Quote from: greyworld on August 30, 2017, 10:08:26 AM

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.

The visa deal turned out to be a joke too, price is tanking

r0bb0

Posts

Merits