Is there a list of ICO's that delivered on their initial promises (or even a substantial fraction of them)?
Note that very few ICOs are even a year old so even in the best case we shouldn't expect to see many successes.
Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
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Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#32Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#33Is there a list of ICO's that delivered on their initial promises (or even a substantial fraction of them)?
Ethereum has pretty much delivered on both the technical promise and financial return
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#34I had been following Tezos closely since November and was really excited about the ICO. But it became incredibly apparent that the Breitmans were dishonest. Firstly, the compensation structure was ludicrous. Many people were upset about an uncapped ICO -- I thought this was fine, until it became apparent that they would make hundreds of millions of dollars IMMEDIATELY. They have absolutely no incentive to continue th…
> They claim they had a large team working on the project for 4-5 years full-time.
There are two repositories. A public one and a private one. The Breitmans contracted with an OCaml shop
> They have absolutely no incentive to continue the product or work another day in their lives.
The article disproves your point. They haven't walked away. I think it's commonly accepted that if you pay someone upfront they either don't do the work or do a shitty job. That isn't always the case.
> I didn't even think it mattered until I heard they were incredibly rude to just about everyone in their Slack channel
I was there for most of its existence. They weren't rude. He never posted memes and wasn't that active in the chat compared to others and their community manager. It was pretty cool to see him respond to questions, but they were mostly short answers because A) he's busy and B) the questions tend to be quite repetitive because no one reads the white paper.
> Later they would delete channel history and eventually shut them down completely under the guise of "preventing fishing attempts", though I never saw a suspicious link anywhere
I was there for the end. Because of the way Slack is setup anyone can join and message other members. The scammers were messaging everyone telling them the ICO started and they should contribute at a fake URL. Because there is a lot of FOMO in this space their strategy works quite well.
The scammers also tried to take control of incoming webhooks. I'm not sure if the configuration was wrong or whatever, but I was quick to point out who was causing the deception. They were banned but the channel was shutdown shortly after that. I can dig up the screenshots if necessary.
> IMO they have no intention of delivering anything, except maybe to save face. If the past is any indication, they don't give a shit about saving face either.
The commits on Github prove that isn't true. They have put a lot of work into this blockchain and smart contracts that can be formally verified.
These are a lot of untruths in your comment.
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#35Earlier quoted context omitted.
I think you are incorrect about how much the Breitman's would make from the ICO. The Breitman's company DLS would get 8.5% of the ICO funds once the main net launches and then their company would also get 10% of the genesis block, but that vests over four years. So 8.5% of $232 million would be about $20 million and it's hard to say what 10% of the genesis block would be worth over the course vesting. Below are the d…
who controls the rest of the money? Could be the same people, just indirectly, via friends or shell companies incorporated in Switzerland
The ICO funds are controlled by a Swiss foundation. See my other comment in this thread regarding the board members of the Swiss foundation.
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#36Earlier quoted context omitted.
I’m confused. When you say “donated”, what does that mean I’m this context? I thought ICOs are something you buy into to own the coins. And as a follow up, why donate to an org that has $200M+?
They have $200M because people donated. The ICO is described as a fundraiser, not an investment, because it reduces liability and opportunity for government intervention. In exchange for "donation" you get XTZ. Presumably, you expect that XTZ to grow in value to make a net profit. The upshot is that its a word that is synonymous with investment, but requires less responsibility. On the flipside, they could disappear…
So attempting to skirt and breaking the law is what is meant by 'donated?'
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#37Is there a list of ICO's that delivered on their initial promises (or even a substantial fraction of them)?
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Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#38Is there a list of ICO's that delivered on their initial promises (or even a substantial fraction of them)?
It requires a great deal of time and resources to develop blockchain software because everything has to be built up front. Doing an upgrade is not easy because nodes can choose not to upgrade and fork instead. Also, bugs mean people lose money and consequently faith in the project.
Tezos intends to solve the contentious fork problem by incorporating the governing structure into the protocol. Whether this works better than what is currently happening in the Bitcoin community remains to be seen.
Back to your initial question. Ethereum is a good example, but most of the ICO's that raised money recently won't launch until 2018-2019 at the earliest. In fact, some of them have innovation gaps. It's a long road.
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#39Earlier quoted context omitted.
Note that very few ICOs are even a year old so even in the best case we shouldn't expect to see many successes.
Not asking for many. Asking for any .
What do you mean by initial promises? Would you accept a list of startups that have met milestones on their roadmap and have a product to demo?
Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
#40Earlier quoted context omitted.
I’m confused. When you say “donated”, what does that mean I’m this context? I thought ICOs are something you buy into to own the coins. And as a follow up, why donate to an org that has $200M+?
In early July, the Tezos foundation ran a fundraiser to fund the project's development (R&D, Bizdev, etc.). At the time it did not have funding (or very little). Its current treasury comes from that fundraiser. It is an "ICO" because in exchange of your donation, the foundation will recommend a token allocation for you in the genesis block. Nothing prevents anyone to create a "concurrent" genesis block with different…
lol. I love how careful you are with your words. You know the SEC doesn't care how it's phrased, right? It's substance over form. Basically, "if it quacks like a duck, it's a duck".