Profile picture
Larry Cermak @lawmaster
, 25 tweets, 7 min read Read on Twitter
1/ I think it’s time to revisit TenX today. PAY token is now 93% from its all time high. People that bought during the ICO are now down ~30%. TenX is a company that never keeps the promises that it makes.
2/ This is the most incredible part - TenX hasn’t had a working product for more than 10 months now. Since WaveCrest (card issuer) was cut off by Visa in January, TenX hasn’t had a working card.
3/ Dr. Julian Hosp, TenX’s president, was previously involved in a pyramid scheme Lyoness. He has had a habit of saying that the card is just a few months away. He said this in January:

4/ TenX said two months ago that the cards “are being shipped here in Singapore to internal team members right now.” That’s a great accomplishment and also no proof that that the cards actually work.

5/ Now, Julian is claiming that shipping a card is a month or two away. In my opinion, that’s very unlikely. Visa has previously stated that it will not support cards that allow spot conversion from crypto to fiat. I don’t think they are changing their mind.
6/ In the whitepaper, TenX’s original intention was to give PAY holders 0.5% from all the card holders’ spendings. Now obviously that would be a textbook security so TenX quickly backpedaled on that promise as well. Did some invest on that promise? Yes, likely a lot
7/ In the whitepaper, TenX predicted that it will cross $1 billion transaction volume for 2018. They are only a billion off here because the volume has been 0 since January. Also $20 billion in 2019. Good luck! And what about trading ETFs? What happened to that?
8/ TenX also lied about Vitalik being an advisor. When they were called out by Vitalik himself, they claimed they listed him because “he was part of Fenbushi who was an investor of TenX”. He was later removed.
9/ TenX has about 80 employees that get paid $84k a year on average. Their monthly burn rate is $740k ($8.9M yearly). They have about $100M in their treasury now since they sold some of the crypto holdings at the top. They can still last for about 11 years.
10/ TenX’s treasury is now twice as large as the marketcap of PAY tokens, which is now mere $50M (still way too high for a useless token).
11/ Now is the time to ask this question: When do we start calling a company that never delivers and burns $9M a year a scam?
12/ I'm amazed there has not been a class action lawsuit yet (pinging @MillerSilver). When a company makes promises of returns (0.5% of all tx’s) to investors that they don’t deliver on, they are:

1. likely a security
2. definitely fraud
I screwed up David Silver's handle of course. Sorry for pinging @MillerSilver and now calling the one and only @dcsilver.
UPDATE: Looks like my tweetstorm pushed someone to leak footage of Julian Hosp giving a workshop for onboarding new members. Crazy

UPDATE2: The account that posted this video got suspended. Less than 12 hours and it's down. The video is still up though
UPDATE3: TenX responded here:…
1. TenX knew damn well that there was a single point of failure from the start. Visa snapped their fingers and the whole business plan was finished in the matter of seconds. Something that TenX wasn't able to to fix for more than 10 months
2. TenX knew damn well that by issuing rewards based on the payment volumes, the token be considered a security in most of the jurisdiction. Don't fucking tell me that it was a surprise for you all. It's absolute bullshit
3. Vitalik was clearly listed as an investor even though he didn't invest any of his money. Want proof? Right here from Vitalik himself…
4. "The fact that our treasury is larger than it was at ICO without any active income is a very good sign that our team knows how to handle funds." Are you kidding me? That's a sign that:

1. the token has no utility at all
2. that you sold crypto holdings at the top
"When you can provide a single valid point that any sort of scam has taken place, because it clearly hasn't"

Your own investors would disagree here. You raised $80M by making undeliverable promises. You haven't had a functioning product for 10 months while burning more than $10M
The fact that you say that Julian Hosp working for Lyoness was debunked is absolutely ridiculous. I never included this in the thread because it's not relevant but when anon leaked his video for onboarding new MLM members, it seemed worth an update. That's indisputable evidence
WARNING: Please take all my work with a grain of salt because I was an intern for most of my career.
ADVICE: Please take all of Julian Hosp's work seriously because he worked for a pyramid scheme for most of his career.
Oops. Someone lied (again)…
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Larry Cermak
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!