Telegram Raises 1.2Billion in unnecessary ICO
I’ve checked their website but not the whitepaper (it took forever and never loaded-why use a PDF and a slow server?) and I’m shaking my head. There is little to no background on the website about exactly why this coin is needed, what it does or what it solves.
Granted they do say it is fast, allows decentralized apps but there are little details that are discernible to me. I remain unconvinced that it is really anything but a cash grab like most ICOs are.
It’s hard to figure out if they are trying to be an Ethereum or a currency and how they would do things better?
Based on the website having just about 2 paragraphs of information I am very skeptical but time will tell. I’m certainly not going to invest based on this information. The question really remains is why would Telegram even need the money?
Surely they would already have enough to do this project and it should already be done based on their resources. For that reason alone it reminds me of another regret from FINOM. FINOM convinced me because they have existing projects up, running and making money and it turned it to be a scam (I never received my tokens and see no evidence of anything being delivered in terms of performance).
Telegram looks to be about the same, they have a working application that is successful. Why do you need to collect money at all if it’s not just a cash grab?
I think that is the litmus test for judging ICOs which appear to come from trustworthy teams and successful projects. If they should already have the money and resources and are doing an ICO, they chances are it’s only to collect your coins.