We hope that you all had a wonderful holiday season with much joy and wellbeing to bring you into the New Year.
I have to admit, that while we are constantly working on improving the situation of TIOx and, as a result, your position as TIOnauts, I did not expect December to be quite as eventful as it was.
We are pleased that it does finally appear that we have found an exchange for TIOx to trade on that you are happy with. Finding a good exchange ended up being surprisingly difficult, and it makes me think back to all of the “problems” that were constantly railed upon with the trade.io exchange. As compared to our competitors, we had an amazing product, hopefully we can bring it back soon. We hear you that you would like to see more volume on the new exchange. Sadly that is not something that we control, except insofar as we can drive interest in investing, which is at the heart of everything we are trying to do for you.
So that brings me to the elephant in the room for December. TIOprime.
In order to understand what happened I think it pays to look at the three basic demands that we have been getting from TIOx holders, pretty much since day one. First, that we have more transparency, second that we have smooth and even payout amounts and third that we create demand and, therefore, value in TIOx. Then we move on to a fact that we needed to address. Unlike the crypto exchange, TIOmarkets does not report “profit” on a daily basis. Even if we were to attempt to create such a metric, it would be neither transparent nor consistent. FX is a much bumpier ride on a day to day basis where short-term trend lines matter significantly less than their longer-term counterparts.
To solve the first two issues, we looked for a financial result that drives our business, could be reported and analyzed in full transparency on a daily basis and, most importantly, serves as a direct and immutable proxy on our profits. That metric is daily notional volume. We then took that metric and backed into a “dollars per” amount that would return roughly the same amount as we had been paying out under the old structure. It was that simple. So for those of you out there with outlandish conspiracy theories, let’s be clear about this. In the FX business volume is directly related to profits. Over time, when volume is up, profits are up, when volume is down, profits are down. Period. If TIOmarkets becomes a trillion dollar a day business, you will share in that upside with the current structure. You are sharing in our profits, just in a different, clearer and safer way. That was the plan and that is a fact.
As for the third goal, aside from growing the business, which we are doing, we wanted to find other ways to drive interest in the purchase of TIOx. A way to do this is to create demand, which would create scarcity, which would lead to positive pricing pressure and so on. The decision was made to restructure the Tier System to create aspirational incentives, with higher tiers more aligned to the original financial hurdle intended. While we note that the plan did work, bringing the price of TIOx up for the first time in a long while, we also note that you didn’t care for the new structure. As a result, we have asked you all to let us know what you would like better. We have seen a lot of different options and theories and are busily working to agglomerate your suggestions into a new plan. Stay tuned, but rest assured, we are listening.
As a last thought, by far the most disturbing point of the month for me, and the rest of the team, on a personal level was the accusations of treachery and malfeasance that seemed to spring up with unaccustomed regularity and severity after the TIOprime launch. From our standpoint, it is one thing when you tell us you don’t like a product, but an entirely different one when you tell us you no longer trust us. This is concerning on many, many levels. A number of you have stepped up to say that we need to, in some way, provide surety on our intentions. On that front, I will leave you with this somewhat disturbing thought that I hope you take for the positive that it is (its most certainly not a threat of the negative, it is a promise of the positive). With the demise of the ICO market, the stagnation of alt-crypto and so on and so on, we regularly have “what do we do” discussions. There are always many options on the table. On lists of possible next steps there is always the “just give up” option. Not because we want to or plan to give up, simply because it would be illogical to create such a list without the easiest and simplest possible option included. As you all well know, this is the route that 99.99% of all crypto businesses has taken in the last year or so; they close the doors and disappear without so much as a “sorry”.
While we work on other ways to regain your trust, please keep this in mind if you doubt our intentions. It would have been exceptionally easy for us to have just given up long ago, but we have not and do not intend to do so anytime soon. There are several reasons why we do not intend to throw in the towel, but there are only three that really matter at this juncture. First, we are not quitters and second, and more importantly, we are fully committed to do everything we can to make this work for you, the holders of TIOx. Third, we truly believe that there is a fix out there and we think we are on the right path now. TIOmarkets is growing and showing tremendous potential. It will take a little time for it to grow into a full-fledged business, but we firmly believe that it will and are excited about taking steps every day to create value for you, our loyal TIOnauts.
At the risk of repeating myself, I want to make this last point one more time. We are fully committed to finding a path to restore value for TIOx holders. We genuinely believe that TIOmarkets is the best possible option and, thus far, the results have shown that we are on the right path. Businesses like this are not built in a day or a month, it will take time. However, if there is any possible way to achieve our single and overriding goal of driving value for our TIOnauts, we will do everything we can to find and execute on that course of action.
With that, we are back to work. Refreshed and reloaded from the holiday break, we are ready to recommit ourselves to the ever-present goal of growing the value of TIOx for you.