3 ms·

Transmission: Send and Convert Currencies Directly Free of Charge

9 points by indescions_2017 9y ago

RandomInteger4 9y ago
Without looking into it further, it smells like a scam ...
Rjevski 9y ago
Another ICO scam ? (though the "scam" bit is redundant)
mikkom 9y ago
> Free of charge .. > Low-cost transactions. Which is it?
nicpottier 9y ago
Why would you use this over BTC or ETH? This will run into all the same KYC laws as those just that you are locked into a single provider instead of having a marketplace of exchanges to go from fiat to a crypto. Sure smells like an ICO scam.
gnode 9y ago
My understanding is that their TMN token is an intermediate currency for exchanging fiat currencies. And their business model is to sell this, and thus charge the users by inflation. Is that correct?
anilshanbhag 9y ago
While the idea looks great on paper, they have nothing now. I am not kidding, just a whitepaper - no prototype, no clear model on how to meet regulations, nothing proprietary and they want to raise 43 million dollars worth of ethereum. They are offering 50% commission in the future, so they company value the money post discount is $86 million. Wow !
meltbanana 9y ago
>PhD in Artificial Inteligence >Inteligence ( ͡° ͜ʖ ͡°)
- deleted 9y ago
  [deleted]
mnx 9y ago
Is there an ICO generator yet? I remember there was one for altcoins a while back.
yladiz 9y ago
I have a little apprehension about the fact the information about these people is a little nebulous (the white paper actually has a little more info than their website but the seemingly most qualified person is the CTO, because the CEO has little experience and the CFO doesn't give much information about his past beyond tiny details), and the fact the white paper, in English, isn't written very well and has a lot of grammar mistakes. Beyond this my big question is, will this work well compared to a service like TransferWise and how will this service insulate itself from major crashes or appreciations in Bitcoin, should they happen? If Bitcoin or Etherium lost 10-20% of its value for some reason overnight, how would this service deal with that? I do apparently have to purchase in ETH for the presale but I'm sure that they would allow you to purchase in USD, etc., when the full product is available, right? Using that assumption, if I have 1000 TMN tokens, and I purchase them at the value of 100 USD, then it seems they are worth 100 USD? Or are they really worth X BTC or ETH? In other words, who is the person that deals with ramifications of value fluctuations within this crazy world of crypto currency, Transmission or the customer? This isn't addressed in the white paper from what I could tell, and also isn't addressed on the website, but this is an important factor in deciding to use this service, although I guess I could reasonably assume that it the company would be the insulating party. Also, I really have a hard time trusting my money with a service that states that "this is not a bank and does not provide banking services" because I appreciate that, for all the issues that currently exist with them, banks are insured by something like FDIC (in the US, I'm sure they have government insurances in other countries as well). What's to prevent me from losing my money in the case of bankruptcy or if someone decides to just steal away into the night?

RandomInteger4 9y ago

Without looking into it further, it smells like a scam ...

Rjevski 9y ago

Another ICO scam ? (though the "scam" bit is redundant)

mikkom 9y ago

> Free of charge .. > Low-cost transactions. Which is it?

nicpottier 9y ago

Why would you use this over BTC or ETH? This will run into all the same KYC laws as those just that you are locked into a single provider instead of having a marketplace of exchanges to go from fiat to a crypto. Sure smells like an ICO scam.

gnode 9y ago

My understanding is that their TMN token is an intermediate currency for exchanging fiat currencies. And their business model is to sell this, and thus charge the users by inflation. Is that correct?

anilshanbhag 9y ago

While the idea looks great on paper, they have nothing now. I am not kidding, just a whitepaper - no prototype, no clear model on how to meet regulations, nothing proprietary and they want to raise 43 million dollars worth of ethereum. They are offering 50% commission in the future, so they company value the money post discount is $86 million. Wow !

meltbanana 9y ago

>PhD in Artificial Inteligence >Inteligence ( ͡° ͜ʖ ͡°)

deleted 9y ago
[deleted]

mnx 9y ago

Is there an ICO generator yet? I remember there was one for altcoins a while back.

yladiz 9y ago

I have a little apprehension about the fact the information about these people is a little nebulous (the white paper actually has a little more info than their website but the seemingly most qualified person is the CTO, because the CEO has little experience and the CFO doesn't give much information about his past beyond tiny details), and the fact the white paper, in English, isn't written very well and has a lot of grammar mistakes. Beyond this my big question is, will this work well compared to a service like TransferWise and how will this service insulate itself from major crashes or appreciations in Bitcoin, should they happen? If Bitcoin or Etherium lost 10-20% of its value for some reason overnight, how would this service deal with that? I do apparently have to purchase in ETH for the presale but I'm sure that they would allow you to purchase in USD, etc., when the full product is available, right? Using that assumption, if I have 1000 TMN tokens, and I purchase them at the value of 100 USD, then it seems they are worth 100 USD? Or are they really worth X BTC or ETH? In other words, who is the person that deals with ramifications of value fluctuations within this crazy world of crypto currency, Transmission or the customer? This isn't addressed in the white paper from what I could tell, and also isn't addressed on the website, but this is an important factor in deciding to use this service, although I guess I could reasonably assume that it the company would be the insulating party. Also, I really have a hard time trusting my money with a service that states that "this is not a bank and does not provide banking services" because I appreciate that, for all the issues that currently exist with them, banks are insured by something like FDIC (in the US, I'm sure they have government insurances in other countries as well). What's to prevent me from losing my money in the case of bankruptcy or if someone decides to just steal away into the night?