What a wonderful accessory, a must have in this brave new world. This is what I first thought when I seen Monaco Visa card. I was thrilled. Presentation and design (which I love the most of all) were simply stunning. Promising was solid, coin value was trusted and viral, everything seemed perfect but then... where is the white paper?
Can't find it anywhere on mona.co site.
Now it wasn't so shiny and bright anymore.
At one point Monaco token raised 695% in value since May 2017. Enough to make you believe in this project, right?
Monaco said in May it had introduced a Visa-branded card, BUT Visa says company’s proposed product is still being reviewed! Notice that! Sure they are not the only one in this race for linking with wide spread Visa.
Monaco do not have real agreement with Visa, even though they market such product.
As I dug deeper I finally found across wide web a link on their previous white paper, supposing while the second one is being rewritten. When preordering platinum cards, you have to have some investment in their token from 50 to 50,000 MCO to be precise. The more you have the better terms you have. But notice your funds are locked for a quite period of time in their wallet. Imagine how much value you could of gain on market during that per say 3 month period.
Another thing is Monaco name. IT was already a brand for itself before they borrowed it. Would one day someone mind and sue as will it affect it's value? That is the question.
Another thing I'm not thrilled about is there wasn't info about the company on their official site. This is very important detail. And then again I found this attention worthy info how CEO Marszalek’s first year in his previous company Ensogo ended in debt with 60 M $, then another year with 80M. Bee Crazy was shut down in a blink of an eye and after it's closure the Consumer Council received 117 complaints and 328 inquiries about Bee Crazy over the course of eight days in June 2016, according to the statement. It left consumers and local merchants who bought and sold coupons on the website with no way of contacting the company. Marszalek, meanwhile, resigned from Ensogo.
Within weeks, Monaco was born.
Marszalek said he and his team are focused on securing a deal with Visa. The company has received 13,000 reservations for Monaco cards. Despite of their indeed charming focus and product, can we really trust them? Where is the guarantee?
I talked to a reliable advisor in crypto world, days after I wrote this, and he said that Visa invested in Monaco.
It is not uncommon that, not only monetary system, but informations are decentralising, too.
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