MinexPay, another ambitious contender for a working crypto debit card that’s available worldwide, has just shifted the card shipment deadline even further. Minex CEO Boris Shulyaev stated on Sepetember 11th, “We are 98% sure that cards will be sent out this month”: MinexPay have bragged about over 20K people completing their KYC and AML procedures and actually pre-ordering cards. However, 16 days later, on September 27th this announcement appeared in the MNX announcements Telegram channel:
We want to inform you that there’s a slight delay in the MinexPay card shipping. It is a forced measure, and we are doing everything possible to solve this issues. Sadly, this depends not only on us but also on our partners.
Early next week, we will provide you with a detailed timeframe for the card shipping and an overall launch process with milestones, so that you are informed more precisely on the things happening.
Unfortunately, Minex cards won’t be shipped in September and October 1st is just the date when the new “milestones” will be presented. Considering the challenges MinexPay are facing, more delays are very likely. Working with banks, card issuers and regulators is never easy or predictable.
MNX coin investors’ reaction
Minex ran an ICO and issued a coin, MNX. The coin is central to their ecosystem – you need to buy the coins to pre-order their debit cards. >> Click here if you wish to buy MNX and pre-order worldwide MinexPay cards /at your own risk/ << Naturally, Minex investors have been starving for good news for months. The official Minexcoin | MinexPay group exploded with criticism and demanded more transparency:
Some users just expressed disappointment in the whole MNX project: One of the long-time Minex supporters responded to one of the complaints with a sarcastic mention of Monaco. Monaco (aka Crypto MCO) is another debit card project that has been delaying forever, even taking time to rebrand to Crypto dot com as well as release videos of working cards that someone supposedly has somewhere, but that are never shipped to the public: Some group users were outraged by the unfortunate comparison:
Is MNX getting dumped? Should you sell? Is MinexPay a scam?
Many users started threatening to sell their coins, implying that the project is worthless or dangerous to stay involved in: Ironically, Minex incentivize people not to sell their coins by offering the “coin parking” reward system. If you “park” your MNX coin, that is, commit to not sending it away from your wallet, you will be receiving payouts. Here’s a Minex knowledgebase article explaining how coin parking works. Basically Minex have attempted to create a mechanism to prevent extreme dumps of their coin. The same mechanism would also be very convenient should someone from the founders decide to dump their share. With the parking rewards in place the retail MNX investors would be holding their MNX being dumped on for a relatively long time. The whole coin parking mechanism is resembling a Ponzi or a milti-level investment scheme in a way – i.e. if you buy and hold, you will be rewarded, do not withdraw investment not to lose your reward. The holders hold and get their rewards until the largest holders actually sell – which is when it all crumbles down. We’re not saying this is is 100(
or 98)% true, just a possible scenario. Hopefully MinexPay will overcome the issues and release working debit cards. We’ve been seeing user comments complaining about MinexPay being a scam, including on our blog, but so far there have been no other confirmations. The returns with Minex are lower than those in a typical Ponzi, so that’s comforting a bit. Everything depends on what happens next, but a certain amount of vigilance would not hurt. Currently the MNX price is on the way down, but without any extraordinary dumps:
Are there any MNX price predictions?
If there are more delays, many people will start to get out even despite the parking rewards. The faster MinexPay re-establish trust with their investors the better. However, the MNX price question is a dead-end one, and here’s why: The whole system is tied to the coin performance on the markets, which is extremely unhealthy and makes a lot of services hostages of volatility and possible manipulations. It seems that a simple working product (e.g. a prepaid card) without any coins (see Wirex, the best working EU/UK card) would carry much more value and trust than the model that Minex or Naga chose – but time will tell.
Are there MinexPay card alternatives?
Meanwhile if you need a working debit card either browse this Bitcoin card comparison or use the quick links: