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/u/dgerard I have no idea why this got auto removed by reddit.
You're an approved poster here so nothing you post should get blocked by the filters & I manually clicked the approve button a bunch of times but it stays stuck in the mod queue. Maybe reddit is banning links with telegra.ph as the host or something.
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There is a discussion on Hacker News, but feel free to comment here as well.
They were scared Telegram would succeed where Facebook tried to.
Both times stopped by the centralized power that be.
Now imagine the government said: hey, you don't even know if there's gold on that land, but you're promising your investors that there is. And not only are they telling us we can't sell part of our non-existent gold to our friends, we can't sell it to people ANYWHERE.
Sound completely unfair? Government overstep? We aren't allowed to sell people something that doesn't exist?
It's pretty obvious that Telegram was simply planning to pump and then dump a bunch of worthless tokens on retail investors.
Regardless of your feelings on the SEC, crypto, et al, it's pretty obvious why the SEC intervened and to see this eventual outcome.
“We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”
“Telegram seeks to obtain the benefits of a public offering without complying with the long-established disclosure responsibilities designed to protect the investing public.”
Filing for a US initial public offering requires much writing and some audits, but it's not inherently difficult. Thousands of marginal companies have done IPOs. That's where penny stocks come from. The SEC doesn't evaluate your business model. All they insist is that you don't lie.
Now, if you want to list on an exchange, have your IPO underwritten by a major financial firm, and get institutional investors to buy your stock, there's more to do. But those aren't SEC requirements. You can IPO without them and peddle your own shares.
Why do everyone have to try to create another blockchain?
Why can't companies just be honest enough to either name a price up front or make a freemium model or something?
Hopefully this will cause them to reconsider payments like old WhatsApp or something else that aligns with the interests of the users?
Edit: add second part of a broken sentence. Also: the niche that WhatsApp used to hold (paid, reasonable price, good ux, no ads or spying) still isn't too crowded.
Signal is important and I am happy to recommend it but there's a lot of room still for others who want to enter the small communities/group-of-friends messaging space. The best alternatives I have found so far are: MeWe (pretty close to Google+, but with a business model that isn't based on selling data or ads), Telegram and of course still WhatsApp if you can stomach it.
When the SEC shuts down your unregistered securities offering, saying you saw the project as a literal gold mine is maybe a poor choice of analogy.
Anyway they could still do it with some kind of distributed token generation, similar to mining so tokens are generated by the users and not sold. But this obviously would not make the investors happy because they get nothing then.
Since it stores all messages and media by default (except secret chats) on its cloud, the infrastructure costs will keep going up at some pace with time.
It was only a few weeks ago that Telegram announced that it has 400 million monthly active users.
How long can Pavel Durov’s wealth keep it alive and how much of his wealth will he continue to commit to the platform as time passes? The platform is surely synonymous with him (at least from his perspective), and there are millions of people who need it and trust it (it’s the only app that large groups of protestors in Hong Kong could safely use).
Not a good look for Telegram, and good riddance to TON. I realize this blockchain garbage is probably never going to die but it is good to see the real world doing what it does best.
So I'm reading this as "our plan has failed for whatever reason, so now we are getting rid of it, while pretending that it is a very hard decision for us and somebody else entirely is to blame".
Calling your bluff on this one. Other world powers are available if that's really your argument.
It turns out that if you want customers in the US, then yes you have to follow US law.
This is what's wrong about what they're trying to do.
TON is selling tokenized access to the supposed gold mine. The gold is the TON product which is just a chat software.
I'm glad regulators ban it. It's a scam.
You need to look at the gold, the business. The BNB Binance token could be a better token. At least, their business has better prospect. I would stay away from these tokens. They're just security masquerading as crypto. They're likely scams.
All these stupid glorified link lists have never been backed by anything other than speculation and eventually market forces will always win.
Group of faceless people against a scenic vista, arms around and supporting each other, under the flag of the "product", facing a gold mine that apparently self-produces gold and a sun that just so happens to be shining light on all that wonderful gold... with a dog(?) chasing a golden butterfly.
I've never used telegram before but I think the CEO should distance himself a bit more.
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