TenX Community Forum

Q2 2020 Transparency Report

this again is not a real transparency report. there is no real information.

so, how many active users does roughly tenx have?
what does it exactly mean to “decentralize” the PAY token?
can you explain the transition in a detailed way?

“Our marketing campaigns have proved effective, growing our user base by 400% in Q2 as compared to the previous quarter.”

2019 Q3 - 4.000.000 PAY - 800.000 USD
2019 Q4 - 300.000 PAY - 33.000 USD
2020 Q1 - 350.000 PAY - 14.000 USD
2020 Q2 - 320.000 PAY - 10.000 USD
2020 Q3 - 400.000 PAY - 16.000 USD

the rewards don’t reflect 400% growth compared to the previous quarter.

edit: sorry inhodel, you were faster :wink:

Actually I have to say great report and I like what I read. The points are understandable.


@bamboo Well first I disagree with you about no real information, yes many things explained what we have in mind and is not live, but this is what a transparency report is also about, to give some insight in our plans. Let me address the open questions, the last part is answered as you mentioned.

so, how many active users does roughly tenx have?

We don’t answer this as often mentioned, we will announce milestones but we are still far from being satisfied, so why should we regularly inform our competitors about which changes and products have brought us how many users? It doesn’t make sense, and companies of this size don’t do it either, we are not a public company who have departments to just focus on this.

what does it exactly mean to “decentralize” the PAY token? can you explain the transition in a detailed way?

We are working on the details but be assured that we will not just dump it on exchanges. Using it as a liquidity pool for various decentralized applications is one possibility, for example. I agree with you that this needs more clearance.

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well, for me there is no transparency in the report.
if some people just rely on hope and far away visions they might be happy about it.

you said it yourself, it is about reaching milestones.
and you should question yourself why there aren’t any reached yet.
you have to fix the tokens before even think about broad marketing.

and did you look up the new CEO?
again, he obviously is a friend of toby (they met years ago), and his last project telcoin did not perform that good. the chart actually looks exactly like PAY. :expressionless:

we will see how this goes anyway…

This right here is a very misleading sentence tbh. Did you grow your user base by 400% (so from 10k to 40k for example) or did you grow your user base 400% more compared to Q1 (+1000 users in Q1 vs +4000 users in Q2)?

Statistics show a consistent under 10k monthly app downloads over the past months (the lowest increment showing ‘less than 5k’ per platform, so it’s probably less), so that concludes you had at best 30k downloads in Q2. Which would mean that either you had effectively 10k users that went to 40k. Or that you had 7.5k new users in Q1. Both are pretty underwhelming given the fact that you claim to have spent way more on marketing. Keep in mind these are the best case scenario numbers, could as well be half or 10% of my calculations.

For comparison:

  • CDC has 400k downloads monthly
  • Wirex has 50k downloads monthly
  • Curve has 50k downloads monthly
  • Revolut has 400k downloads monthly

Maybe you should revisit your marketing strategy and find out why it doesn’t work. 400% growth is impressive if you don’t do the research, but is pretty underwhelming if you do.


I have understand tenx do not whant to publish the number of users, so this trade will also closed soon?

Just saying…

Yes exactly, to me it doesn’t make sense to not share it. Otherwise I’d like to understand the risks involved of sharing user numbers: because of PAY turning into a security? People cannot calculate rewards now and never, because the managementboard decides the rewards.

imo not saying anything clear about the numbers is doing more damage than it helps.

they spotlight minor updates but the major questions remain unanswered.

(does anyone have numbers about iOS users?)

<5k/ month

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You want to find out 400% grow it is true? Or you want calculat the reward, or you want to get the user number? Without numbers from tenx you can do nothing at all.

I guess people only want to get an idea if TENX and PAY will tank more. Calculating is impossible.

I can’t find any Management changes at Telcoin. Is Claude Eguienta doing a twin management role in both companies?

I can’t comment on their communication, but Claude has left Telcoin, has no role in anymore holding in the company, but still has his company shares.

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I’m very curious what specifically makes this person we never heard of capable of running a worldwide fintech company? You already have problems in management, so you decided to appoint one of Toby’s friends instead of someone with actual experience running a bank/card company/fintech? I mean, why?


I am concerned with the fact that the new CEO is a programmer, and not a clear CEO profile with core skills in strategy, partnership building and leadership etc…We will see…but I am not getting my hopium pipe stuffed with this CEO news.

Exactly, wow he co-founded a ICO crypto company. Much experience.

Also, no word on Yana’s departure. I’m guessing this CEO decision had something to do with it. Maybe I’m wrong, but all we can do is guess right :wink:


You are pretty fast with judging people without knowing them or what they achieved. You will hear more from him.

Yana was a consultant with us in the past and had her own company. She will be focusing solely on running her own business. Alvin is still a part of TenX btw.


Well I judge people on their current/prior jobs/achievements, so yeah. I’m sure he’s a nice guy and all that, but you need lots of experience to capably run a 50+ team and a fintech company. Not 3 years as you described in the blogpost. You need people like Yana at the front.

The tone in her blogposts on Linkedin (which have been edited right now to remove this) showed a lack of trust and acknowledgement in her role in the company, especially her ‘boss’, which isn’t atypical to Toby. So no, don’t say her period just ended, either she quit or was fired.

The company feels like it’s being run in dictatorship. Why do you think they gave company shares to the employees instead of the shareholders? Looks like a good idea on paper, but the truth is nobody of the employees is going to take a vote against decisions the management team makes, as they would fear for their job. They now have 0 critical voices on every decision they make. Except for me, but I can only rant in here :wink:

No word on EU expansion for instance, no word on PAY utility (other than offering it in the app), …


Hopefully he will help TenX make a great partnership with Indonesian based financial service provider LinkAja and Vimo (Telcoin whom he was founder of made partnership with them just before he moved to TenX).

In general it seems that Telcoin has been good at all related to partnership establishment - something that TenX has NOT been good at. Hopefully we are here getting in a CEO that will make things happen for TenX in the arena of meaningful and mutually benificial partnerships.

Also - it seems that Claude Eguienta at Telcoin also had the remittance theme in focus - and here often Africa is a focus area - TenX is not present there, so my humble hope is that Claude will help TenX get a good foothold on that market to offer their services and grow fast.

Welcome Claude - please proof to us that you are the right profile for TenX. Learning the above, I hope that you Claude are the key to these partnership connections. That would add a little hopium to the very hungry hopium pipe I have here :o)