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October 31, 2017, 05:59:11 PM |
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What was promised during the ICO:
MCO - a token that will be used to reserve platinum tiered debit cards and that will be redeemable for a proportion of the fees earned by the MCO platform. Thus a highly valuable token redeeming it would've granted a portion of the earnings while reducing the existing supply, which would thus further drive up the price. In this situation there were a total of three factors that would've driven the price up individually in the long run.
What we get now:
MCO - a token that will be used to reserve platinum tiered debit cards, period. Nothing else. And I've already outlined above why this won't be a very lucrative price driver with fixed numbers. With a dynamic amount of tokens required to reserve the card (e.g. token price up, required amount down) this could be somewhat countered, but it still won't get anywhere close to what was promised during the ICO.
Thus, with the asset contract removed and no alternative proposed that complies with laws and circumvents delisting from Bittrex, the MonaCo Token has just lost the most important driving force behind its future price.
Clueless shills try to convince people that having to lock up MCO to obtain a platinum card will have a significant impact on the price. But that's just a shortterm speculative argument which is completely irrelevant for any serious investor and does not come anywhere close to what was promised during the ICO.
If the token price goes back up to $20, even the lowest platinum tiered card would lock up $1000 for 6 months. And if any significant amount of people is to use MCO platinum cards, this number multiplies many times over. In reality however, there aren't going to be a lot of people who will want to put down thousands of dollars on lock just to get a debit (not even credit) card.
Shills: But this is better than not getting listed on Bittrex!
Nonsense. There are other exchanges which are just fine. The only sound argument for this move is not being able to get a Visa deal without complying with some countries' laws. However, as we can see with SONM there are ways to work around buy-and-burn and dividends models. So just dropping the earnings section entirely is neither required nor is it fair, as ICO investors and token holders were promised to be able to participate in the fees incurred through the use of the MonaCo platform.
Hopefully Kris will address this, but it seems like it's already set in stone anyways. And if so, I'll be pulling out of this one.
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