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"TallyMoney Ltd (E-Money Directive Agent FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Ltd (FCA No. 900594)."
Correct me if I'm wrong, but I believe this only means that TallyMoney Ltd are effectively 'piggy backing' another company's licence (only to make & receive electronic payments), so no protection to the consumer whatsoever.
"The regulation of them is not a worry for me."
Fair enough, we all have our own tolerance for risk and who's to say what's right & wrong; however I personally believe it may limit uptake from the more risk averse. Time will tell.
"I dont know where the idea came from that they are unregulated, I'd be interested to see it."
Like all 'alternative' currencies they fall outside the remit of the regulator and as such (to the best of my knowledge) there's nothing for them to adhere to. Don't get me wrong, there's nowt dodgy or illegal about what they're doing but it is nevertheless not covered, or protected, by UK or international law. Hence the risk.
"No doubt if tally went pop, they would be legally obliged to inform all holders of gold how and to whom they would contact to claim it."
As TallyMoney is unregulated I'm not convinced their would be any legal redress?
"Trust" seems to be the operative word, but that may not be enough for some - particularly if they are making larger deposits.
Thanks for sharing that JonnyE
The one that is probably of most concern is:
7.2. TallyMoney shall retain legal title to any gold purchased by TallyMoney on behalf of the Customer but will hold the gold on trust for the Customer.
Unclear where this leaves 'the Customer' if TallyMoney were to disappear.
Hopefully in practice it would never be an issue, but it may nevertheless deter more cautious investors when they are conducting due diligence?
JonnyE >> "if tally go bust you are still the owner of the gold in Switzerland, you'll still be able to gain access to it even though it might be a bit harder with the paper work involved"
I don't want to labour the point but if TallyMoney Ltd were to disappear surely 'ownership' of the gold goes with them... While users of Tally might 'theoretically' own the underlying asset what have they actually got in practice without the app? ...Does anyone using Tally right now have any evidence of title outside the app? ...Do you even know where, and by who, 'your' gold is being stored?
If TallyMoney Ltd disappears what have any of the users actually got???
djwall1s >> "how safe this product is, especially if the company were to (theoretically) go bust..."
Safety??? - What Safety?!
The physical gold is insured so no worries there (if it's stolen etc), but as for the company going bust (God forbid) I can't see that there is any protection whatsoever???
Thanks for correcting me mw1969! :-)
Still think profitability will be quite a challenge and it's probably wise to be realistic with expectations!
I honestly see 25k users as 'pie in the sky' based on progression to date, but here's hoping!
I appreciate everyone is understandably keen to see success here but a touch of realism wouldn't go a miss, after all expectations more often than not lead to disappointment.
The idea that Tally will attract a million users, even at £1 seems a little fanciful. In all the years they were running TRAC attracted less than 600... obviously there is potential to do considerably better with Tally but I would imagine 10k a significant achievement over the coming years.
As for getting money from Mastercard I have never heard of this - they **charge** for use of their service full stop. Besides, even if it were true, Tally would still be paying considerably more for each transaction than they were getting back and, as they are not passing on the charges to users, at a loss. and the more Tally is used the greater that loss.
Truth is it really isn't clear how, or even if, Tally will make a profit.
Everyone on here seems to think the world of Railsbank but in truth we know very little.
Lionsgold bought a chunk valuing the company at £10 million but it could be argued that perhaps CP has somewhat of a history of using shareholder's funds to buy stakes in his mates otherwise failing businesses at grossly inflated rates.
The only thing Railsbank have achieved is the infamous "5 lines of code". Any programmer will tell you that modern computer systems will execute 10,000 lines of code with no noticeable delay from just five, so what's the deal?
What have Railsbank actually achieved business-wise since we first heard of them?
Do they actually have any clients?
Emperor's clothes?
A fresh listing on the London Stock exchange, even AIM, is no small task (not least of which is the requirement for considerable backing).... TallyMoney LTD is worse than starting from scratch in this respect as it has the baggage of past failure to overcome.
The hard truth is that they are more than likely not relisting simply because they can't.
If Tally by some chance is a great success then this will clearly go in their favour when trying to raise the necessary support for an IPO but at this stage it looks like a pretty big IF as they seem to be progressing on a 'wing & a prayer' basis fuelled only by hot air from CP.
:-(
In all the years since The Real Asset Company was founded they apparently only achieved less than 600 users in total (according to Ralph Hazell, CEO).
They can change their name & website as many times as they like but IMHO they need to do something radically different to attract more users this time around.
So far the only thing they have achieved consistently is failure to deliver on promises.
Certainly not holding my breath on this one.
Thanks Pineapple & bassguy - good to hear! :-)
For those with an account, does the value of your Tally reflect the changing price of gold in real-time?
Out of interest, have you gained so far or lost?
Time will tell but, based on past performance, it will likely be a LOT of time!
Pdub, I respectfully don't share your view that the share price is engineered/manipulated or the fall caused by shorters (while they may exacerbate it this is only to a small extent and they are simply taking advantage of what is an already established direction of the market).
I could state that I find your own posts 'ridiculous' but see little point in joining the personal abuse resorted to by those who seem unable to tolerate any non-conformist viewpoint.
It's all very well to start name-calling and try to get posts removed simply because they do not conform to a rose-tinted, head-in-the-sand, ramp-tastic agenda but surely it is in everybody's best interest for these boards to have a balanced cross-section of views.
I appreciate that many investors believe that fundamentals are the-be and end-all with regards to company valuation and respect that viewpoint but I genuinely and sincerely do not agree and consider market forces to be the determining factor... How ever much a hardcore of long-term investors believe in a company it is my belief that the vast majority are primarily interested in whether the SP is rising or falling. When there is sustained growth as BMN has enjoyed in the past it becomes a self-fulfilling prophesy and a continual stream of new investors will join as long as this looks likely to continue. However there is always an eventual limit to the 'new money' that drives a rise and once it is exhausted the climb inevitably falters. As folk realise the growth phase has ended they leave to seek reward elsewhere and so the fall begins.... No amount of good news can stem this as there simply isn't enough new money to sustain a further rise and so any upturn during the market correction is short-lived.
Such market mechanics are driven by investor sentiment - not how much they believe in the fundamentals of the company but how much they believe in a (usually quite short-term) rising share price.
This is only my view but I believe I not only have a right to it but the right to post even if it fails to follow the herd mentality. In the same way that an atheist will not quote the Bible, it seems unreasonable to expect that someone who does not believe that fundamentals determine share price movements to refer to them to 'justify' their argument... the release of news here and subsequent share-price movements is sufficient justification for my views.
I am in no way critical of BMN - market forces are applicable across the board.
Removing posts such as mine simply denies open-debate of contrary opinions and smacks of desperation.
It's bouncing back right now charlieR123 - back to the teens!
Although there was a dramatic rise following the rapid fall below 20p it seems likely that it was fuelled primarily by traders cashing in on a sentiment (RNS) driven spike. Now they're closing/closed their positions the retrace is surely inevitable... there will always be volatility and short-lived spikes regardless of whether a share is in a growth phase or decline but overall (particularly while a prolonged market correction is in force) the direction is set until a genuine reversal... Further news will likely only trigger another brief spike at best until a true bottom is reached.
Be very surprised if the SP does not revisit teens, particularly as results are now out the way.
Throughout this year I've seen many posters call this market correction spot on yet they've been shouted down and regularly even had their posts reported and removed because they don't conform to the ramper's narrative.
It's easy to talk a share up but distorting reality does no one any favours and a more balanced board would be to the benefit of all.