I dont have time to explain to you how naive you are, but in short, the removal of the smart contract means that Monaco is not legally responsible for anything associated with the "Monaco token".

Saying they did it to avoid de-listing from exchanges, is the magic excuse for them to decouple the token away from the company entirely.

Simple examples of random scenarios:

Monaco gets a 1 billion dollar investment from whoever -> Monaco token is not tied to the company in any legal way shape or form, so it wont benefit from anything like that.

Monaco sells more cards than they have "available tokens" -> Monaco token is not tied to the issuing of credit or debit or gift cards in any practical way. No company needs a "token" to be "held" to issue a card. Monaco can issue an infinite number of cards at will, without using the Monaco token in any way. There's no laws, nor are there any binding contracts (hello!) that says they must use Monaco tokens for anything going forward.

The actual "token" has no practical use, only an artificially made up one -> It is not a "system" that does anything. The BIN from VISA is important, and is an actual "system" without which Monaco would not be able to function as a card issuer. The "token" system from Monaco is literally a useless guise to raise money without selling company shares. Its essentially like going on "Dragon's Den / Shark Tank" tv show and saying "I need 25 million dollars from you guys, and instead of company shares, i will give you these keychains that i may, or may not,  buy back (depending on demand), once people start buying my product"

The "token" is not a company share - Success for Monaco is great for company owners. Token holders are not company owners, and rely on the company, without any sort of regulation or binding contract, to somehow make them "rich" out of the goodness of their hearts and keep their promise (track record in regards to that is not very good at the moment)



Most investors are well aware of an attempted work around, but falling short of a legally binding contract that would expose them to government regulation (which it wont be, no matter what they come up with, because they're not stupid) the token is based on a faux system that has absolutely no use in the real world. (what other crypto cards require to artificially "hold" tokens to get a card? When's the last time you heard VISA ask you for $500 to "hold" for 6 months to give you a card?)

For even more fun, you need to realize that only specific current metal cards, not their basic (or future) Monaco cards, require holds on tokens, and the majority of people will have the cheapest one, requiring 50 tokens. Add to that the hold cycle of the tokens, add to it the total number of tokens including those not in circulation, and you'll see that unless they have an absolute constant number of hundreds of thousands of people signing up every few months, they'll never even get close to hitting the token cap, in order for you to have a high scarcity of said token.




People waiting for this to "moon" are delusional. Even current pricing of $6 USD is ridiculous for what it offers in return and how de-coupled from company success, it is, at the moment.

If Monaco comes out tomorrow and says they'll buy out the tokens at the IPO price, or not at all, while also having their un-needed ecosystem go dead, there's no legal recourse for you.

Also, if Monaco ever goes public with a legit IPO in the future, they'll completely have to get rid of any possibility (even perception of such a thing is damaging) of being legally exposed in any way, to a class of "non-investors", which means the death of the token.

Monaco is only good for day traders to sell on news, or for card holders, who legit want a metal card. If you're one of those "to the moon" people, you'll have a better chance buying a lottery ticket, as the token itself is not tied to company growth or success over the long term, and it also lives in an unnecessary ecosystem that only hinders Monaco as a company, going forward, growing from its infancy stage.

On a final note, I dont believe any of the changes were done maliciously, but, given the timing, delays, magnitude, and delivery of the news, it makes me believe that, either the people in charge dont know what they're doing and learning as they go along, or that they're very smart and pulled the proverbial rug from under non-ico holders, before they were legally tied into the token and under government regulation as a result.