RE: We don't need to Hardfork: a questionable story about Tezos. - [ICO July 1st]
I wrote about this at length after "beta"ing governance in Tezos by interacting with the principals. There are many flaws and it starts with the people involved, a structure which could turn it into a chain dominated by billionaires and captive to a small cabal, and it ends with the uncapped ICO structure which will ensure bad returns for ICO investors but far worse, be the first time where the founders will cash out in actual cash not just tokens. Founders are paying them 8% of the raise in cash, plus 10% of the tokens. So if they raise $200-300mm as expected, the founders will have $20-30mm in tokens AND $16-24mm in cash. They will be extremely wealthy even if Tezos fails to ever matter. If Tezos becomes as big as Ethereum is today, the founders will be worth $3 billion dollars.
They have also called me a "liar" in public, which is not very cool, but I can handle that. I am not the one about to pocket $50mm off an ICO so you can weigh my opinion vs theirs in terms of incentives.
Yeah really not digging the Silicon Valley money already in there.
Not cool about the "liar" comment. Yikes.
Your reddit post is nuanced. Worth the read to anyone else stopping by.
Oh damn, that was you that had written that post. Saw it elsewhere and was impressed by the thoroughness.
You do lay out a pretty good case in there.
First glance over Tezos, I wasn't convinced. Too theoretical - feels to lack substance and the strategic vision & entrepreneurial component to accelerate it beyond just a technical innovation into a a solid value proposition that can be successfully integrated into the marketplace. Maybe I'm wrong and just don't understand it. And because I don't really understand it clearly as they haven't laid out well where they plan to take this beyond the lab, just expecting to throw money at business development and marketing people - and especially after your perspectives in the Reddit post - I'm gonna sit this one out and put more weight into EOS...