So, as the company exists for five years next month, let’s do a quick recap of what they’ve accomplished.
Can’t really say much of the first 2 years as it was only a very small group of users who got to test the product as Onebit. Crypto also was more of a niche than it is today. So the product had great promise.
After these 2 years, they decided to do an ICO, and create the PAY token. Of course during the 2017 ICO craze, you had to have a pretty sucky product to not hype it to the moon. And that’s what happened with PAY. I started reading up on it more and it promised to be a very promising project, with a very possible great ROI over the years. The regular videos and vlogs were a very good way to feel connected with the people behind the company, and gave a great sense of community, as was the slack back then.
I got my card in september 2017 and it was pretty great at that time. Some other companies were already in this business, but never like TenX. Very low fees, instant conversion, … All very great when your portfolio did 5-10% daily and you were able to pay for groceries with it. And the promise that you, as a holder, could profit from this scheme was pretty great as well.
Early 2018 that ended though. All Wavecrest licenses were held off by Visa and all crypto card companies using their services were out of business. Nothing that could foresee that ofc, and I don’t blame TenX for this. Even though they had no operations anymore, the community was still pretty strong and patient.
End of 2018 the first SGP cards were issued, and shortly after Julian was fired. While I do get this decision from a certain point of view (especially the MLM allegations etc that surfaced the few weeks prior would not look good for financial license etc…), things took a turn for the worse, slowly but surely.
Less communications, very fundamental changes to the whitepaper, completely ignoring community feedback leading to revolutionaries resigning, … Since the AMA last year, lots of smoke and mirrors were put up here and there. The 4mln PAY rewards which turned out to be a one-off, no more rewards from 0.5% revenue but ‘profit’ instead, shareholders being paid off out of treasury, …
And here we are now, live in some APAC countries (and already shut down again in some) and 2 countries in EU. No plans for US, no plans for the rest of the world. Focus on EU but they’ll take it slow. Too slow. If you check social media, how many cards do you see? Not a lot. I searched on twitter up until end of April, and came across only one person showing of his card (2 May - Xiuan Lee). Comparing to competitor, I saw 15 people showing of their Crypto.com card in the past 12 hours.
I really hate comparing, but how can it be that a company that raised 1/4 of the ICO in the same time as TenX accomplish things that we only can dream of? (some of which were even promised being worked on since 2017)
- Rollout in APAC (some countries), USA and EU
- Working usecase for their ICO token - Great ROI for ICO investors
- Lots of additional functions on the app, not all very useful, but it’s there
- New wallet with ownership of private keys
- Whitelabel cards for other companies to use CDC services
- 2mln app users
How does that happen? Good marketing and sense of community (which they really turned around last year). TenX seems to do exactly the opposite.
Even for people who say I’m seeing things too negative, how would you explain that other companies CAN accomplish things and TenX doesnt?