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Tezos founders push for legal bailout from Swiss foundation

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Re: Tezos founders push for legal bailout from Swiss foundation

#51
post #43

Earlier quoted context omitted.

I hold the opinion that if you need a public ICO to "get stakeholders" you already failed, or are already successful as a scam. There are a ton of ways to find and secure proper, reliable stakeholders who are committed to your technology or your cause/product. (Private ICO being one of the ways. Keep things under wrap, develop the technology, have a proof of concept, sell some product, and then MAYBE if it makes sens…

> A public ICO blasting across the internet when there is no product, no plan, and no real engineering already done is nothing but a cash grab, and I am not at all surprised that they are embroiled in lawsuits. Is this really a property of ICOs? the behavior you describe may be very common nowadays, but from what I understand there is nothing intrinsic in this kind of funding model to be necessarily like that. Maybe…

It's not about the method (ICO), it's about the people and teams behind the ico's being 1) amateurs with no clue 2) very prepared scammers who have really nice fancy websites but no intention to at all to followup or honour the sale and 3) well meaning but totally immature ideas and teams who are doing a cash grab.

This case sounds like #3 - where they have an idea, but immature company structure, poor legal structure, and no governance that is supposed to bind a team together - in this case they are fighting about the money ...

As always - in the end it's all people. Public ICO is a tool, and it's really NOT the tool to use if you want to find a real base of support and well-intentioned stakeholders (who won't turn around and sue you the moment the ico completes :)

Re: Tezos founders push for legal bailout from Swiss foundation

#54
1. ICO founders are getting a quick education in the fact that "anyone can sue anyone at any time" -- no matter what paperwork you have folks sign.

2. What are the damages if they just give the money/coins back? That's the easiest solution for these ICOs: a 100 days buy back/escrow period?

3. Another easy solution is to have these ICOs hold the proceeds in escrow and release of funds quarterly for five years to the startups/projects and giving the investors the ability to refund half or 75% of their remaining commitment (i.e. a 25-50% penalty for leaving the project early).

had the founder on recently https://youtu.be/rdRSUJkvmxM -- seems like people who invested knew what they were doing going in.

Re: Tezos founders push for legal bailout from Swiss foundation

#55
post #7

Can someone explain briefly the Tezos unique features and why would someone want it? In my understanding it is just a Bitcoin copy that has a voting feature to decide protocol changes.

> In my understanding it is just a Bitcoin copy that has a voting feature to decide protocol changes.

That's the main value, yes. It sounds kind of minor but let's not forget that's actually a huge step in the right direction and would solve a lot of problems we've seen in other blockchains. Even if thier's never really materializes, it is a great idea that should live on in future blockchains.

Re: Tezos founders push for legal bailout from Swiss foundation

#56

1. ICO founders are getting a quick education in the fact that "anyone can sue anyone at any time" -- no matter what paperwork you have folks sign. 2. What are the damages if they just give the money/coins back? That's the easiest solution for these ICOs: a 100 days buy back/escrow period? 3. Another easy solution is to have these ICOs hold the proceeds in escrow and release of funds quarterly for five years to the s…

Video is a great background on Tezos, why they chose a Swiss foundation in Zug, how the money is budgeted, how they chose the trustees for the foundation, the token presale, etc

Re: Tezos founders push for legal bailout from Swiss foundation

#57

1. ICO founders are getting a quick education in the fact that "anyone can sue anyone at any time" -- no matter what paperwork you have folks sign. 2. What are the damages if they just give the money/coins back? That's the easiest solution for these ICOs: a 100 days buy back/escrow period? 3. Another easy solution is to have these ICOs hold the proceeds in escrow and release of funds quarterly for five years to the s…

Video is a great background on Tezos, why they chose a Swiss foundation in Zug, how the money is budgeted, how they chose the trustees for the foundation, the token presale, etc

my podcast is a complete front for me figuring out if i should invest in startups. :-)

just had coinlist on the show as well.... they did filecoin's $200m+ ICO http://thisweekinstartups.com/andy-bromberg-coinlist/

Re: Tezos founders push for legal bailout from Swiss foundation

#58

Earlier quoted context omitted.

Video is a great background on Tezos, why they chose a Swiss foundation in Zug, how the money is budgeted, how they chose the trustees for the foundation, the token presale, etc

my podcast is a complete front for me figuring out if i should invest in startups. :-) just had coinlist on the show as well.... they did filecoin's $200m+ ICO http://thisweekinstartups.com/andy-bromberg-coinlist/

Wow! I think you need a dedicated podcast called "This week in ICOs" or "This week in crypto" ;)

Re: Tezos founders push for legal bailout from Swiss foundation

#59

1. ICO founders are getting a quick education in the fact that "anyone can sue anyone at any time" -- no matter what paperwork you have folks sign. 2. What are the damages if they just give the money/coins back? That's the easiest solution for these ICOs: a 100 days buy back/escrow period? 3. Another easy solution is to have these ICOs hold the proceeds in escrow and release of funds quarterly for five years to the s…

Not fun for them, but nevertheless a very interesting lawsuit. What I am interested in is the fact they used a Swiss foundation that they don't actually control.

What happens when a US judge allocates damages for certain actions? They declare personal bankruptcy? US judgements are also not always enforceable abroad, so is it imaginable the foundation gets to keep the money regardless of the outcome of any lawsuit? I would guess so.

Re: Tezos founders push for legal bailout from Swiss foundation

#60

1. ICO founders are getting a quick education in the fact that "anyone can sue anyone at any time" -- no matter what paperwork you have folks sign. 2. What are the damages if they just give the money/coins back? That's the easiest solution for these ICOs: a 100 days buy back/escrow period? 3. Another easy solution is to have these ICOs hold the proceeds in escrow and release of funds quarterly for five years to the s…

Not fun for them, but nevertheless a very interesting lawsuit. What I am interested in is the fact they used a Swiss foundation that they don't actually control. What happens when a US judge allocates damages for certain actions? They declare personal bankruptcy? US judgements are also not always enforceable abroad, so is it imaginable the foundation gets to keep the money regardless of the outcome of any lawsuit? I…

Ethereum was the first cryptocurrency to form a foundation in Zug, and its a popular structure. Generally the code and system are open sourced, and a nonprofit foundation controls the money raised in the ICO.

https://www.swissinfo.ch/eng/500-million-business_crypto-pig...

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