Why I sold TenX (PAY)
I've been enthusiastic about TenX before, they were one of the first to offer real world applicability to a range of cryptocurrencies by introducing their Debit card. Good stuff, if it would work. Which it doesn't.
Julian is a nice guy, able to explain things in simple words for everybody to understand and he is a motivator. But that is obviously not good enough if the underlaying company struggles.
I've watched the latest TenX podcast and that was the final nail in the TenX coffin for me. The two chaps presenting from their serviced office in the CBD were everything but enthusiastic. That came together with some not so good news, particularly before the Xmas period.
The company can not deliver, they are supposedly sending out 500 debit cards a day to Europe only, it's not available in the rest of the world, not even in their tiny home country Singapore.
There is a huge backlog of card orders of up to 3 months. People are waiting and waiting and waiting, and TenX themselves don't even know if and when they can deliver. TenX is a reseller of a company called WaveCrest that controls everything and they have no control over it whatsoever.
There is a strict registration and verification scheme in place that severely limits the maximum lifetime (!) spending of the TenX card to now 2500$ which will be reduced to only 250$ in December just before the Christmas business. Besides Santa Claus being pissed off, that is simply unacceptable for a debit card, we are not talking about credit here.
Again, TenX have no control over this, they are simply a reseller that take a share out from the debit card fees charged.
And last but lot least, the PAY token is in no way related to any business activities of TenX, it's considered a loyalty token, like miles from airlines or hotels. I don't find that really attractive for investment and growth of value particularly.
So, after considering these issues I've sold my PAY coins today at Bittrex.
Good luck to TenX, hope you guys can turn this around!
Dropping the limit to $250 for unverified users is probably to appease regulators who are afraid cryptos will be used for nefarious shit.
The big deal with TenX is the whole 0.5% revenue share and 0.1 cashback. If they start paying out regularly, the TenX token and their revenues will absolutely explode, but that is a BIG if.
The only thing that worries me about Tenx is that they start fudging with the rewards or don't payout anything at all due to some BS reasons.
Yeah, I'm not against them, on the contrary. I'd like to see them succeed and grow. I've been invested in TenX till now, and maybe will go in again. But right now it does not look too good. I've put the money in Cardano instead that have a similar (debit card plans), but overall way broader, value proposition.
I'll have to check out Cardano as well. Wasn't there a massive pump on Cardano over the last few days?
Call it pump, if it would have been one, it would have fallen afterwards. It did not.
This old video explains alot from from your poins
Bro ,you did a good job! lol
I actually feel a bit sorry for them, but I don't see this going anywhere in the moment. It's a real project, a real company, a real debit card. Not just thin air like 95% of all the other "crypto things". Hope they can turn the rudder before it is too late.
A 250 USD maximum lifetime spending? WTF. This thing is useless!!!
Unless you undergo some extended level 2 verification, that again is not handled by TenX but this WaveCrest company, whoever they are.
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