your contacts.

As an investor, you can participate in the value growth opportunity.

As an advertiser you can participate in the opt-in, direct-to-buyer, advertising mechanism.

In your country, what are the legal and tax implications as a token holder/seller?

We encourage all contributors to Mingo to consider the implications of participating in the Mingo Pre-sale and ICO. We have specifically asked that USA citizens not participate in the Pre-sale due to the potential liabilities associated with SEC rules.

We are investigating ways to work with regulatory agencies to make the Mingo ICO more accessible; in particular to citizens of the United States. A portion of the Pre-sale funding is reserved for this exact legal effort.

Think about it for a minute: the company is successful and Google buy it. What happens to your investment?

MingoCoin is part of the business model of Mingo. If Google bought Mingo, they would do so within the context of the utility of MingoCoin. Because of Mingo’s fundamental function to educate and onboard new cryptocurrency users, an acquisition by Google would mean that Mingo would probably become the world’s de facto crypt-mentor; which would put MingoCoin holders in a good place from an investment perspective.

There is no free money. If the project sounds too good to be true, just go back to “sane paranoïd” mode and take a closer look.

Agreed. As mentioned before, we encourage all contributors to do their due diligence. Research Mingo by reading the Whitepaper, joining the Telegram and Discord groups, read our most recent Q&A session, and asking questions.


Join us on:

Read our Whitepaper at: https://goo.gl/NgTS1o

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Mingo - Ken Anderson

Written by

Consulting Chief Technologist of Mingo. Serial Entrepreneur. 15+ year software engineer and architect.

MingoCoin

MingoCoin

Making cryptocurrency as simple as sending a text message

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