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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

#51

Post by dreit1 »

hudon wrote: post #46
atomical wrote: post #38

Earlier quoted context omitted.

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…

> Ethereum is a good example 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?

https://lunyr.com/ is a pretty cool project that I've been following. It's in alpha stages now.

Edit: I also have some of their tokens

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#52

Post by atomical »

hudon wrote: post #46
atomical wrote: post #38

Earlier quoted context omitted.

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…

> Ethereum is a good example 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?

He asked about initial promises. They built the blockchain, virtual machine, programming language, and web3 API.

The ICOs haven't had a chance to deliver yet like I mentioned in another comment. Ethereum is the infrastructure and whatever is built upon it is up to everyone else.

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#53

Post by atomical »

laxatives wrote: post #45
atomical wrote: post #34

Earlier quoted context omitted.

> 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…

> They claim they had a large team working on the project for 4-5 years full-time. 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…

Please post proof of "obscene insults." I find this impossible to believe. Arthur didn't engage in that way on the Slack server.

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#54

Post by literallycancer »

touchofevil wrote: post #12

After the ICO, I started trying to figure out who was on the board of the Tezos Foundation. I found it strange that there was very little info about who was on a three person board that controls hundreds of millions of dollars. What I found was that one person seems to be a company formation agent, Mr. Schmitz-Krummacher. Another is, Gevers, who is now being accused of self-dealing by Arthur Breitman. And the third i…

What's the logic behind having a secret agreement in writing?

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#55

Post by trhway »

kirillseva wrote: post #29
touchofevil wrote: post #23

Earlier 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

>who controls the rest of the money? Could be the same people, just indirectly, via friends or shell companies incorporated in Switzerland

you're absolutely right :

" The idea, according to documents on the Tezos website, was that the foundation would raise money via the ICO, then acquire DLS, the Breitman-controlled company that has been developing Tezos. "

So it seems that the plan was that Breitmans would take as much money as they want (can we say "all the money"? :), and probably the foundation guy that Breitmans are fighting now did bait-and-switch reneging on the agreement to buy the company (as it would be hard to believe that even in Switzerland such agreement can exist in a legally binding form) and chose instead to have all this money to himself. $400M of free money can do that to people :)

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#56

Post by kirillseva »

dreit1 wrote: post #51
hudon wrote: post #46

Earlier quoted context omitted.

> Ethereum is a good example 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?

https://lunyr.com/ is a pretty cool project that I've been following. It's in alpha stages now. Edit: I also have some of their tokens

"decentralized" wikipedia with a flat UI that requires 1.5Mb .js just for the landing page and running either a full eth node or a half-assed chrome extension (and hence isn't available on mobile).

As Jimmy Wales of Wikipedia says, "If everyone reading this donated $20, we would only have to fundraise for one day a year". Sounds like that would be a better way to spend money rather than on a vaporware pre-alpha token

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