It claims to want to alleviate global Poverty etc but how it works - or at least how it does now - seems anathema to that Idea.
When it was launched you could by a TBC for 0.001 Euro. Brilliant, except it might be if anyone who wanted to actually knew about it's existence. Then it began its meteoric Rise in Value. At time of writing it is valued at 251153 Euros. So anyone wanting to buy a TBC now has to pay the equivalent of the Price of an average Flat in Britain to do so. How many People knew about Bitcoin when it was launched, and now have to find $4000 to buy one?
No Problem People might think and start looking for anyone who might sell TBC cheap. After all, isn't it the same with anything - that you will do this to try and secure a Bargain that could prove a useful Investment?
This is what those running TBC call "Discounting" - which they say is against the Rules of the TBC Agreement. So you have to find over a quarter of a Million Euros to do so. How many People trapped in Poverty have that sort of Money - or access to it? Surely, isn't it the Prerogative of any TBC Owner to sell them at whatever Price they wish? If they withdrew $1000,000 from a Bank and sold it to a homeless Fella for $10 that's completely up to them. If a TBC Owner wants to sell TBC for that - and some do - that's completely up to them, and aren't they doing their bit to help People who have very little Money? They're like the Philanthropist who gives their Money to the Needy. Some of these People have so many of them - which they probably bought when it was launched - that to them a few Coins aren't going to be missed.
To force People to pay more than 250,000 Euro's saying that they will be able to sell them in some Future for a Billion is almost as much of a Myth as a Property Market that sells you a House for 250,000 Euros - saying it will be worth more in the Future, but then so will every other Property - particularly if you want to upgrade. So whatever you make in Profit - you might not have enough to buy a bigger House should you want to.
TBC Wallet Owners now have to pay $10 to have the "Send" Button reactivated so they can send and receive Coin. They say this is because they have some sort of Backlog of Transactions which are slowing the Process down. Some TBC Users have said their Transactions have gone through recently, the same day and within the 1-8 Hours the Blockchain takes to process them. So what "Backlog" are they on about? There are currently 1,285,775 TBC Wallets in existence so they stand to make 10 times that in USD when People pay their $10. They then ask People to get 100 Referrals (that dreaded Word in Internet Marketing) - so the Equation reads 1,285,775 X 10 X 100USD. Phew, that's a lot of Money!!!!
This is supposed to make you a "Trusted Seller" - but how does it make you a trusted anything? Peoples trust comes cheap these days it seems. They also say that People should hold on to their TBC because it will be worth considerably more in the Future. It's difficult enough now to find anyone with 251153 Euros to spare - so how difficult will it be 1000,000 - and certainly 1Billion? If People trapped in Poverty now - a very immediate Problem for many - why shouldn't they sell their Coin on an Exchange and use that Money to improve Lives now?
So, instead of alleviating Poverty TBC isn't just becoming another Cryptocurrency that is increasingly only available to those who can afford the now expensive Value of it - it also makes vast amounts of Money for those who run it.
Even those who have paid huge amounts for TBC now have that Money effectively held Hostage by that Admin - who say that paying your $10 doesn't instantly reactivate your Wallet - but merely puts you in a Queue to have it done in the Future. The thing here is we might pay our Tenner to become a "Trusted Seller" - but can they be trusted as a Coin Admin with that Money? For a Currency that claims to be sooo not like Fiat Currencies it is acting like Greek ATMs recently that told People they couldn't withdraw any Money.
PS; It must also be very illegal. Until your Purchase for Coins goes through that Money is yours. When it is turned into TBC it suddenly becomes theirs. Even a Bank has to ensure you can access Funds - even if it might be a few Days before a Check clears or a Payment is processed, but at least you know how long each of these takes and can schedule accordingly.
ReplyDeleteI pity anyone who has put their Life Savings into it - only to have it effectively made off limits by a Group of very anonymous People who might, or might not, respond to Email Inquires about any of it.
If 1,285,775 Wallet Owners pay their 10USD Activation Fee that's 12,857,750USD. Plus if they also get the 100 Referrals asked for (and we're not told if this is obligatory or voluntary) that's 100 X 1,285,775 -= 128,577,500 new Wallet Owners - who then pay their Activation Fees - that's 10 X 128,577,500 = 1,285,775,000USD plus the 12,857,750USD they previously made = 1,298,632,750USD.
ReplyDeleteWow I'm happy to see that someone else thinks this is a bogus currency out to make money from the poor who are desperately trying to change their future. Sad really! Thing is these people whom we don't have a clue as to their identity are making money as they are "trusted" but forcing everyone else not to have access. I completely agree with what you say. If you want to gift something to someone in need, who are they to deny you that pleasure. Just another controlling illuminati group.
ReplyDeleteIt's all very weird and self-contradictory. Because they don't allow Discounting the only People who can buy into TBC have to be Millionaires to start with. The Money they will make from People buying Coin and those trying to reactivate their Wallets (the $10) is huge. Closing their in-house Exchange means People stand a greater Risk of being scammed (which is what they claim they want to stop), while others now have 100's of 1000's - Millions even, Life Savings - held hostage by the Whimsiness of whoever Kris Kringle might be. If they hadn't done any of this TBC wouldn't be anything like as controversial.
ReplyDeleteAlso, if TBC is as valuable as they claim why are they charging People $10 at all? Why not sell some TBC on an Exchange (even their own) to fund any Admin Costs? If it ain't broke don't fix it - and while none of the Activity of People selling Coin at a discount harmed the apparent rise of TBC why have they done any of this?
ReplyDeleteHere is a quote from their Website .....
ReplyDelete"At this time, there are less than 2,000 Members qualified to have their Send Buttons turned back on once the backlog has been cleared out. These are the “Trusted Sellers” and they have done a great job of following directions from Admin. They are all well aware of the penalty for discounting TBC coins, that access to their wallets would be suspended permanently, without any kind of refund for the TBC coins they purchased in those wallets*. So, we will now have far fewer transactions to watch** once we turn the Send Buttons back on for these “Trusted Sellers.” I’m sure none of them will dare to do any kind of discounting. Discounters work in the opposite direction of the core concept of an “Abundance-Based” currency. Discounters have almost destroyed TBC on more than one occasion. I don’t think they were trying to destroy TBC on purpose, I believe out of sheer ignorance they felt that they had something to gain, so instead of honoring the “Membership Agreement,” they chose to keep the mindset of scarcity and competed against all the other members of TBC on the basis of price. TBC is a “Private Group” of people and we have our own agreements and rules within our group, and the right to enforce them. The benefit of belonging to our “Private Group” is that owning any amount of TBC/Kringle coins creates automatic wealth! We are in the wealth creation phase of rolling out our global currency."
* = Isn't this a crafty way of appropriating Peoples Money for merely doing what any free-market does? "Sorry Mate, but because we don't like your Transaction we're keeping your Money"
** = Complete nonsense. How many People work at TBC? Far fewer than any Fiat Currency Organisation. Imagine if they (Fiat Currency) monitored every Transaction - the entire System would grind to a halt. That they have these ridiculous Rules to enforce makes it unwieldy - not People trying to send TBC to each other. Also, if they wanted to set up a Currency with a Billion Members they ought to have developed the Infrastructure to cope with that before it was launched.
Then there's .....
"“Have you all considered what you are throwing away by selling TBC coins right now during the final part of our wealth creation phase? TBC creates wealth automatically because it has been scheduled to double 40 times in value during the wealth creation phase of our currency roll out globally. We have used up 27 of those doubles already and that only leaves 13 doubles left. If you do a $10 transaction now, look at what you are throwing away:"
They obviously never have been involved in the Day to Day of being skint. That available Funds today could pay the Rent, buy Food, pay Utilities, Debt - raise Families etc. That to have to wait for these "Doubles" could mean Homelessness and worse! Heck, £1000 now will pay some of that now - not some speculative tomorrow!
If TBC was run like Bitcoin there would be no Problem. It isn't, and while Satoshi Nakamoto doesn't issue Diktats from a Bitcoin Website like TBC does the only People who ran their 'Societies' like this were Hitler and Stalin. Chairman Mao with his disastrous "Great Leap Forward" where People spent a year smelting poor quality Steel rather than grow Food.
ReplyDeleteThey have their Father Christmas Webpage - and what better Present to give someone than a Coin currently worth £1,040,660? Except you can't because your 'Send' Button is deactivated, and even if it wasn't the Recipient couldn't sell any of it on the Exchange. Subsequently, you can't pay your Creditors, Landlord, buy Food, raise Families etc.
If someone wanted to sell me Bitcoin at a Discount (which would be very useful right now) they can and no-one tells them they can't or suspends their Wallets indefinitely. Bitcoin has been given away, sold cheap - even scammed mercilessly (read other Posts here about some of that) but it has endured and is now worth nearly $10,000. TBC seem to be looking for any Excuse to either control Peoples Money far worse than any Bank might, or appropriate it completely!
If I was a Prime Minister or President wanting to solve Poverty without resorting to Communism or Fascism I would work with TBC - but not until they remove this ridiculous Regime of self-contradictory Control Freakery!
It's starting to look like Xapo (a Bitcoin Wallet Company) have done something slightly similar to TBC.
ReplyDeleteWhen I tried logging on to my Account the Verification wasn't working. This is where they sent you a 6 digit Code via Text which you then enter into the Log-in Page. Tried it several times before contacting Support. They tell me they've stopped using that System and now you have to log-in using Android IOS. This means you have to have a Smartphone or Ipad to do it.
If your Bank started using a different System to the Debit/Cash Card you've previously used they would send you whatever was needed to do it - free! They don't suddenly - and without notice - disable your existing Card - then tell you you have to buy the new System before you can access your Money.
What Xapo have done means you can't access your Account unless you buy a Smartphone/Contract or an Ipad. You can't do it using your PC or Laptop anymore. I'm not sure this is completely legal - while if they expect you to use Android IOS maybe they should do what the Banks do and send their Customers the Facilities to continue using them - or withdraw their Money - free!