@cameron-tally I appreciate this won’t be read but it is annoying to read some of your responses without the ability to respond, so I’m doing it here for the record. While I do appreciate the time taken to do the Q&A, you do seem to brush off important points or misinterpret what has been written.
1 - there is no negligence in the Company, bugs are found when things go live sometimes. There has never been a time when customers’ gold was at risk - that’s not how the Tally Monetary System works, customers are not exposed to whether or not we are successful as a business. All gold is held for and on behalf of customers, in a high security Brinks vault in Switzerland. Under that custodial service, all the gold is fully insured and in the event Tally the company is ever wound up, there is a Security Trust Deed in place with an FCA-licensed trustee company that simply sells all the customers’ gold and promptly returns the full proceeds of sale to each customer less a 1% admin and processing fee.
Negligence is something that would be argued in a court if this ever came to pass, and bugs aren’t found, they are reported to you by the customers, that’s the problem, and it would be argued that this is a common issue that has already resulted in 1 major breach that we know of. It is not for you to simply state you are not negligent and therefore you are not responsible. I’ve been here since before this company existed so already know all the rest of that reply, which isn’t even relevant to what I’m referring to.
2 - as per 1 above, the customer has no exposure to the performance of Tally the company, so this is moot. We do have an obligation to perform certain services for fees paid by customers as an ongoing business, under the terms and conditions the parties enter into, but this doesn’t expose the customers’ gold to Tally’s performance of services. Tally is not effectively bankrupt?!? - it is a self-funded fintech, but its core business, whilst growing, is not yet profitable.
That is a ridiculous response. The customer has direct exposure to the performance of the company, so it is as far from moot as it could be. As a customer my gold is held in a secure vault in Switzerland as you say and that is insured. But, and this is the huge but that you don’t seem to understand, TALLY is the main counter party risk. Tally is digital access to secure physical gold, tally is 100% code, that code is the only thing between my physical gold and someone gaining access to my account, transferring my digital gold to a different account and then out to a bank account. That whole process is carried out by tally’s code which is only as good as the performance of the company that creates it and sends it to us as updates to the app, this has proven to be flawed numerous times which I have experienced with only my little time on the app every few months, I’ve then reported it because no one else has, none of the developers, no one at tally, not you or anyone. That is what I would argue to be negligence, it fortunately hasn’t yet caused me or anyone else I’m aware of any loss… Yet.
This brushing off your previous errors as nothing, and your responsibly to ensure tally code is checked and secure, further diminishes the trust I have in the developers and the attitude at the company as a whole, as a customer for 1, I’ve already stopped depositing and reduced my exposure by over 80%, this might be the last 20% trust gone. And 2, as a shareholder I would have preferred the company be insured against itself to protect the company and the shareholder value should this ever become an issue.
6 - Tally is designed as a savings account. So of course we want to encourage people to use it that way. Some use it as an easy way to buy and hold gold. And others are interested in the currency aspect, beyond just using tally for savings (i.e. and are growing their use as everyday money).
When I say encourage, I don’t mean a few social media posts, I mean new and innovative additions within the app, things that are impossible for fiat banking apps to do.
7 - Jonny you contradict yourself my friend. We are not copying anyone, Tally is a new category of money. You’ve often said we should focus on being a gold trading app, like others - which I disagree with (that would be copying others wouldn’t it). Ultimately, I’m not precious about how customers get the most out of tally to suit their and their family’s needs. But bitcoin is good example, this is an evolving situation and one day bitcoin will likely be used by millions as everyday money or at least a better form of building savings than with fiat currency and a bank. Tally will also evolve. So you seem to say we’re too unique, just be about gold like others are doing, then you say stop copying others, then you say no one gets it but also are open to the fact that that markets and customers’ understandings and use-cases evolve. I’m not sure if we’re agreeing or disagreeing! Either way, thanks for your feedback and engaging with us. As a gentle note, terms like “negligence” and “bankrupt” are inaccurate and a poor choice of words. Anyway, looking forward to our next discussion. Regards, Cameron
I’m not contradicting myself, you have said numerous times before Quote “I agree that using a product can help you learn about it, and Tally’s UX is designed like a bank account for that reason“ although you totally missed the point I was making back then, you do say again that you are designing the product to be like a fiat bank account, yes it is spendable gold but the UI, is that of a fiat account, not an innovative, different ‘new category of money’ Are you saying your customers are too thick to be exposed to new and innovative features based on the fact they are holding gold in the account and not fiat, unless other gold backed accounts add the features first, so you can copy them a few years later?
I think you are mistaking me for someone else, I’m not a trader, have never traded gold and never would do, and have never often said you should focus on being a gold trading app.
As mentioned, Bitcoin has moved away from being a daily use to a wealth preserver, it will never be used by the majority everyday to buy a coffee or such like, it is too valuable, volatile, scarce and slow amongst other things. And, the users of tally don’t use gold as a daily spend because gold is too valuable, volatile and scarce, they use it as a savings medium.
You built the business to be a ‘new full reserve monetary system’ but people don’t use it as such for the reasons just mentioned, The customers realised the strength of the product as a savings account, they evolved their use of tally beyond your vision. It is tally that haven’t evolved their product to reflect how their customers have evolved in using it.
I never said it was too unique, It was quite unique 7 years ago but there’s a lot of products now that are very similar, especially on the blockchain.