It is well known by now that Telegram's ICO has been a gargantuan success with 1.7 Billion dollars raised only in private round of the offering.
Now, that they decided to cancel their public offering we are all left wondering about the true motivation behind it. After all, the average user, not Roman Abramovic, supported those guys from the very beginning of their platform, thus making it widely accepted. They decided not to give an average Joe the opportunity to invest in a platform that he/she possibly used from the start.
Why? Oh, why?!
There can be a variety of reasons for that:
-The fear of the regulatory bodies in various countries (and the ICO party may, in fact, really be over worldwide.
The regulatory body considers investors in the private round as partners of the project who bought their voting rights in form of the financial injection.
-The same reasons why one PoW startup pre-mines a huge chunk of their coins - greed and control.
Well, you don't expect me to go in-depth on this, do you?
-The private-sale whales
Let's take Roman Abramovich as an example. Supposedly, he slipped his hard-earned $300,000,000 into this. Now, if you were him, wouldn't you want to have some kind of control over the product you invested so heavily into? Don't forget that those big players demand big rewards, and if Telegram didn't cancel the public round of the offering, the market would probably be flooded with their coins (people just can't help adoring the hyped-up project), making Mr. Abramovich's coins worth much less (no artificial scarcity created) and be a potential victim of some serious dumping in the first days on the exchanges. Early dumping, as we all know, seriously reduces the hype level and speculator's belief that they can actually make money.
Following the "Satoshi's vision" of what cryptocurrencies should be, we must come to a conclusion that the decentralization is one of the main postulates. Taking the power away from the few and giving it to many. By making this kind of move, Telegram took everything that an average believer hoped for and thrown it into a toilet. Sadly, they are just another brick in the wall of corruption, greed, manipulation, and perverse power-lust that stands between cryptocurrencies and the real financial evolution.
All this is well connected to an article I wrote a few days ago.
Will they flush that toilet?
Well, I know I could use some washing up 'cause even writing about this makes me feel dirty.
What do you think about all this?
Leave a comment, argument, or even consider resteeming! ;-)