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