NewDawn - Newboy is right.
The Bitcoin jar was never supposed to be the main draw here.
So you either did not take the time to look at the bigger picture of what you were investing in or had a blind spot and couldn’t see past the Bitcoin jar as it is so relevant to you.
Either way it is unfortunate that your experience as a customer will be a bit tainted in this respect, but it would be helpful if you started looking at everything that was said about Mode and the business model in an objective way and decided on whether to stay invested from there.
Wishing you the best of luck with everything.
Yes Moodyrich, I’m certain everyone here knows they didn’t invest in a merch store. Keep your hair on :-) Hopefully we can tread water a while longer until the dual listing; it would be unfortunate if that had little impact on the sp. 93 mil shares (with x amount off the table for trading by JR and others) isn’t much to play with.
I dunno, although understandable at this stage it’s a bit cheeky having mode merch only lol BUT 25% cash back in btc (esp at these prices!) is a pretty chunky reward. If I needed a £25 bucket hat I know where I’d buy it ;-p
I was just looking into the EMI license earlier and it seems you can’t hold an asset that generates interest? When I read it I thought of the Bitcoin jar but I can’t find the particular place I came across it now: will share if I do.
Yes, after Friday I genuinely couldn’t have foreseen a sp in the 40’s (albeit high 40’s) again either.
This should be the penultimate week for the otcqb listing and the new launch - just can’t imagine the logic of the person looking to sell at such a pivotal time or the person who’d want play chicken to get in at a lower entry point; the past few weeks were the time for that.
And as I type an email has popped through re: update of terms of service:
As we get closer to the exciting launch of our Payments and Rewards features, we've also been working on updating our Terms of Service, and making them more streamlined and easier to read.
Here is an overview of some of the changes:
We updated the E-Money Services section to further clarify what happens in the event of an unauthorised or incorrect transaction, and what are your refund rights.
We added a new section on Rewards, explaining the types of Rewards you’ll soon be able to enjoy through Mode.
We added further detail to the entire document to clarify your rights and responsibilities as a Mode user.
Very interested to see how it all comes together in terms of an app ecosystem.
Key points like these?
Performance of the business dur- ing the period and the position at year end.
Revenue for the year increased significantly from £2k to £450k, with a limited marketing spend of £188k. This was attributable to the launch of our Bitcoin trading functionality, as well as the Global Services payments platform, which saw a significant increase in both payments and marketing activity, as UK merchants took advantage of the online ecommerce payment platform to connect with the sizable Chinese consumer base via WeChat and Alipay.
Trading conditions were strongest in the last quarter of the year as we benefited from Bitcoin’s increase in retail and institu- tional following, the publicity from the IPO in October, as well as from adding Bitcoin to our balance sheet at a similar time to when other large financial institutions were announcing their involvement in cryptocur- rencies.
Administrative expenses were £3.7m (2019: £2.3m) increasing by £1.4m (63%) during the period. This was driven by higher people costs (£0.8m), a share option expense of £0.3m and £0.3m of additional fees from the IPO.
The unwinding of the Convertible Loan note and the expected discounted paya- ble interest for the loan note having re- duced, resulted in Investment Revenue of £360k.
Finance Costs fell slightly to £284k (2019: £312k) due to the shorter effective interest period as the convertible loan note passed a trigger event from the IPO on 5th Oc- tober 2020, converting both the principal and interest into equity.
Cash Balances ended the year at £5.4m (2019: £2.6m). The increase reflects the £7.5m gross funds raised from the listing, further bolstered by the additional equity placing in February 2021 for £6m (see post balance sheet events).
Lastly, Other Comprehensive Income reflects the £455k increase in our Bitcoin investment, an increase of 120%. This was the result of our Bitcoin Investment Strate- gy to allocate up to 10% of the funds raised at IPO to invest in Bitcoin.
Some of the Key Performance Indicators used to monitor the success of our business are set out on page 12 and 13. These will likely change in the next Annual Report as new products and services are added to the Mode App.
100% agree, they could have had something, anything! in there instead of directing to the website to digest a presentation. All good news though.
Odd article and PayPal related but interesting breakdown of what a super app is and some points (whether they’re accurate or not, I have no idea) on super apps and the US market.
We literally have a recent thread titled ‘Bitcoin price’ and I didn’t notice you being ‘amazed some investors don’t seem to understand what Mode is about’ over there. Thanks for, yet another, patronising reply. I am exceptionally confident in the research I did BEFORE investing, thank you - should I preface future posts with that yawn-inducing tidbit going forward?
I do not dictate what happens with the Mode sp (obv) but until the full service is launched it’s likely to continue in its current trend of drop/recover and remain a speculative investment linked to Bitcoin. It’s irrelevant that we know there’s a bigger picture until we get to the next stage. It’s also irrelevant if you are investing in the company, team and vision instead of trading the stock for quick profit. So commenting on this aspect shouldn’t provoke ire, it’s just the way it is - for now.
Sitting at 63 for Android downloads https://www.appbrain.com/stats/google-play-rankings/top_free/finance/gb
And 100 for iOS finance downloads. (No link for here as I just search for it through the App Store. This is a really good sign as when Android was previously flying, it would be in the 400’s etc. for iOS- despite being the app launched first.
Hopefully there are some revenue figures included instead of percentages for the next update.
Hope everyone is holding their position and building on it if possible, looks like another bumpy week for btc is on the way so we may take another hit on opening tomorrow before building from there. Btc $34119 / €28190 on writing which is the lowest I’ve caught it dipping, crazy numbers!
Hopefully there is something incoming as Bitcoin being down doesn’t tend to bode well for Mode, so who knows what the present 20% drop will do. The sooner more news is forthcoming on either product launch or revenue generated from in-app trading at these times; and it can be somewhat detached from Bitcoin, the better.
Rookie1 it was still worth it at .70 in my opinion.
I started at .48 then .42 and next buy ins were highest .70’s and lowest .50’s of recent weeks.
Looking forward to having the full product launched out of sheer curiosity.
comek2 I assumed it was directed at me though I am unsure as to why.
I have never de-ramped here or anywhere actually (to the best of my knowledge?) that’s honestly a very odd thing to be told and I have made a point of tagging all posts as ‘strong buy’, as I believe Mode is.
I’m unsure as to why my post triggered you so much - Mode’s sp doesn’t exactly have a habit of reflecting any good news released in a meaningful/sustained way and any gains quickly dissolve. This is a fact and not a “de-ramp”.
If it wasn’t apparent before - I do firmly believe in the fundamentals of the company, the team they have on board, the future of the company and their place in shaping the industry. But I shouldn’t have to state that in this context and will not again.
100% agree there is enough to be getting on with in UK and EU; you never know with US I suppose; a company wouldn’t necessarily need to dominate to be successful. Open banking really is such a boon to financial services and customers alike and is still in its infancy, who knows what developments it’ll support in the years to come.
Thanks Staggers; saw this tweeted by Mode IR today - the most interesting point taken from it in relation to US and, what seems like, their timeline to raise brand awareness through the listings etc. and (potentially) expand into US in 2 or so years.
Spacetec I am a sad being and check this often anyway lol it had been holding steady at £8 for one year forecast and £60 for 5 year. Initially it was £30 one year and about £150 for 5 year. Wonder what has caused the jump today. Tbf I’d hold any forecast from this in the same regard as a magic 8 ball but hopefully we’ll all see great returns in time