ICO meltdown TenX Pipedream / Useless token en By Larry

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  • I think it’s time to revisit TenX today. PAY token is now 93% from its all time high. People that bought during the ICO are now down ~30%. TenX is a company that never keeps the promises that it makes.

  • an 10 months now. Since WaveCrest (card issuer) was cut off by Visa in January, TenX hasn’t had a working card.

  • Dr. Julian Hosp, TenX’s president, was previously involved in a pyramid scheme Lyoness (Proof in voice https://streamable.com/6x88l). He has had a habit of saying that the card is just a few months away. He said this in January: https://twitter.com/julianhosp/status/959347559935434752

  • TenX said two months ago that the cards “are being shipped here in Singapore to internal team members right now.” That’s a great accomplishment and also no proof that that the cards actually work https://twitter.com/julianhosp/status/1036959209810788353

  • Now, Julian is claiming that shipping a card is a month or two away. In my opinion, that’s very unlikely. Visa has previously stated that it will not support cards that allow spot conversion from crypto to fiat. I don’t think they are changing their mind.

  • In the whitepaper, TenX’s original intention was to give PAY holders 0.5% from all the card holders’ spendings. Now obviously that would be a textbook security so TenX quickly backpedaled on that promise as well. Did some invest on that promise? Yes, likely a lot

  • In the whitepaper, TenX predicted that it will cross $1 billion transaction volume for 2018. They are only a billion off here because the volume has been 0 since January. Also $20 billion in 2019. Good luck! And what about trading ETFs? What happened to that?

  • TenX also lied about Vitalik being an advisor. When they were called out by Vitalik himself, they claimed they listed him because “he was part of Fenbushi who was an investor of TenX”. He was later removed.

  • TenX’s treasury is now twice as large as the marketcap of PAY tokens, which is now mere $50M (still way too high for a useless token).

  • Now is the time to ask this question: When do we start calling a company that never delivers and burns $9M a year a scam?

Credit Larry Cermak https://twitter.com/lawmaster/status/1063770922828611585

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