The question is not whether or not they lost money, but what did they do with the money spent. Most fintech startups that are big by now (Revolut, Monese, N26,…) really invest in customer growth, despite having had millions of losses each year. The big customer base brings in more investors who are willing to put more money into the company, keeping it afloat.
Seems like TenX’s approach is quite the opposite, where they want to keep as much of the initial ICO money, so they can run for years without having any customers. Also instead of attracting new investors, they bought out their old ones. The problem is they had way too much money than they can handle, and their whole workflow is affected by it.
I mean, would you work as hard as you do now if you had millions of dollars to your name without anyone to account to? Investors want to see their money grow, and see development, so that’s a big factor to proceed forward, as they usually have a significant say in the operations. With eliminating this factor, TenX can just run however the company/Toby wants to. Keep slacking for a few more years? Fine. But don’t be surprised you have no customer base. And you’ll need it some day when the well runs dry. Won’t happen for a couple of years for sure. But WHEN it happens, I’m sure they’ll have a hard time looking for new investors.
Just ask yourself this question, with everything you know now, if they were to do a new ICO at the same PAY+TENX price we see now, would you still dive in as much as you did in 2017?