41–50 of 57 posts
Does it really take 232M to make a formally verifiable smart contract language?
Take a look at the stuff Ethereum is researching. Watch one of Vitalik's talks on YouTube.
Earlier quoted context omitted.
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?'
Earlier quoted context omitted.
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".
Earlier quoted context omitted.
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".
I'm actually describing the process, which is what OP asked. I figured that the SEC doesn't seek legal advice from randos on HN.
Typically with securities, there is a bar of quality to meet before you are allowed to sell it, but in this case there is not. So we all need to be as honest and helpful as possible so that investors who don't know any better don't get scammed by those who are claiming to change the world.
I 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 do…
https://www.tezos.com/static/papers/Tezos_Overview.pdf cites development began in 2014 and with a full staff of 10 core developers. I suppose I misread and was wrongly under the impression that they always had those numbers. But it doesn't change that Arthur and the gang modified their LinkedIn pages after the fact to remove full time employment at their day jobs and replace it with full time employment at Tezos.
> IMO they have no intention of delivering anything...
>> The commits on Github prove that isn't true.
https://www.reddit.com/r/tezos/comments/7791ex/the_path_forw...
Yes development continues, but they've downsized the now unnecessary development team to from 10 to 4 and instead are relying on 3 outsourcing shops. They more or less have to spend the money they raised that belongs to the foundation, which requires significant public auditing and transparency while reducing their own involvement and spending their own windfalls as they please. The entire team except the leadership is gone. And now they are removing the head of the foundation.
> They weren't rude.
You're wrong. Arthur made everything conversation personal and used 4chan style name-calling all the time. Really obscene insults flowed from him almost everytime I heard him speak. He used memes to respond to questions he was probably admittedly tired of answering. But the content was ludicrous. They were Shkreli-like get rich or die trying memes. It might have been tounge-in-cheek, but its impossible to tell with him because he couldn't handle a normal conversation.
Is 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…
How? I have yet to see anything useful built with it. Except for more ICOs whose use for now is moot, what problem does Ethereum successfully solve today that makes you say it delivered on its promises?
[1] https://www.reuters.com/article/us-bitcoin-funding-tezos-spe...
Better coverage in Reuters: [1] [1] https://www.reuters.com/article/us-bitcoin-funding-tezos-spe...
> In pitching the story to Reuters, John O‘Brien, a principal of Strange Brew, had made claims about Tezos’ progress. He wrote: “The applications of Tezos, ranging from derivatives settlement to micro-insurance, are real and recognized by industry giants. Ernst & Young, Deloitte, LexiFi, etc. have adopted Tezos in their development environments and labs.”
> On Oct. 3, a spokeswoman for the accounting firm Ernst & Young told Reuters: “The statement is not correct. EY has not adopted Tezos.” A spokesman for Deloitte said Tezos’ code is “one of many technologies we’re considering” with blockchain, but it’s “still early stage and we haven’t used the technology for a client project.”
> Jean-Marc Eber, CEO of the French software company LexiFi, said, “The sentence, as stated, isn’t accurate and unfortunately exaggerated, to say the least.” While there had been “informal contacts,” he said, “at this stage, LexiFi has not adopted Tezos’ technology in its development environment or labs.”
Jesus.
I 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 do…
Better coverage in Reuters: [1] [1] https://www.reuters.com/article/us-bitcoin-funding-tezos-spe...
> The Breitmans had also hired Strange Brew Strategies, a U.S. communications company, to promote their project, and Reuters wrote a news story on May 5 about Draper’s involvement. > In pitching the story to Reuters, John O‘Brien, a principal of Strange Brew, had made claims about Tezos’ progress. He wrote: “The applications of Tezos, ranging from derivatives settlement to micro-insurance, are real and recognized by…
Understand how the SEC works. They're complaint-driven. After a few "I lost money on Zowiecoin after they didn't do what they said they'd do" complaints, a case gets assigned to a staff investigator. They dig up the obvious stuff quickly, and if it looks like there's enough bad stuff, the slow process of doing something to the people behind Zowiecoin starts moving forward. The SEC announces about two enforcement actions a day.
We'll start seeing SEC actions once ICOs crash and there are angry investors.