Fantastic well researched article, deserves 5 STARS! I believe you have covered just about every major red flag: Uncapped ICO which diminishes futures returns for investors, arrogance of the founders and direct cash payments to the founders regardless of the outcome. There is one other potential red flag issue. I checked the github for Tezos. A single contributor did all of the 463 commits as of June 30, 2017. https://github.com/tezos/tezos This is highly problematic, by comparison ETH has 137 contributors as can be observed at https://github.com/ethereum/go-ethereum. No matter how brilliant the Tezos team may be, multiple developers are needed for testing, hardware wallet integration, security, etc. The value of a genuine crypto token is a function of the code base and strength of the development. team It appears that investors are about to allocate heavily based on hype and promises and likely to end badly.