Anyone look into this? ICO in 1 day. Should I dump 10k into it?

Anyone look into this? ICO in 1 day. Should I dump 10k into it?

Other urls found in this thread:

tokencard.io/
reddit.com/r/ethtrader/comments/6712wv/what_are_your_thoughts_on_tokencard/
twitter.com/SFWRedditVideos

link the webssite so i can dump some cum iin it

tokencard.io/

1k seems to much. Max I'll do is 500

How do I buy?

wait for the ICO in 1 day and 13 hours and send ETH through wallet

Shhh, don't raise awareness. I plan to pick some up :)

I actually like the look of this. Im reading the whitepaper now but is it saying TKN holders will get a % of the fees accrued when transactions are executed via the tokencard?

it will probably reach the 12.5 million hard cap anyways so it doesn't matter. also do you know if TKN will be available on exchanges? or is the only way to cash out the " cash and burn" option

Nobody will ever get involved with this; 1.5% is way too much every time I want to get a burrito

wouldn't this card make it easier for the govt to track your money?

From what I understand you get it through their website on May 2nd.

Saw this. Does it work with existing POS machines?

Works anywhere Visa is accepted. Poo in loo land and USA have a delay before cards are issued.

yeah i get that but how are you supposed to sell them once you have them is what i am confused on

Will be available on exchange from what I know.

I'm sure the website will allow you to exchange via ETH, FIAT.

i've been trying to find out what exchange but i can't dig up anything. i dont want to be stuck bag holding with no where to dump them.

quick rundown?

.

They charge YOU a 1% fee every time you use it. They are charging you to use your own money.

This project had the potential to be game changing, until they added that fee. This thing is no different than those shitty prepaid debit cards that people in the ghetto have to use.

If they removed the 1% fee, then I could see a little more widespread adoption, but with the fee, forget it. Who is willing to pay someone else to spend your own money?

I don't see it as a main way to purchase goods. It just gives you the option of spending various cryptos, which I feel like is pretty neat.

I think the fee is going towards the value of TKN which is a separate thing from their regular crypto. Every person that owns TKN shares receives a % of the accrued fees. If you spend your TKN, you don't get to participate in the rev share. I could be completely wrong but that's how I understood it.

alls i want to know if i am going to be able to dump this shit on an exchange for a profit if i buy through the crowdsale. anyone know?

Never Ever Buy an ICO

Wait for the dip afterward

yea i don't even know if this is something you will be even able to sell or not nobody seems to tell me

Have you read the report they wrote on this? Seems like they are being led by a credible team and they have backing of Visa.

You're looking at it like a basic savings account debt card. It's not. Read the case examples if you don't understand the service it facilitates.

How do you spend the gains made on ETH at the moment? You have to convert ETH to BTC then to USD, a huge chunk of which is chewed up in fees from all the middle men.
Or even just ETH to USD through coinbase is 1.5% with limits on transfers. But it's still a centralized service. Just read or the comments on this board re. delays, rejected transactions etc.

Remove the middle man, reduce the fees to 1% and decentralize the service and tell me the card isn't a better option. More importantly it's normie accessible. That's how im reading it.

For me, the idea of just walking up to an ATM and withdrawing my ETH for cash is a pretty big deal and well worth 1%. Especially when i consider i don't even have a bitcoin ATM in my state. At the moment I have to sell ETH for BTC, then sell BTC to a site that charges premiums on spot close to 10% for direct transfer to my bank account.

This isn't a shitcoin that is being actively mined with 100billion tokens in circulation. The incentive is there to hold. If you miss the ICO and want in later, you're going to have to pay a premium.

this is actually a good point

They don't have the backing of visa. All they did was signup to be a processor for visa. Almost any company can do this. You signup to join their network, and then you pay visa a fee for every transaction. Usually around 3%.

So if you make $10,000 profit investing in ETH, you're going to go to ATM's to withdraw it all, and then go to your bank to deposit it?

Makes sense

i think his point was just to remove the middle man. the atms will probably have withdrawal limits like every other atm

Development team is outsourced not in house

>DROPPED

This right here this baby one hunnit this all this all day so this just this fucking this shit right here this.

in english?

missing his point. He is right. Right now I bet you can't find any place that converts whatever you have to USD or your local currency without fucking you over well above that 1%.
I thought that it was a lot when reading but let that sink in and remember what you have to do to get back your earnings from any other crypto that isn't BTC and more often than not you have to go at least through 2 different places before it reaches your actual account or you can actually have regular cash for it.
Also it sounds it would be the comfiest shit for someone who travels a lot

Yeah doing some more research this is a bit of a concern. I dug up a reddit thread that went cold when this issue was pushed. They asked specifically, by name, who would be developing it.

This was only 6 days ago. I'm actually not convinced they have developers locked in at the moment. Why would you not name your developers if you know who they are?

does anyone know where the ICO instruction sheet is?

aM i BANNED?

I can see why you're concerned but nowadays if I was in their position I would keep some information private or roll it out in stages.

don't bother. there's no ROI on this investment, no way to sell your coins. sorry for making this thread

explain further

so token is just a service? not an investment vehicle?

ive already made my decision to buy, idgaf if i lose my entire investment

Where does it say TKN's won't be tradable?

Kys then faggot i scrolled and read for like 5 min

Well i've been trying to find how TKN can increase in value and I cannot find anything substantial. Also I have not seen anything about any exchanges putting it on, etc. So unless someone can tell me how I am getting a ROI on this I am out

Old mate views selling tokens on an exchange as the only viable return on investment. He saying you can't make any money because the TKN won't be traded on an exchange (that we know of) like other coins.

The ROI comes from the rights to the fees accumulated from transactions on the tokencard network on a pro-rata basis. So the % of total TKN you own gives you access to a directly proportional cut of all the fees accumulated from transactions.

When you cash in you TKN, you burn them. They're gone for good and you get your cut. But what that also effectively does is give all the remaining TKN holders are high stake in the overall pool. So the longer you hold your TKN, the more they'll be worth as the tokencard network ramps up.

It's a longterm hold, not a pump-n-dump shitcoin.

>tokencard.io/
Read this and it's just lol. Who would pay 1% to use a fucking shit card when my credit cards already pay ME back 2-3% on most of my purchases. FUCKING LOL

Is this really the case? Reading though the whitepaper it says nothing about the 'tradablity' of TKN. Can anyone substantiate the claim that these are pump-n-dump shitcoins?

nah I think you can only make money if the actual product aka the card does well, by the fees, and the Beta for that doesn't come out until november. this might be good if you are really patient, but yeah i wanted something to pump over the summer and dump off to the next sucker. i can't find anything about it being on any exchanges.

Someone in their slack said that's BS

There's no reason for them to offer on exchanges, their goal is to be a next gen transaction processor for most major crypto currencies, similar to what via is now.

If you want a quick hit for an ico grab, this probably isn't ideal mainly because they don't want token hollers to cash out, well, ever, unless they're using their token card to do so.

On the bright side, owning tkn grants you proportional ownership rights to the component currencies paid by token card users as transaction fees, so I guess there's that.

Finally a diamond in the shitpile of posts. Definitely picking some up.

This is one of the few projects that could actually moon. At the moment liquidity of crypto is a huge problem which this solves to a degree. Think about it this way: if $1B USD is made in transactions with this card annually, that translates into $10M USD in fees paid to token holders, which divided among (approximately 21M tokens according to white paper) Tokens gives an annual payment of $0.476 per token annual.

This would value each token at approximately $4-5 if you think a ROI of 10% is good (which it is).

This assumes an annual transaction volume of 1B which could easily be an under estimation given the market cap is over 30B.

The current price in the ICO is 150 TKN:ETH which would therefore value it at around 56 cents. Good ICO to get in on desu

so basically your ROI is tied to the sucess of the card and not speculation. fuck that, betting on crypto having real world success is a terrible idea, its only useful to make money off of other speculators.

If anyone thinks my reasoning is flawed please let me know as Im seriously considering this ICO

No claim is being made that it's a traded shit-coin, the opposite in fact. In order to profit off this you need to hold long-term and the project itself needs to succeed.

The upside is, if it does take-off and does really well then you're in the box-seat to make some serious big-boy bucks for a relatively small investment.
IF it takes off.

For example, if you take their absolute best case scenario:

The underlying assets in the contract are worth $277mm after 2 years. This includes the crypto held in the contract (ETH, DGX etc) appreciating in value over those 2 years.
If you own even 0.1% of the TKN token, you can cash in for $277,000 worth of the held crypto.
In their "sort of ok" more modest scenario, the cash in would be worth roughly $36,000

In order to acquire a 0.1% stake in TKN, you would need to invest roughly $4500 to $10000 depending on how the ICO goes and the price of ETH when the ICO starts.

Also the 1.5% fee is fucking nothing, why are so many anons saying that's horrible?

$15 to pay for $1000 worth of goods in crypto. That's a fucking steal.

the point is if its trying to do a fiat thing by being a debit card it needs to be atleast as good as fiat. why would i just not use a regular debit card instead of paying a 1% tax on everything I buy?

WTF? Yes, your card that works with USD gives you 3%, but how does that relate to crypto? With any crypto you're losing snippets when you transfer from the exchange to coinbase/wallet and then another 1.5-10% when you cash out into your bank account or ATM. 1% is nothing.
This guy has it right

Ok, I feel less stupid, I thought that I understood that it was a long-term game and not dogecoins.

as much as you are right, somehow you are wrong too user. How much do you pay in fees right now to get gains out of the exchange? Last time I check we are being buttfucked by aprox 2% minimum on whatever you are doing to cash out.

Consider this user

You have a business online and are paid in BTC. If you turn that BTC into fiat you will need to pay tax (or risk being fucked by the IRS). What if, instead, you pay directly with this card, thereby taking a 1.5% fee instead of being taxed much more.

Or am I missing something and this card will also require you to be taxed?

I dont know if your numbers are adding up, can you help me check what I estimate returns are? Ill be using the modest 'good' scenario on page 26 of the whitepaper here: so lets say I have 800USD ready to invest. The TKN cap is at 4.5mil USD. (800/4.5mil)x100 = 0.0177% , lets just round that up to 0.02%
So this means that I own 0.02% of the total TKN ever made right?

ok so then I take value of the TKN asset contract after 2 years, which is at USD$36,853,488. I times that by what percentage I own for the TKN asset contract (0.02%) which gives me:
$36,853,488 x 0.02 = $737069

When I decide to cash and burn my TKN, I get that resulting amount? Can someone check my math, I'm the kind of guy that stutters when I have to do basic math.

you don't seem too far off. I was already sold when I did the math on the fees to get my money out there in the real world.

It's not even that. Try a 1% fee for

Being an Australian whos stuck in Russia using his ETH and DGX which is stored in a wallet to buy a plane ticket out instantly, within seconds.

No foreign transaction fees on top of transfer fees on top of credit card surcharge, no need to get mugged by cops at an ATM, no need to go to the embassy.

You may not use it to buy a coke at the store. You would use it to instantly withdraw $500 of your ETH profit from last week as cash to use. No coinbase delays, no records in a fucking bank. No having your money BAILED IN by a corrupt central banking system due to an "emergency bank holiday" like the cucks in Greece or Americans in the 30s depression.

This is how a minority of people get rich while the majority wageslave and cry poor. Because uninspired shitters have such a myopic view of the potential in new emerging markets and can only relate them to existing old and dated practices.

no you will still need to pay taxes on this. read this thread.

reddit.com/r/ethtrader/comments/6712wv/what_are_your_thoughts_on_tokencard/

scroll down

Short answer is you will be in for an accounting nightmare! Looks like you would have to calculate the price you paid for each and every ETH on a FIFO (first in first out) basis to get you cost basis. The you subtract that from the price at the moment of the transaction (Assuming a price increase). The answer is the taxable amount or capital gains. Now do this EVERY time you swipe the card! It would be way easier to get cash in 5K chunks and use a debit card. I am no accountant but everything I read point to this.

>reddit.com/r/ethtrader/comments/6712wv/what_are_your_thoughts_on_tokencard/

Thanks a lot user, will read now

I kind of want to produce some god-tier cum.

Yes, i missed a 0 in there. SHould have been 2.7m, not 277k

My Chase bank card is FREE and so is my checking account. I have full protection as long as I keep my PIN secret.

Its pretty shady plus that Venness guy gives off the sketchy vibes

You have nothing. The bank owns you, your card, your pin and everything associated with it.

Also we aren't talking about fiat here. No one gives a shit about your imaginary, .gov issued and artificially inflated debt dollars. This is to facilitate the integration of the rapidly expanding cryto into the normie sphere. We're just starting to see the beginning of the transition of wealth from traditional fiat into crypto. The ETH and BTC market caps just increased by 10billion the past few days. But what's holding back its' growth right now is accessibility and liquidity.
This solves those two major hurdles.

please tell me of an easy way to convert your crypto to USD without paying a fee?

No. You buy the ICO then sell for 2-4x immediately, then buy the dip.

It's like you don't even want money.

sorry i did the math wrong, the last bit should be:
$36853488 x 0.0002 = $7370
which is the return after 2 years

however, the expected token asset value after 0.5 years is $1,296,000 for the same modest 'good' scenario
$1,296,000 x 0.0002 = $259

so this tells me that tokencard is a long term investment for sure, but the question now is:
Will TKN be available for trading on exchanges like bittrex after the ICO?

Fee deniers keep in mind nobody is going to change you currency at the spot price ever. You spend outside your local currency on your debit / credit card and you will cop an FX fee either in the form of a shitter rate or just an outright foreign transaction fee slapped on top, 5% would be fairly standard, it varies. Those airport money changers will slug you hard, pajeet in his little money shop might run with a tighter margin, but what they all have in common is these guys need to make a profit in exchange for the convenience. 1% is relatively fucking good, only in an arcade full of pajeet money changers will the bitter competition get you a fee like that.

For sure. I remember paying between $5 and $20 per $100 (usd) for fiat exchange depending on location in my travels.

ATMs are slightly better at a usually 3-5% foreign transaction fee, but that's aiming your bank doesn't charge you fees on to of visa's fees (I work for a bank, so all ATM fees get refunded since I get their platinum account benefits for free).

If you use a credit card for fiat exchange anywhere, which I don't know why you would unless you have no choice, you're looking at at least a 3-5% fee plus whatever their transaction fee would be since ATMs pass that visa fee through to you (most debit cards also incur a $1-3 transaction fee from the atm as a network fee to use the star, pulse, or whatever other atm network your debit card is processed through).

I don't think you can avoid the atm fees, but it would be nice to only have to pay 1.5% transaction fee for fiat exchange. Wild have dabbed me several hundred dollars in total over the course of my travels, and is certainly way cheaper than money gran or western union for funds transfer person to person (and more secure, too).

Instantly dropped. That's horrible.

this desu

Ok, what if somebody steals your card info and drains your shitcoin stash ? There's no way you're getting it back.

Also, can you buy coins using this card or only withdraw what you already have in your wallet ?