This is a really poorly researched article, sorry. It’s filled with so many inaccuracies that I felt compelled to leave a comment.
Monaco has been promising fans that their crypto cards would be printed and distributed for around two years now
Explain to me how a company that only had their ICO in July 2017 (10 months ago) has been making promises to “fans” for two years when the ICO was run not even a year ago?
the company seems to be regularly announcing setbacks. At this point, it feels as if they have ignored their roadmap entirely, hoping that their users will be patient, but that type of attitude can only be sustained for so long
Link to me to a single cryptocurrency project promising a debit card that has A) released cards (not issued by a third-party) and has them in the market right now and B) has not experienced setbacks and delays. I will save you the trouble: there are none.
A prime example of a company in a similar position is TenX, which I am sure you are well aware of and fail to mention in your “analysis”. TenX at one point had cards in the market, issued by a third-party called WaveCrest.
Turns out they were exploiting a loophole which allowed them to issue cards globally, but it was against Visa terms and WaveCrest cancelled all cards issued outside of their agreed upon jurisdiction of Europe. And then in January 2018, WaveCrest lost their ability to issue Visa cards and all TenX cards ceased to work.
But throughout all of this Julian and TenX were promising a new issuer anyway and that cards would be out Q1 2018 (which never happened). To this very day, TenX are in the same position as Monaco, as is TokenCard (another debit card project) and a few other unknowns.
The MCO token is also needed to ‘lock in’ an amount of credit to your card, making it run smoother when outside.
This has always been the case. It was mentioned in the v1 of the whitepaper and has been routinely mentioned the MCO token is essential to the business model of Monaco Card.
The problem with this is that locking in should not even be a consideration.
And why not? You do realise that the lock-up is only for six months and then you get your tokens back? You also realise the lock-up is your purchase of the card. Monaco Card are going to be giving out premium metal Visa cards, they’re not cheap to produce.
You’re essentially getting the cards for free, would you rather pay for a card instead? Every other project is charging for the card, which makes people more likely to not bother getting one.
The Monaco team are doing this as a means of swinging the supply and demand in their favor, but there are users out there who only want a card that holds crypto and fiat in tandem — they are not looking for additional tools like that.
See previous point, lock-up is the purchase mechanism for metal cards. Also, Monaco Card are doing something that no other project is focusing on: providing value to the MCO token itself. This is what investors want, guarantees the company is doing their best to ensure the token they invest into is going to be worth something. Look at companies like TenX, their token is worthless and I think now they’re coming around to the idea of something similar to MCO.
This concept has since been scrapped entirely, effectively rendering the MCO token almost useless.
Asset contracts promising rewards for buying and holding a token = exchange delisting. You want to see an example of a cryptocurrency that is promising payouts and has been delisted from exchanges including Bittrex? TokenCard. They’re promising a similar feature and exchanges don’t want their token because this falls under the definition of being a security very clearly and this is something the SEC are clamping down on.
Once again, I refer to another project and one of Monaco’s competitors, TenX. They also scrapped their asset contract because it classifies their token as a security and opens them up to being delisted from exchanges.
When such a prominent feature is removed from a roadmap, it raises red flags for traders.
I was one of those angry people, initially. But it was the right move to make. Regulations have changed a lot since Monaco Card ran their ICO in July 2017. And this isn’t something Monaco Card has done in isolation, similar projects have been affected as well.
Ask yourself this question: would you rather a token available on major exchanges like Bittrex and Binance with no asset contract, or would you prefer a token delisted and not on any major exchanges with an asset contract?
Because I can guarantee if Monaco Card were to be delisted, the payouts you would get would be worth nothing anyway because the token value would crash and trading volume (like we’ve seen with TKN).
It’s clear from reading this that you’re either a disgruntled investor, invested in a rival cryptocurency, or more plausible is you just didn’t do your research before hitting the publish button.
Next time I recommend doing some fact checking before writing something like this. It feels intentionally malicious, rushed and amateur.