Dozens - Feedback Thread


#265

Well my first payment was made on Tuesday night and still was not in my account by about 12 today and that was only after me raising it as an issue. Remember someone else had the same issue and they only got the payment when they raised it with dozens as well.

The payment to starling took about three and a half hours.


(Don't Bullshirt Me, I know what the Fork is going on here!) #266

They seem to be doing something. I’m moving down the list pretty fast and they have been released bug fix releases almost every other day so they are clearly working hard


#267

Well they do want 1 million a month invested in bonds, so they need the people with them to be able to do that, so I think onboarding is a major priority to them.


#268

Dozens is a strange mixture of bugs, striking design and very appealing ethos. Like many others I ran into problems onboarding which have taken weeks to sort. Even after validation and receiving Early-bird code the app (iOS) wouldn’t work until this weeks update. When it did I still can’t use it as I have not received a card.
On the other hand, I was keen to make a small investment so when the Seedrs email arrived I opened an account. I didn’t fully complete the process at Seedrs even though I opened an account. However, the following day when I logged in and posted a bid the process worked flawlessly passing me through the remaining stages and confirming the transaction. The dozens videos are interesting but is it only me who thinks the bad acoustic properties of their office and their microphone choice make the sound indistinct or echo in places?


#269

I just got my invite code! How does that work as it said there was still 2,907 people in front of me??

Just a bit confused at the moment.


(Marcel Ruhf) #270

Did you join the original waitlist on their site? From what I’ve been told, if you have, the number displayed in the app is irrelevant.


#271

Not that I can remember! I did it all through the app.


#272

Given the collapse of LCR shoukd we be concerned about dozens?
Dozens sell bonds but there’s a distinct lack information surrounding the bonds. Smells of a ponzi scheme to me.
I notice on the Monzo Community a lot have gone full dozens!!


(Marcel Ruhf) #273

The information is quite detailed actually. These “trust bonds” are there to get people to save, they don’t make dozens any profit. So they take your money and hand it to a trustee (Elavon, who are a quite large financial firm), including the interest they promised you. All of this essentially comes our of their marketing budget.


(Rob) #274

We have many factors affecting the distribution of codes, and while there were a large number of places reserved in the queue for waitlisters, I am also conscious that others have been waiting for a while, so we are also making sure these codes are not held up for those who have been waiting for a while.

We’ve got more card stocks in next week and so there will be LOTS of codes going out in the next week or two, so hopefully that queue will be reduced drastically.

I see people repeating this, but I have to ask what you feel you are missing? It is a bit unfair to throw around accusations like ‘ponzi scheme’.

We’ve got the following information for you:

A description in consumer language: https://www.dozens.com/blog/our-5-bonds-everything-you-want-to-know/

The full terms and conditions and base admission document: https://www.dozens.com/nex/

A conversational Q&A with the founder: https://weare.dozens.com/t/askac-should-we-start-a-new-series-answering-your-questions/310

… addressing the cynicism: https://weare.dozens.com/t/askac-episode-3-we-talk-crowdfunding-borrowing-and-some-cynicism-about-bonds/651

If you can let me know what it is you need more that would satisfy you, I would happily get it for you.

To be clear …

We generate some revenue from many aspects of our activities, but our profits are driven by getting consumers to save and invest via our app.

In order to do that, they need available funds, so we have developed a way to help people reduce spending and track their budgets.

To reward people for doing that (while we are not a bank and cannot offer interest on deposits) we have created a Trust Bond.

The Trust Bond is a retail bond with all necessary regulatory clearance from multiple sources, that allows us to accept investment and return some fixed return.

We do not use these funds. We’ve organised to put them into a trust so whatever happens to dozens, they are returned to the investor (details on the dozens NEX page).

The cost of 5% interest on £1m of deposits is only £50k. How much advertising could you buy with this same money? Not a lot, and instead that money will go into the pockets of consumers, not media companies.

Yes, it is a cost, but not a huge one, and the beneficiaries are the customers.

Why do we do this? Because we want people to open accounts and stay with us in the long term. In order for that to benefit our new customers, we want to give them the kinds of returns on THEIR money that they are not getting anywhere else. Once they’ve seen that go back into their accounts, they can start to think about their financial future.

The bonds are not unlimited and are designed primarily for helping those with small amounts of money to start saving. Savers who want to get these returns on existing large lump sums may be disappointed, but we will be offering them alternatives that are more suitable, but only after going through a risk assessment.

None of what I have said has not already been said elsewhere, so I apologise to those who’ve heard it before. I don’t want to ‘hound’ you all in multiple forums, but I guess it might help to hear it directly here too.

If @penners or anyone else has any questions, please feel free to ask me for any further clarification you need.


#275

I don’t see why people don’t understand the bond aspect personally, it’s not as if NEX bonds are something new.

As its listed on the NEX exchange, the information is public as well, so its not some secret hidden bond.

https://www.nexexchange.com/member?securityid=2074851


#276

Hi,
I feel your pain, but as the person tasked with interfacing with the public on behalf of the company you’d better get used to it! If you went to people’s houses and explained in person you would still be accused of being unclear. That’s the nature of dealing with the public I’m afraid…which is why I would hate to do a job like yours. It would drive me mad repeating things over and over again and constantly being misunderstood…

I’m a grumpy old Hector today! :grinning:


(Derpa Derp) #277

Don’t seem to be going anywhere fast


#278

I’m a hundred or so places behind you :frowning:


#279

Thank you for taking the time to come on here Rob and clarify. I was just surprised to receive it, as I thought I would have to wait until I got to number 1 in the queue.

Thank you for clarifying though and i’m looking forward to getting the card and trying out the app fully.


(Marcel Ruhf) #280

They’ve just published more details for any potential investors.


#281

It’s a very well thought out and presented Info Memo, I’ve already invested, but if I was wavering, that document would give me some faith.


#282

I’m really impressed with what I’ve been able to see of the app as well so far. I’m just waiting for my card at the moment to fully activate everything.

It has everything I could ever want in a financial hub, and I could definitely use this as my main bank account. I’m also extremely impressed by the clear vision from the senior leadership, they know exactly what they want to achieve and what they need to do to get there.

It feels like there’s a real buzz around Dozens and I’m excited to see where it goes in the future.


#283

What’s the seedrs link? My google foo seems to failing me!


(Marcel Ruhf) #284