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?
A:

  • 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.

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Small correction:

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

4 Likes