Petition to restore TFX tokens to minimum USDT value with immediate effect
Contact the author of the petition
Petition is now closed
2023-02-05 08:48:54At this point broker has made their stand on their policies. You are advised to attend the upcoming broker webinars for any latest updates, kindly check www.tfxi.com.
Thank you for your co-operation.
Client / Introducing Broker team
Submission of First Petition dated 16th January 2023
2023-01-24 04:55:13Thank you for signing the petition dated 16th January 2023 with 5348 confirmed signatures (ie. with valid email confirmation). We have submitted this to Broker via Support ticket.
We continue to be optimistic of the efforts of all MIBs and broker to bring TFX value to 1000USD and over. This petition shall enhance the features of TEX and reduce pressure on coin settlement.
Best,
IB Team
Client / Introducing Broker team
IB Leaders Response to Broker dated 20 January 2023
2023-01-20 15:31:32
Client / Introducing Broker team
Response by TriumphFX management 18 Jan 2023
2023-01-18 07:40:10
In response to the recent petition for setting the minimum selling price of TFX at 0.80 USDT, the management has made an official update. Kindly refer below.
The management would like to express our appreciation to all IBs and Leaders over their time for filing the above mentioned petition. While we understand that most clients are frustrated, this petition has shown how voices can be made and addressed constructively and maturely. In regards, do allow us to formally respond to the petition.
During the incubation stage of the TFX ecosystem, the management has run through countless scenarios of how the market might react. These scenarios led to the introduction of Stabiliser Mechanism and the Protection Protocol which we believe most clients are familiar with. With such assurance in place, there shouldn’t be any reason for TFX to be sold below the par value, or so we thought.
Despite our best efforts, the price of TFX plummets during the launch. This shows that most clients have lost confidence in the company and are willing to sell their TFX below the par value. However, it is worth noting that the company’s revenue was at its prime and most fund managers continued to perform during the launch. Clients were merely dumping TFX because of FUD (Fear, Uncertainty, Doubt) and as a quick way out.
Later, statistics show that there were some Top Leaders who continued to dump TFX at a low price. The management has since mull over the idea of freezing their accounts, with the sole intention of stabilising the supply and demand of TFX. It acts as a boost but not a resolution. Still, we regret to inform that we are unable to fulfill the request ‘to set a minimum sell price for TFX/USDT at 0.80 across ALL accounts’, as much as we wish to. Allow us to explain.
1. Understand how the account freezing works
When accounts are frozen, the selling function of TFX is disabled. Frozen accounts are not able to sell TFX. As acknowledged, accounts will be unfrozen when TFX hits the market price of 0.80. At this point, once the selling function is reenabled, clients may then sell TFX again at any price, be it 0.30 or 0.80.
The freezing either enables or disables trading functionalities, it cannot set conditions such that only selling price equal or higher to 0.80 can be placed. Based on this concept, it is technically not possible to set a minimum selling price of 0.80 for all accounts in the open market.
2. Understand the concept of open market
In order to drive TFX to the desirable price of 0.80 USDT, there must be more buying demand at a higher price. However, even if there are buyers who buy at 0.80, this does not stop sellers from selling at prices lower than 0.80, as explained above.
In the open market, the value of TFX is based on the last transacted price. When a buy order of 0.80 is placed on the order book, a sell order of 0.30 could be placed. This sell order would then be matched immediately with the buy order at 0.30. At this moment, TFX would be worth 0.30 based on the last transacted value.
Even with various measures carried out by the company to drive the price of TFX, those measures will have no significant impact on TFX upward price movement as long as there are IBs, for whatever reason choose to sell at lower price.
The other fact where most IBs misunderstood is that even if TFX has an intrinsic value of 1 USDT, the company cannot control those selfish or ignorant IBs from selling at low price. The irony is that on one hand they request the company to drive up the price but on the other hand they sell at a lower price.
3. Confidence is Key
Restoring confidence has been the buzzword since the launching of TFX. This is perplexing as the company is healthy and efforts are constantly being made by TriumphFX to boost confidence. Consistent and unrivalled FM performance, renewal of the Seychelles FSA license, constant system upgrade and the ongoing educational and social content are among myriads of justifications. Yet, most IBs seem to overlook and be affected by FUD (Fear, Uncertainty, Doubt).
We agree that confidence is the key and we are doing whatever we can to boost the confidence. In the open market, it requires a balanced buying and selling power. The power, ultimately, lies in the hands of all IBs and Leaders. It requires all parties to overcome FUD, see the growth of TFX for the longer term and sell at a higher price.
TriumphFX and its management remain highly optimistic over the development of TFX and the future it holds. To put things into perspective, TFX is still very much in its infancy. It took Bitcoin a year to take off and 3 years for Tesla. Rarely has any asset nor company value shot up immediately since its launch. Rome wasn’t built in a day. Efforts taken by the management may seem counterintuitive to IBs and Leaders for now, but they are being made with long term sustainability in mind.
We once again express our sincere gratitude for IBs and Leaders. We are all gonna make it!
TFXI Support
Client / Introducing Broker team