Dear Obidiot,
thank you very much for your comment.
Please do not hesitate to contact us directly via email or Telegram if you wish to discuss the project and the ICO.
We are encouraging you also to read our white paper (link), the one pager (link) and also our recent news about successfully tested prototype (Yahoo Finance).
Please consider to check the official LinkedIn profiles to have a better view for the professional background of the whole team.
Thank you again and have a great day.
Your tiqpit Team I did read your white paper, that's why I believe you are completely incompetent or are a scam.
Either nobody ever traded physical commodities in your team or you lie only to make your project look nice!
I ll simply analyze your "one pager" which is a 5 page long document starting by:
Page 1: An unexplained (even within your whitepaper) 30% cost reduction on an undisclosed guessed cost, followed by a super-broad an clearly unrealistic scope.
Page 2: A paid press released on Yahoo. (Only coverage you show is paid coverage, that s bad..).
Page 3: That's the great start:
- All your "present" part is set as a massively manipulative chunk of "fake news".
From the the fact that information is available everywhere for coffee growers as well as for roasters, mostly for free (else super professional services such as
http://www.agrochart.com/en/ or
https://www.agflow.com/) it exists for all globally exchanged commodities (chick peas and avocado oil included, or petrochemicals).
Also you forget to say that a company which buys a Panamax-sized ship of Corn and makes it travel accross the ocean to China will probably have profits close to 1usd per Ton as an average... which makes your price-curve not only wrong but also giving false impressions.
MIFIDII does not involve trading companies only companies who deal directly with finance on someone's else account or risk. Trading companies trade with their equity at risl.
Last but not least the barrier to trade is extremely low since there is virtually no need to have cash to trade.
Other things are also false, but not worth to argument again your "feeling" on what is wrong.
your "future":
The link between using blockchain and "automatically executed" trading is never explained, anywhere (which makes sense since it hardly makes sense).
"No single point of failure"? What? I mean, it is a funny joke to believe that but why do you even try to say such a thing? You will eliminate the counterparty risks, legal risks, financial risks, executions risks of trading by implementing a blockchain? I am not sure you understand that a blockchain is not a magic wand...
"Connects all market participants", That's interesting because all major companies agreed on one thing for now: "We will not accept and proprietary solution..." such as tiqpit!
your "benefits":
Flattened price curve: please prove the point, the pricing being rational on the commodities, a useless intermediary would already disappear on its own. While I agree there is some domains to be streamlined, i don't see in your presentation or your whitepaper how or which issue you would actually optimize.
Instant real-time settlements: In derivatives? It already exists. In physical trades? where the documents are checked (which you will have to do no matter how) it already exists (LC discounting at negotiating bank). Instant Checking oracle for documents? Not feasable at the moment and there is about 30 other projects on that, some with the ICC backing. So, what are you bringing here?
30% or less administration costs per contract? Perfect not explained, anywhere.
Easy on-boarding? Already exists for derivatives, external and competent services exist for physical trading companies.
Lower entry-barrier? It costs 0 to open an account to trade derivatives... and 0 to sign a contract in physical trading.
Niche products? ah... how will you make a difference again?
Utmost Privacy and security? Please try to quantify the actual risk you would cut, then the one you would add... then please show it to make people laugh.
tiqpit expects to grab 5 to 10% of the forecasted amount of business generated over blockchain by 2022.. no comments.
Total revenue in 2022: 4.5Million Eur...
So you plan to change the commodities world (good luck) and then take 10% of the blockchain market (good luck) and then make 4,5Meur revenue...
Your financials make no sense for anything with a brain, not any line:
line1 "unexplained revenue diminution 2020"
line2 "Cost of goods sold" I though you were providing service not selling goods... bu who knows anymore?
line3 Gross margin of 3,830eur?
line4 That's when I thought you may actually have been calculating on in Millions of euros but then... operating expenses of 3Billion Eur would be too funny to read.
line5 A randomly generated number
This WP and presentations are jokes... And I do not see why would somebody wanna do such an ICO with no substance other than by naivety or worse...
