TenX Community Forum

FAQ (common questions from chat)

Community FAQ:
(answers are NOT OFFICIAL in any way)

Q:Is the company now making profits
A: Tenx has income about 1.5% of whole card volume goes into Tenx as an income.

Q: Why is PAY price so low
A: Currently PAY has no use case, so demand is low.

Q: Is supply of PAY stable
A: Every year Tenx gives ~5m PAY to employees as a bonus so freely cuircilating amount of PAY is increasing

Q: Does COMIT requires some token for it to work.
A: COMIT is a protocole, no token is needed

Q:When rewards?
A: 1st July 2019

Q:When tenx token distribution?
A: start: Q2 2019, end: no end

Q:When banking license?
A:Currently expecting it in 2019, but no one knows for sure.

Q:How many assets is owned by tenx?
A: In report from Q2 2018 we can see assets:

  • Data from Transparency report Q2 2018:
  • 3012 BTC
  • 43.1k ETH
  • 70.5M USD in fiat in banks

Total: about 120M in fiat/crypto

  • burn rate: 740k USD/month.

(10k ETH was moved to Bittrex on 13th Dec 2018, so currently 32k ETH is held by Tenx)

Q: Does Tenx plan to implement LN
A: Yes

Q: When will we be able to choose LTC as spendable wallet
A: No timeline, but yes Tenx plans to re-enable LTC wallet for spending

Q:Why did PAY price dropped so badly in 2019?
A: there are few factors:

  • One of co-funders that was kicked out from Tenx/(left Tenx) and sold few millions of PAY tokens.
  • Tenx did bonus their employees with 5M PAY tokens in December 2018, some probably sold it.
  • On 30th Dec 2018, there was snapshot taken,of who hold PAY. Cutoff value of new tokens got subtracted from potential PAY value.
    *Increasing supply and not increasing demand effects in price drop.

Q: When will cards arrive in my country?

  • Now cards are shipped to APEC countries.
  • Next step is Europe, banking license in Lichtenstein was already granted!!!
  • Next step is not defined, maybe: South America, Africa, Canada, USA (steps depends from regulations in countries, and progress on getting partnership with issuers able to issue cards in given regions)

Q: Where can i trade new TENX tokens
A: https://forkdelta.app/#!/trade/0x515bA0a2E286AF10115284F151cF398688A69170-eth

Q: How will rewards be paid out?
A: Every day, starting 1st July, tenx will move 44k PAY tokens into rewards contract, and those 44k will be shared among tenx token holders as a right to withdraw tokens from contract. To withdraw awarded PAY tokes, you need to transfer 0 ETH from your KYC approved eth address that holds Tenx tokens to rewards eth address. In short transfer 0 eth to 0xF5d49387EcFA36bD2BF047d9E72344A2b3afBB72

Q: Does tenx cares about community.
A: Yes.

Q: How many Pay gets rewarded in first reward payout:
A: 0,019491443305 PAY for each TENX token, paid during Q3 2019

Q: Where did tenx get 4m PAY from for paying rewards
A: 4M PAY tokens will be bought/was bought from market.

Q: Will tenx issue their own cards in Europe now, once they got EMI license.
A: At first Tenx will work with card issuer to issue cards, in time tenx will try to get their own cards issued. Tenx have already approached Visa for principal membership.


Small correction:

Q: Does COMIT requires some token for it to work.
A: COMIT is a protocol, no token is needed