The Monaco slack op just told me, literally, 'buy 10000 MCO and you'll never have to work again'.
'$90,000 a year forever'.
Let's do the math on that. For one, currently 10000 MCO = $200,000. That's a lot of money to wager on speculation that MCO card volume will ever reach the levels necessary for 1 MCO to return $9 USD per year.
What would it take to achieve that in terms of CC volume?
1 token of 30 million, so 1/30 millionth of 1% of the card fees.
9$ * 30 million * 100 = 270 billion in fees, per year, to make that happen.
typical CC fees = 1.9 - 2.0% of each dollar spent via CC's
270 billion times (100 / 1.9 = 52.6) = 14.2 TRILLION per year in CC transactions handled by Monaco cards to make the '1 MCO = $9 a year' statement true.
To clarify, last year the entire United States spent, on all credit cards, all transactions, roughly 3.2 Trillion.
MCO is at this point not approved for use in the US, or India. So Europe is basically their market.
MCO would have to be the only card used by anyone in Europe, and they would have to spend collectively 450% more than America does for MCO's estimates to be true.
But they're still pushing this concept that buying 10000 MCO means you won't need a job anymore. More realistically, 1 MCO might get you $0.09 cents per year, so 10000 of them would get you $900 yearly from an initial investment of $200,000.
Sounds like a ponzi scheme to me. MCO is one 'referral system' away from being the Cutco of credit cards.
Its not suprising to see a TenX supporter with incorrect calculations. I know your a TenX supporter as i see you in TenX slack often trashing MCO. Lets do some correct calculations. Currently there is 10 million MCO in circulation not 30 Million, and 30 million wont be for a long time, and you know this because when you are doing TenX calculations you always state 100 million.
For $9 per token to be possible which really is,
$9 * 10 million = $90 million yearly in rewards.
$90 million * 100 = $9 Billion a year spent to achieve $90 million at 1% rewards.
The end, $9 billion spent yearly to achieve $9 per coin at 1% rewards.
Your calculations look like someone with no common mathmatic knowledge calculated them. You multiplied by the 100, then again by 50 for no reason. Its not 1% of their 1-1.5% interchange fee, its 1% of the total transaction just like TenX .6% of the transaction. In the TenX chat you guys believe you will get $50k+ a year with 100 million coins and calculate numbers of near 1 trillion yearly spending, but cant calculate 10 million tokens at a higher percentage.
Also congratulations on stating TenX and Wavecrest information. MCO is not using Wavecrest they are using Wirecard which is a large operator in the United States. This allows them to operate in the United States without issue, unlike TenX which needs to find a new 3rd party (probably choose wirecard too) so they can continue operation after October 15.
Its funny watching you guys in TenX slack thinking you will achieve this, but then you try and spread false information because another company is offering a faster release (if they release) than TenX which you like to ride.