Well... It was pleasant reading for a bit at least. Then all the shit flinging started again.

You guys are never going to convince each other.

Guess we will have to wait 2~3 weeks and see if cards are sent out.

The minex team need some assistance with communications and public relations I think.  We are approaching a point where (if they manage to deliver) the project's audience will expand rapidly.

My first criticism is committing to rather tight deadlines.  This can be forgiven though... things always take longer than you think no matter how generous you are with buffer time.  Especially with brand new areas of business which haven't been successfully achieved by other players yet.  It would have been better to give a roadmap with all the intentions on, but only the next 2 to 3 deliveries with deadlines.

Secondly, the press-release which caused all the fuss was poorly worded and not explained properly.  There was much pressure demanding an update though... so, giving them the benefit of doubt... this is perhaps inexperience.

I'm currently checking the history of BitConnect and other quoted bad apples.  I want to find out if those players were able to release as much supporting documentation as the MNX team.  has anyone got any feedback on this?

If no one else has such evidence... its at least something in favour of MNX

Got to agree with BitPotus here, there is no particular reason to guarantee that the contract will be approved today.  When it is approved then lets quote it as a supporting fact in favour of MNX.

(please tone it down a little bit BitPotus, we can still try to keep it civil, although I do see that TeMHuk's choice of words was slightly inflammatory).

In fact, TeMHuk's post demonstrates again how things can be easily misread...

TeMHuk states that an affiliate contract will be signed, but it does not state exactly by whom.  So this could easily be interpreted as between MNX and the bank.  Is that what you meant to say TeMHuK?
(genuine simple question with no agenda)

Asking because I still interpret that the relationship was always going to be through a broker.  Or do you mean that the affiliate contract gives the right for MNX to advertise under the bank's brand?

I get it... Yeah... A huge disaster for both public relations and potentially the business relationship.

The updated information clarified the relationship... And if that had been posted from the beginning nobody would have contacted the bank (as it was clear they were far down the chain). As such, the bank would have had no need to defend their brand and this whole mess could have been averted.

From the supporting evidence provided in the later update... It appears there is a business process and multiple contract relationship in place though. Just the sharing of that information was done badly. Very badly.

Well... My opinion is that it wasn't an intentional lie... But a very poorly worded notification.

Thats my interpretation though. If you disagree... Of course post your thoughts. The more discussion the better.

Well... Stop deriding that group by calling them 'fudders', which is in itself an insult on their intentions, and they will stop returning the insult by calling you shills, and then everyone can stop the foul language.

Their challenge of the facts quickly demonstrated the claim was (as it was presented) false. Perhaps a bit of mocking in the process... But, well, we could take it in fun or we could respond in anger and see how it escalated.

Yes indeed. There was never a direct relationship and poor communication resulted in a lot of confusion.

The people being accused of "fudding" merely tried to verify the facts given... And while there may have been some revelling in disproving the direct relationship implied we must give them credit for continuing to doubt facts presented at face value and seek their own proof. At least they quickly highlighted the over confidince of the Minex team's simplified communications).

Until we hear otherwide though, an indirect relationship still exists through brokers. Documents have been posted providing some evidence of this (the concealed parts obfuscate some particulars... But it's enough evidence to convince me that a business relationship between all parties does exist).

Hopefully the Minex team are able to calm the situation and keep all parties to the business intact.

OK, enough now with the personal attacks and colourful language. It's clear which people are on which side of the fence. You will never convince each other to switch sides, so let's just sit back and see how it plays out.

I've posted before (many pages back thanks to all the trading of insults) that there is nothing wrong with creating separate entities to manage the relationships between backing banks, card issuers and sales brands. That's exactly what has been done here and is no different or convoluted than the hundreds of other cards managed by non-financial institutions (super markets, airlines, Internet accounts, etc).

But a big mistake was made... The announcement by the Minex team over simplifying the relationship between them and the ultimate financial institution backing the transactions. I think this was down unintentionally, and it seems to be due to inexperience with how quickly statements can be seized upon and misinterpreted. I don't blame the misinterpretation though... The statement did read very plainly as a direct relationship.

My biggest fear when this erupted a few days go was the damage this may do to the relationship. Of course no company will allow an unknown to use their brand without authority and it it seems that this is what the Minex team have inadvertently done. The many people contacting the bank to verify the relationship has complicated the venture now. I'm sure that in the last few days all efforts have been and are being made by the Minex team to calm the parties involved in their contracts, apologise for the misleading publication and assure them the oversight won't be repeated.

I just hope they are able to do so quickly and regain trust with their contacts so the damage is limited.

Back to my first point... Can we not just now draw the line, know our sides of the fence and wait a few weeks to see? There's far too many pages of insults in between the few posts of relevant and interesting arguments

The mistake here was only in the information posted by the Minex team announcing the backing bank, and oversimplifying the relationship between the various entities in the process.

There is nothing strange or unique in creating a separate entity to manage the relationship between the card issuer and the brand.

Anyone who has a debit/credit card issued by a non-high street 'bank' has exactly the same relationship between yourself and the financial authority booking the transactions. 'bank' is in quotes deliberately here because what you think is a 'bank' in most cases is most certainly not.

From the UK?
Loot, Revolut, M&S, Tesco, Virgin

USA?
Ally, Chime, Moven, plenty of store brand spinoff,

Europe, Middle East, Asia, you pick...

Every developed country has branded Mastercard and Visa cards issued through a third party backed by a financial institution completing the transactions.

All of this noise and claims of scams is either one of two things...
1) a deliberate attack (I hesitate to use the f word rhyming with mud... But mud sticks!)
2) sheer ignorance  

Can't quite figure out some of you. Chances are many of you have such branded cards already. Check out your relationship with the entity booking the transaction. If, that is, you can understand the rather complex contract you signed and probably never read when you opened the account. (I bet most of you don't even know the proper legal name and registered location of the entity you are directly in contract with... Never mind the parties in between them and the financial institution completing the final transaction... Which themselves is almost always a child company of the only name you'll recognise)

Wow.

I was away from the forums for a long weekend and it's exploded. I wonder if some people are just looking for reasons to belittle the project? Need to find the next reason soon I guess.

I can't quite believe the people still shouting scam really believe it? Have you never worked in business before? Ever had a contract of any kind whatsoever?

I have two businesses registered in my name currently. Both initially registered at my residential address. One now has real office space... But still registered at my home address for at least a year after we had our first office space.

Have any of you got any Internet bank accounts? Those without high Street shops? Well... Check your contract, if you still have it, to see what the legal name of the entity is. Then check which bank banks them (probably through a third party). Walk on to the High Street branch of the final backing bank and ask them about your Internet account. See the blank look, and perhaps the sympathetic smile which everyone gives to the innocently uninformed.

But I think you guys know this already, don't you? It's so easy to lead the masses with hysteria... And get supporting quotes and references. But you're all quoting each other.

Minexteam made a mistake here. In their eagerness to update the community and calm the crowds they posted misleading information. Poorly worded I think. Very easy to misinterpret by the uneducated and very easily used as a tool to, for lack of a better term, fud.

All new startups begin this way. Every technology company on the last few decades (probably even your entire lifespan) that wasn't a spin off, started in a garage, basement or spare bedroom in mums house.

Its tiresome reading the level of service many of you expect. You're forcing the hand of the mine team to rush updates. They are not helping by explaining things in half measure, which they must because of standard non disclosure terms. Hope the team learned from this. Every new startup with a customer base goes through this learning process though... So that will improve naturally.

I think we should just wait a few days and see.

If the Minex team doesn't deliver, let the people claiming its a scam have their moment to say 'I told you so'. They deserve it after all for sticking to their guns. Fair is fair.

If the Minex team do deliver (which I believe they will) we will be at the next major phase of this project. If this happens, I'm not interested in wasting time saying "I told you so" to the naysayers... Waste of effort. At that time let's start a new thread and abandon this one. Over 1000 pages of mostly noise, bickering and fluff.

At the very least... Let's stop the colourful language and insults. We have our own opinions. A bit of respect for each other please. This applies both ways. I see plenty of comments calling some of the naysayers stupid, so of course they will respond in kind.

Come on guys... Let's enjoy the ride.

For what it's worth... My opinion is that now is a good time to buy. We seem to be on an upward trend... A bit more accelerated than I would have thought. Livecoin has plenty of sell orders poised to spring the market back in to action. Looks like there will be a few big corrections soon rasing the price by another dollar or two. Also there was the hinting at a rate change (finally! Its overdue I think. Rates need to reduced by a third I think) which will give us a more predictable long term outlook for the project. I'll. Be watching the price carefully and if we get to 0.00075 btc in a short time, then I'll buy as we will definitely be in an upward trend for the next few months.

This was mentioned on Sep 10th and now it's the 20th.  Any idea of when we can expect the next update?

Indeed. The wild unrealistic expectations are part of the reason why so many people are upset and complaining so much.

why?

it's a perfectly legitimate and reasonable thing to do.

moreover, it was pre-announced.

Where do you see volume increasing? I'm looking at the exchanges right now and don't see volume increasing at all. Open orders does not equal volume.

I see some open orders with a huge spread. Those are never going to execute any time soon.

I have no idea how you reached your conclusion.

I still support this project, still investing, still have faith the team will deliver... But facts are facts and just can't understand why some people continue to post random (and very unfeasible) guesses at sky rocketing prices in coming months. You're not doing yourself any favours by raising your hopes on guesses.

Rate changes have been hinted at sometime in October. This is a good move. The previous rate change caused a big dumping of holdings which triggered more holders to dump and it snowballed. See my long post a few pages back. I've explained what happened. Changing the rates again now won't have the same effect... As its taking place before the value has risen back to where its profitable to do so.

Changing the rates now will slow the rate of accumulation which, after a couple of quarterly cycles, will slow the down trend. Then, and only then, will regular market activity start an up trend.

The price will start recovery summer 2019. Maybe by end of year 2019 3x to 4x its current price. But not a sky rocket.

2020, a few more deliveries of new products and systems, we're back to the good times. Maybe 10 USD to 15 USD. That would be a great target to aim for.

It most absolutely is true.

This assumes that the 'half' of registered, but unpaid, persons have zero holdings in MNX

As this is still very much an unpublished and niche product, it will only have had registrations by persons familiar with/already holding MNX.

There's already over 4,000,000 mnx in circulation. 10,000 is pocket change. 100,000 even. Most of those people waiting to pull the trigger on the cards will already have the mnx required.

Even if they don't, 100,000 is a single day's volume on Livecoin. You can verify this easily.

You need far more than double a daily volume to significantly move a market.

I'm not replying to belittle you, just pointing out the flaw in your argument with some supporting facts.

No, no it won't.

Value will be seen when there is more buy demand than sell demand.

Successful visa cards will not produce the massive volume of buy demand required to reverse the market at the same rate as its fallen. People need to start accepting this now and stop thinking it will.

It will help in a big way to decelerate the downward trend. Perhaps enough for a gradual rise... But it would have to be triple the current demand to equal the sell demand.

Thinking anything else, or throwing around any other unsubstantiated guesses is just plucking numbers out of the air. Ridiculous.


I still have faith in the long term prospects of this project. And also no reason so far to conclude the team will not deliver.

Does not mean the price is going back up though. Accept that.

There's going to be a lot of disappointment around the end of October.

I have faith the cards will be delivered. So far, the team can still meet their target of shipping cards before the end of September. Still we have around 3 weeks so let's wait at least that long before complaining about it.

But... We know that the cards will not be active on Day 1... It's already been mentioned after shipping there will be a couple of weeks of activation time.

That's fine. Nothing to worry about so far.

But when the first people start trying the visa cards, and they are proven to work... There is absolutely no reason why the value of MNX should suddenly climb to 10 to 20 USD as people are (wildly) predicting.

Why would it? It would only do so if there was a sudden huge demand and the few exchanges trading mnx were swamped with buy orders. There's no simply no reason to think that would happen.

The market price situation concerning so many will improve with a successful delivery of working visa cards... But it's not going to be the overnight correction people are (without any justification or supporting reasons) predicting.

Further successful product delivery will help raise market value.

I'm fine with a slow, steady uptrend in market value. That's what I predict will happen and its what I've based my strategy on.

For two months we were seeing weekly blog updates, which was great. But we haven't had a blog update for two weeks now.

Just wondering when we can expect the next update?

Thanks.

I agree. While I'm new to the forum I'm not new to patterns of market movement... Although I've not experienced such rapid shifts in sentiment for some time!

I've shared my analysis a few pages back and tried to explain it in English rather than quote two or three lines if unfamiliar finance jargon... People can accept it or reject it, it doesn't change my conclusion. I'll be happy to share more analysis if anyone finds it useful.

Its so very easily explained why we are seeing such an artificially low price. There will be a correction. Will a successful release of Visa Cards be the trigger? Unfortunately not. I see it being quoted as such and there may be more disappointment ahead for the quick-buck crowd!

What we will get soon is some stability when the current round of dumping peters out and enthusiasm for minexpay cards spreads. Not a surge in price, but stability.

The sensible thing would be to lower parking rates soon after and take the bad sentiment hit while there is not much more to lose.