TenX - Why it is worth 0.00$!
Hi guys,
today i wan't to talk about TenX. I know most of you will be familiar with what TenX is, but I still want to write some short phrase about it, for all those who are new to it.
So TenX is a company based in Singapur, founded by Dr. Julian Hosp, Toby Hoenisch, Michael Sperk and Paul Kitti.
TenX has a debitcard that allows you to spend your cryptocurrency everywhere where Visa is accepted. It comes with a app (web,android and ios) where you set up your wallet send bitcoin to and then spend it through the card.
They also work on a project called commit that one day should allow them to connect different blockchains together.
All this sounds good right? Working product, good team, good website, nice marketing and a long term vision.
The company valued 242.000.000 $ (26.01.2018), but is worth 0.00$ in my eyes.
Now i give you some reasons why. First of all their product isn't working. All the cards they send out are no longer working because Visa shut down their card issuer Wavecrest. Now what do they do? TenX claims do be working for months with another card issuer and that they are working on a european banking licence to issue their cards them self. When I heared that i was just like: Are you kidding me? !
There is now way they will get it. It takes years, hundreds of requirements, you need decent connections to authority's or already be a bank in a established western country.
What makes me also extremely concerned about the project is that in my eyes there is no need for debit/credit cards in the future. A research done by BlueSnap exposes that mobile payment will surpass card payments by 2020 and reaching a volume of 1,773 billion dollar by 2024.
My last point, why TenX is worth 0.00$ is, trust and lack of consecquence and persistance. In my eyes the company is just promising and delaying all the time. For example did they say that every token holder gets a reward, latest Q1 2018 but now they are stating that it isn't even clear if there will ever be any payout at all. Same with the implementation on Ether. It should be working since 2 months but i can still see no Ether wallet in my ios app.
I also see it very critical that Dr. Julian Hosp is marketing TenX it like crazy instead of hiring new developers and get shit done. Instead he publishes a few new books and travels to Europe to market the books. What kind of CEO is that?
This is my opinion, I could add a lot more things but this is the main stuff. Let me know your opinion and thoughts!
PERVI
My thoughts exactly.
The big red flag with TenX is they keep stringing investors along, every time something bad happens Julian will say, "Trust us guys, this is hard, we're working on it" and everyone believes him.
Yes, TenX did get some working cards into the market... But they took shortcuts: TWICE. Nobody seems to realise their cards have stopped working twice (first global cards and then WaveCrest ban). They've made it obvious they are willing to take shortcuts.
Then you have the promised reward payouts, which Julian has completely backtracked on. There will not be payouts now, even though Julian was promising them as late as December 2017.
Then you have the much hyped COMIT, ambiguous explanation as to what it actually is (does anyone know what COMIT is?) and it keeps on getting delayed, does Julian even know what COMIT is?
Julian seems to be slinging a lot of mud at Monaco Card lately in his livestreams. He has made it clear, he would rather defame and throw mud at competitors, than actually compete with a good product. Sad.
You got it just right. A lot of people are going to lose a lot of money here ;)
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