Topic: [ANN] TenX: Making Blockchain assets spendable - page 199. (Read 332329 times)

Yep it's me

Here's a short visual summary of what TenX is all about:
https://medium.com/@StorifierCo/what-is-tenx-7540be2d458d

If you're the NEM guy from Slack earlier, then I know you already picked one winning horse. You've got a lot on this one so here's hoping you picked another! 

(I don't have your kind of money in it. I wish!)

I'm number 234 in the rich list so, i expect more than just a few cents lol.

Does this really matter ?
You will not even get 1 cent ... so what ?

So anyone know when the first monthly dividend is supposed to be paid?

That's the important thing to realize. You get part of the payment volume, of the gross income, like you are part of the company. Not "just" a shareholder.

Thank you for clarifying our assumptions on Slack and for bringing more positive spirit into this thread.


About taxes: It's not always a problem. There are exceptions in several countries, 1 year holding periods for tax exemption for example. Crypto provides a level playing field between common citizens and corporations. Both should have the ability to use financial constructs to the same extent, this is at least my opinion. Use it or lose it. Crypto is a game changer here.

I can see people are finally waking up to the reality, at least in this thread. Nice!

Implications are EXACTLY the same for trading with crypto. And that doesn't seem to be putting anyone off.

I'll take my chances.

Further points on this:

1. Do everything though VPN's. And if you have to, move funds through anon coins like Zcash (also under a VPN cloak). The semi-anon nature of most crypto means it's not massively difficult to obfuscate the trail. I'm pretty sure I could do it if I tried.

2. Fuck the US. Trump is busy flushing them down the toilet. If they get Asia on board, we're good!

All those who are dreaming of billions in turnover seem to not know about the tax issue:

At least in the US and Europe, users of a crypto card like this one will have to pay taxes on each transaction if the price of the crypto at the time of purchase of goods is higher than at the time when they bought the crypto.

So they'll have to list every purchase and calculate gains or losses when they do their taxes.

Therefore widespread adoption is very unlikely.

No worries.

It was all stuff I'd been meaning to ask them myself anyway. Just hadn't got round to doing it.

Thought I might as well ask them if they'll give me a job while I was on there ....

(You never know!)

Correct i just confirmed, they won't blacklist exchanges, so if the users will need to move their tokens out of the exchange if they want to receive their ETH or let bittrex keep the ETH. Is up to them

@csmcc

Thanks for clarification.
Just tracked your activity in slack. Great! 

The 1.5% to 3% TENX takes is what is charged to the merchant, not the card user. So from that 3%..... 0.5% is to token holders, so there's only left 2.5%. Then VISA and other bank entity that i don't remember takes their cut from that 2.5% left.

Sometimes merchants are only charged 1.5% and still .5% is paid to token holders. And the 1% left is for visa and the issuer bank and TENX takes almost nothing from it. So the 0.5% is always respected.

OK.

I can clear this up once and for all. I just asked them on Slack and they answered all the questions I wasn't sure on.

So ....

1. Payback to TenX token holders is 0.5% of THE ENTIRE SPEND through the card. So 0.5% of the big number. It is mentioned specifically in the white paper as well. In short, the merchant fee (0.5%) goes to the token holders instead. All confirmed by the team on Slack.

2. Token held in exchanges ARE included in the calculation. (Boooo!)

3. Follows on from 2 really. The EXCHANGES will get the payback ETH for any tokens people leave on exchanges. The ETH simply goes to the wallet the PAY is held on. If that happens to be an exchange, the exchange gets the ETH. I suppose it's possible some of them (the exchanges) could modify things so that ERC20 custom tokens are linked to the (exchange) customer. So the customer would get the ETH. But that's not how they are set up just now. And if changing it meant they lost free ETH, would they still do it? It's up to the exchanges. Not something the TenX guys can influence.

No matter to me. With those answers, and VISA turning over $16+ trillion in 2015, I'm holding!

2% of the current VISA turnover, and the payback sums will be very nice. Very nice indeed!

(I have a screenshot of the convo on Slack if anyone is sad enough not to believe me.)


Unfortunately, not the case. See the responses I fgot from TenX on Slack above. Specifically, point 3. But no matter. I agree with you. $1 billion is nothing in terms of worldwide VISA fiat turnover.

Long term = WIN!

You guys see things in billions, is not like that, you guys gotta see things in number of users.

1 million users = at least .029$ per token annually

20 million users = at least .58$ per token annually

50 million users = at least 1.46$ per token annually

And i said at least because the minimum amount a user can spend monthly is 100$, i believe we all spend much more than that.

If someone doesn't know how i calculate this, this is an example

1 million users X 100$ monthly = 100Million X 12 months = 1.2B
The .5% of 1.2B  = 6 million, 6 million /205 million tokens = .029$ per token annually

(i divide it between 205 million token but in reality the tokens at the exchanges are blacklisted and won't receive dividends, so it should be divided by a smaller number but for the sake of the example i used 205 million)


Now for the people that say that 1 billion is optimistic, in Australia for example, the total volume monthly spent with credit and debit cards is around 28 billion X 12 months = 336 billions annual and this is JUST IN AUSTRALIA  https://www.finder.com.au/credit-cards/credit-card-statistics

Crypto is WORLDWIDE, 1 billion annual volume is practically nothing and is easily achievable. Cards are on high demand and COMIT is coming.

That is not the point.
If, let's say 3% is CC fees, a fraction of that could go directly to TenX.
Of course from that amount the 'dividend' is generated.
But is it 0.5% from the 3% fees or 0.5% from the whole customers payment?

Hopefully the "entire payment volume spent through TenX Wallet" does not relate only to the payments done to TenX via fees.
I don't think so, but an official confirmation would be nice.

Of course they can only take out money from the fees, the rest of the money is not theirs, it is from each cardholder... Mislead? I hardly think so because if you thought that they will be giving away their customers money then you should sell asap and move on

Also in the white paper: "Holders of PAY tokens will receive 0.5% of the aggregate payment volume that is spent by all users with the TenX Card on a monthly basis initially."

And: "0.5% of entire payment volume spent through TenX Wallet"

Both read like the big number to me. If was fees only, they should/would have been specific on that point. If it is the fee part only, I won't be holding much longer. And I'll also feel badly mislead by their document.

I know that quote from the whitepaper.
But this does not make it clear enough to me.

The "entire payment volume on the TenX payment platform" can just only incorporate the tiny transactions fraction that goes to TenX.
That is my concern here.

According to the white paper, it's total transaction volume. So the big number. (Into the trillions in the fiat version)

From the white paper: "PAY token holders will receive an incentive of 0.5% of the entire payment volume on the TenX payment platform"

Which is good. 

(Link to the white paper on page 1 no longer works. They have updated the white paper, but not the link on here. Latest version if you're interested: https://www.tenx.tech/whitepaper/tenx_whitepaper_final.pdf)

I still want to know if tokens held on an exchange and actively excluded from the bonus calculation. Still not sure on that point. If they are excluded from the calculation, that will proportionately increase the amount that goes to those that do get paid ....