MonaCo's latest announcement - Visa confirmed, Asset Contract REMOVED

[BTCMILLIONAIRE]

Already posted this in their ANN, but it'll just get drowned out by the spamming shills over there, so I'm posting this in a separate thread for discussion on here.

What was promised during the ICO:

MCO - a token that will be used to reserve platinum tiered debit cards and that will be redeemable for a proportion of the fees earned by the MCO platform. Thus a highly valuable token redeeming it would've granted a portion of the earnings while reducing the existing supply, which would thus further drive up the price. In this situation there were a total of three factors that would've driven the price up individually in the long run.

What we get now:
MCO - a token that will be used to reserve platinum tiered debit cards, period. Nothing else. And I've already outlined above why this won't be a very lucrative price driver with fixed numbers. With a dynamic amount of tokens required to reserve the card (e.g. token price up, required amount down) this could be somewhat countered, but it still won't get anywhere close to what was promised during the ICO.


Thus, with the asset contract removed and no alternative proposed that complies with laws and circumvents delisting from Bittrex, the MonaCo Token has just lost the most important driving force behind its future price.

Clueless shills try to convince people that having to lock up MCO to obtain a platinum card will have a significant impact on the price. But that's just a shortterm speculative argument which is completely irrelevant for any serious investor and does not come anywhere close to what was promised during the ICO.
If the token price goes back up to $20, even the lowest platinum tiered card would lock up $1000 for 6 months. And if any significant amount of people is to use MCO platinum cards, this number multiplies many times over. In reality however, there aren't going to be a lot of people who will want to put down thousands of dollars on lock just to get a debit (not even credit) card.


Shills: But this is better than not getting listed on Bittrex!

Nonsense. There are other exchanges which are just fine. The only sound argument for this move is not being able to get a Visa deal without complying with some countries' laws. However, as we can see with SONM there are ways to work around buy-and-burn and dividends models. So just dropping the earnings section entirely is neither required nor is it fair, as ICO investors and token holders were promised to be able to participate in the fees incurred through the use of the MonaCo platform.



In the short term the Visa news is going to excite some people and lock up a bunch of MCO, thus driving up the price. But in the long term this isn't even a drop in the ocean that was promised during the ICO.

How do people feel about this? (And please avoid posting pointless one-liner memes.)

[Monetizer]

Well, to me personally it Monaco has been one of those projects where there were big promises but they were a bit too big for me to really hope for them. As I see it now, the price is not going up despite the Visa news and people are being cautious or cutting losses.

However, one of the things that got my attention wasn't the proportion of the fees that will return to token holders but the ability to use the card, anywhere abroad, without paying the high fees (or bad exchange rates we are so used to.

It's unclear to me if that's still on the table as I haven't really watched them lately but that could be one of the things they bring forward to regain some traction.

[BTCMILLIONAIRE]

Well, to me personally it Monaco has been one of those projects where there were big promises but they were a bit too big for me to really hope for them. As I see it now, the price is not going up despite the Visa news and people are being cautious or cutting losses.

However, one of the things that got my attention wasn't the proportion of the fees that will return to token holders but the ability to use the card, anywhere abroad, without paying the high fees (or bad exchange rates we are so used to.

It's unclear to me if that's still on the table as I haven't really watched them lately but that could be one of the things they bring forward to regain some traction.

The card itself is still on the table. And it's a decent card to have for sure. But that's the perks that any and every consumer/user of the card will have.

People don't invest to get the same perks as a user. People invest to participate in the generated profits, directly. And now with the latest news this will no longer happen. So investors basically got screwed out of one of the two reasons to even buy MCO tokens in the first place.

This approach with the fact that Kris stated that sharing revenue is "absolutely pointless" is reason enough for me to get out if he doesn't retract his statement. Even if the card is good. A lack of honesty like this shouldn't be supported, even if it means having to find another opportunity to turn a profit (of which there are plenty).

There is no good reason to support shady statements like those in the latest video.

[EthereumAdvocate]

Great Times ahead for MONACO (MONACO CARD) TOKEN - MCO

The Monaco Slack channel is one of the best sources of the latest information and there is a regular Question and Answer on it where the CEO participates, generally weekly.  There are now also full time MCO staff employed to manage their public channels to assist and answer questions.

You need to go to the main https://mona.co webpage to check out the basic MONACO CARD product and what it offers (Even at face value the interbank exchange rates blows away the competition, this is a US $500 Billion market). 

You can see "VISA" on the cards and even more than that they are a "VISA PROGAM MANAGER", this gives them more ability to work productively with their customers, manage their product with benefits.  Due to this there is a big difference with other crypto cards that state that they too have Visa but are not project managers and as such do not have the same ability as Monaco to be responsive to their clients.

Currently they have their debit cards approved but next year they have stated they will be moving onto credit cards as well.

To join Slack you go to the contact section at the bottom and email contact@mona.co if you want to join.

For other updates, aside from Telegram, Reddit you can also subscribe to Monaco Twitter or the twitter accounts of either Kris Marszalek or Bobby Bao.

There are some recent updates to video's on the Monaco card youtube channel - https://www.youtube.com/channel/UCOMprzxakZOqmY23LYIawmg where you can see recent video's to the new card packaging that will be sent out with the cards. 

Also there are historical video's that address a lot of the FUD and incorrect rumours that were being pushed out at ICO time and earlier on in the year.

Currently MONACO have BTC, ETH and MCO as supported coins but this will grow, they also have 7 fiat currencies for perfect interbank exchange rates but this should grow to about 23 and possibly more into the future. 

There is no fee to get a basic blue card (FREE).  If you want the greater benefits the platinum cards bring then you need to buy the required MCO tokens, allow them to be held for 6 months (sort of escrow) and then you own the card outright.  At the end of the 6 month period you get your MCO back.  You can sell the MCO after than for BTC or fiat if you want, no ongoing yearly fee's, no other commitments or costs for having the card !

At present they are in a very good place and still moving forward.  First cards etc going out soon to Singapore, then Australia, other parts of Asia, then Europe, then USA next year. 

A new video on the marking of the Monaco App will be coming out early December, more than 3 new exchanges listing Monaco in December, new product features, reviewed new iteration of the asset contract and lots more.

Unlike many competitors MONACO have taken their time to set in place the best foundations for success over the past year or so.

Aside from the Team having been business professionals prior as well as having ex Visa and ex MasterCard executives employed they have liaised with the top contenders in their respective fields to assist in preparing the groundwork for their exceptional product.

Some of their partners include;

GEMALTO - Great cards (Premium metallic design) - https://www.gemalto.com

WIRECARD - Payments processing - https://www.wirecard.com

METALABS - App development - http://metalab.co

HOFFMAN AGENCY - Marketing (Proper) which will occur soon with a dedicated MCO team ready - https://www.hoffman.com

Like a coiled spring MONACO currently has 27,543 persons registered on their "onboarding app" from basically word of mouth alone, without real marketing having been commenced yet.

Monaco management have stated that they are not interested in short term token prices and are intent on building a long term sustainable business with massive growth potential.  They have publicly stated that they view their competition as being banks like HSBC, JP Morgan, not crypto cards like TenX, Tokencard etc.

Why have they been able to place themselves in this position to succeed?  A lot has to do with a very different approach they have token from the outset which was not to rush to market with products but to take their time with due consideration given to the current international responses we are seeing with ICO's, regulation and classing of various tokens as securities.  From their mantra of "Compliance, Compliance, Compliance" MONACO'S prudent approach is set to pay dividends with no impediments in any of the impending regions they intend to market to.

Stay tuned.

[oktoshiimin]

is centra card not affected by the Wavecrest?

[cryptotitan]

This is very good news to the holders,visa is a big thing that can trigger more investors to come.

[BTCMILLIONAIRE]

Centra was unaffected as far as I'm aware. For reference (since this thread is quite old now), it was mentioned that the replacement for the AC was already pretty much completed behind the scenes by Kris. Time will tell how much there is to that though.