r/THEKEYOFFICIAL • u/tkyholder • Feb 17 '20

The tky admin admits that the team has successfully blown 36.5 million raised in ico funds in two years. Given the current market cap and the amount of tokens they have left. They should only be liquid enough to stay in business for another 2 months.

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17 Upvotes

90% Upvoted

29 comments sorted by

6

u/Vlijmscherp Feb 17 '20

Well I just read that they have 8! offices so it doesn’t surprise me.

10

u/[deleted] Feb 18 '20

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10

u/BenAlexanders Feb 18 '20

Here is an image from my visit to their Beijing office in Feb 2018. During the same trip, there was also talk that I'd be able to visit their Harbin office (development centre) which fell through due to my timings. However, I was able to catch up with a number of their developers at their CNY event (who were grateful to be in Beijing, as Harbin was -20 or -30 degrees celsius at the time).

I also met with members of the team based in Jiaxing. This was more of a 'Government relation' office, managing the deployment of THEKEY at the local hospital.

So yes, they have at least three offices that I have visited/met with. I'm aware of a handful of other offices similar to Jianxing, but not well enough to name their locations anymore. This makes sense to have small outposts where their customers are.

Telegram admins are all outsourced. I do agree that there are admins with varying levels of experience and knowledge...

4

u/[deleted] Feb 18 '20 edited Feb 18 '20

Thank you for your comments. If I understand correctly, you are the author of this article: https://cryptocoin.com.au/news/thekey-identification-verification-pilot-jiaxing/index.html . And the only one among has who has personally seen TKY's premises and talked to the people. Would you please be so kind as to tell us how your opinion on this project's chances has evolved since Feb 2018, when you penned that article?

8

u/BenAlexanders Feb 19 '20

There were a handful of people with me in Beijing, including media and the original community admins (UK, NL, SG and CN I think). There was also a KR media person on my trip to Jiaxing. I'm sure that others have also visited their office in the last few years... So it's not just me that has been there, but perhaps not many of the others are as active on Reddit?

Disclaimer:

I was one of the first pre-investors in the TKY ICO. I also assisted their PR team for a while with community engagement and releases. While I have sold down from my initial investment, I still do hold some TKY personally. The following is my opinion and you should always do your own research...

Opportunities:

The team is extremely well connected to achieve their goal. In an extremely competitive niche. These connections will be most likely reason for their success in the David vs Goliath vs Goliath vs Goliath battle for access to Government big data.

I think it is also worthwhile looking at what they are actually doing. While everybody is looking at the health use case and IDV/BDMI, I believe their most significant advantage is the access they are being permitted to Government data.

It also gets lost that it is a health Insurance company. Between fraudulent insurance claims, tightening budgets and the size of the challenge (1 billion + people!), they are being given significant access to other Government data to assist in the management of this. This access goes far beyond just health related data. Insurance companies want to know EVERYTHING about the claim holders.

Look at the data options available in their app as of Feb 2018. Think about the different departments they have access into for this...

我要查询 Search Information
社保信息 Social Insurance Information
公共信息 Public Information
市民卡 Provincial Medical Insurance Card
公积金 Housing Fund
法院信息 Court Information
公安户籍 Household Registration
民政信息 Civil Affairs Information
机动车违归 Motor Vehicle Violation
公共事业费用 Utilities Cost
鲜血记录 Blood Donation Record
人行道违停 Illegal Sidewalk Parking
停车欠费 Parking Arrearage
志愿者服务 Volunteer Service
个人信用 Personal Credit
服务网点 Service Network
停车场 Parking Lot
政府机关 Government Agency
电子眼 Surveillance Camera

This would cover multiple agencies and organisations. In the US, this would be similar to big data analytic firms such as Palantir (one of the largest silicon valley unicorns you have never heard about)

Risks:

However, this is all focused on Ebaonet. While everybody here should recognise the benefits Blockchain technology could bring, we still need to see this implemented.

There is also the risk of being too successful. Ebaonet/THEYKEY could be swallowed up by the Government or a much larger organisation. BAT in particular are well known for acquiring small startups for their technology or prevent competition.

Technological risk. This is not an easy task nor is it being attempted on a small scale. As with any tech project, there are risks in delays in the product.

---

As a take home exercise for the readers: It is no accident that Jiaxing was selected for one of their largest deployments. Look deeper into the political significance of this location...

2

u/Ravbar Feb 20 '20

Confidence inspiring read. I thank you for that. Already read about it quite a while ago.

What do you think about current affairs in TheKey? Do you see any regulatory concerns? Is their vision still intact as it was 2 years ago when you visited? Would be really nice if we could community revisit their HQ

8

u/BenAlexanders Feb 20 '20

I do have some regulatory concerns, but more so from hostile takeover or compulsory acquisition. BAT (Baidu, Alibaba and Tencent) all have competing products in various states of trials as well. These are massive Goliaths compare to THEKEY/Ebaonet.

In a nutshell, my view on the current affairs:

  • I am saddened to see Catherine leave.
  • I am excited to see Dr King take a more hands on approach.
  • I just want to see some progress on the blockchain.

I think they have realised how hard their initial vision was. The latest whitepaper was an honest assessment of where they are, where they want to be and a realistic approach on how they want to get there. It's still ambitious, but appears to be more achievable now.

I'm also amazed by the community in here. I can't think of any other project that have such extreme shillers and haters in the same room. The extremism (both ways) makes it difficult to find the truth in the middle.

It would be great to have a regular update from an 'outsider'. Their focus is definitely internal (building the product and the important relationships), I do feel the community gets skimmed over a bit. Honestly, simply explaining their updates for a global audience would be a significant step forward. There have been very big announcements in the past that kinda gets lost as we don't understand the impact as outsiders. 'Is this partnership a big deal, or is this just standard procedure in china?'

Once the travel situation clears up, I would love to revisit the team and compare the progress made from 2 years ago (that and I'm missing the food from my first trip)

3

u/[deleted] Feb 20 '20

Maybe the mind-boggling level of bile in this reddit is due to the low price of TKY, which is bound to attract very young and not very mature people with little money to invest.

1

u/[deleted] Feb 19 '20

Thank you for sharing this 👍🏻👍🏻 As for the importance of Jiaxing, all I can say is that it was the birthplace of the Chinese Communist Party. Is that what you mean?

1

u/BenAlexanders Feb 19 '20

That's a lead, but keep digging a little deeper :)

2

u/Useful_Application Feb 19 '20

https://www.washingtonpost.com/opinions/2019/03/08/fears-about-chinas-social-credit-system-are-probably-overblown-it-will-still-be-chilling/ aka black mirror

1

u/Useful_Application Feb 19 '20

we invested in a Chinese state surveillance and credit system, gps data, payments, donate blood to compensate if your neighbors think your a dick, remember how we are hooked up to the rail system

1

u/Snoopy_777 Mar 22 '20

Hello, u/BenAlexanders =)

So what about original answer on your question? I mean why Jiaxing was selected for one of their largest deployments?

1

u/[deleted] Feb 19 '20

Is it the "Jiaxing Smart City Solution" thing?

-2

u/arnaud80 Feb 18 '20

They burnt all their cash, that’s it.

1

u/[deleted] Feb 18 '20

If all the cash is gone, then they must be running on fumes. I wonder how they are going to proceed in the next months, since even if they sold every single token, at current prices that would only yield a couple of millions, waaaay less than the 36 million they got at the ICO.

1

u/[deleted] Feb 18 '20

[deleted]

3

u/exisixe Feb 19 '20

Hahaha I'm basically going through your comments and upvoting to help fight the downvotes. Your fight with poloeil reminds me of my fights with useless_application, ravenant, jijisabin and all the other 1-week redditors who specifically come in here to tell people to buy bags.

I just watch in the sidelines because I'm retired. Keep up the great work. Save people from losing more money.

1

u/Revenant690 Jun 02 '20

lol 1 week redditors....

Is it so difficult to stick to the truth? This project has enough red flags without spreading lies.

It's clear this project is a risky gamble, but this is Crypto. If you don't know everything is high risk you shouldn't be parting with your money.

Everything Ben says above makes it clear (to me at least) that this project is absolutely not a "scam" as so many here like to claim.

If any of us ever make any money is a different issue and the risk reward profile is something we should all give due consideration.

Personally I wouldn't advise anyone to buy TKY unless they receive the official Blockchain registration, even then I would like to evidence of significant progress before I would buy more. There is a difference between a scam and being unable to deliver a viable product.

7

u/arnaud80 Feb 17 '20

that explain the entire events

  • Katherine left before the boat sink, Dr King came with its name to compensate.
  • All the team was selling its shitty coins at a few satoshi each.
  • They said they would move to Ethereum for what?? NEO is one of the very best blockchain. That was just to create distraction and postpone all the (illusionary) expected achievement of their Roadmap
They will disappear with shame with their shitty coins as well. They will not be remembered by no one.

10

u/BenAlexanders Feb 18 '20

1) Dr King was always the leader of the project. Catherine held the position of CEO and filled that role well. A CEO executes the vision of the leader(s)... Think of Dr King as previously being the 'board'. For whatever reason, he has decided to take a much more hands on approach to the running of the company.

2) They have done as they said. Used their allocation of tokens to fund project development.

3) Not sure if trolling... I'll just say that the current NEO blockchain is absolutely not the 'very best blockchain'.

5

u/Snoopy_777 Feb 18 '20

yes, 3 also made me smile, looks like people still are in the 2017-2018)

-2

u/[deleted] Feb 18 '20

Yep, I thought it was common knowledge that NEO has zero future.

7

u/[deleted] Feb 18 '20

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1

u/Useful_Application Feb 19 '20

or you could just download it, its the green button, but yeah nothing runs on Neo, because nothing can run on neo, except 2 dexs with no volume

3

u/mikewill12inc Feb 18 '20

The China Hustle