
A $232M Cryptocurrency Fight Comes to a Close - frisco
https://www.wsj.com/articles/a-232-million-cryptocurrency-fight-comes-to-a-close-1519331027
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mathgenius
Such hilarity:

""" The Breitmans began Tezos, which is a software platform, four years ago in
a bid to address some of the governance issues that have surrounded other
cryptocurrencies such as bitcoin....

The ensuing dispute over control of the $232 million ... """

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arenaninja
Exactly my first thought. A coin to address governance issues lacks access to
its own funds due to governance issues.

Poe's law in full display.

~~~
Alex3917
They're the foundation's funds, the developers were never supposed to have
access to them.

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lee101
Pretty amazing how they managed to raise this much money, i thought it would
just fizzle out after they have raised such absorbident amounts of money they
would run out of incentive. its not like a traditional acquisition where they
are contractually obliged to make good on their ICO promises, ICO participants
often forget they are in a sense buying part of a company that is up for sale
(why?).

For a legitimate Crypto company that hasn't ICO'ed or raised money checkout my
company [https://bitbank.nz](https://bitbank.nz) which is forecasting
cryptocurrency prices :)

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philfrasty
Can someone explain how one foundation (that manages a BILLION dollars) can
simply be replaced by a new foundation?

Having talked to some lawyers in this space during the last weeks I have come
to understand how much money is involved here in compensation/fees/listing-
fees/advisor-compensation/etc. It is insane. So not really surprised any more
regarding their internal conflicts for $$$.

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headsoup
I still don't understand how so much money gets raised for these ICOs in the
first place.

Then I remember people are often stupid and many other people like taking
advantage of stupidity.

~~~
product50
And then you look at Ethereum which is a $90B valuation and also wonder if it
can have competitors. Tezos is a full fledged Eth competitor with its own
USPs.

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jameskegel
>tezos is a full fledged Eth competitor

This is inaccurate

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product50
No it is not. Read about tezos and then come back.

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jameskegel
I'm back, and forgive me if we're going in circles here, but I still am
confident in my assertion. Is there something specific that you know that the
general public does not?

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product50
It is fine. I don't want to feed ignorance here. It is pretty clear you have
no idea what Tezos is and haven't done any bit of cursory research on it. And,
to folks like you, my only advise is to wait and watch for the token to be
released and then you will witness how it competes with Eth ecosystem.

~~~
jameskegel
You resort to personal attacks; is this to say that you’re unable to factually
substantiate your assertions?

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product50
It is not an attack. I just don't want to spend my educating folks who aren't
willing to help themselves. Just read their whitepaper or any of the 100s of
youtube videos on tezos and you will discover that it is a full fledged
Ethereum competitor.

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mmanfrin
This is fantastic news. I think there is definite potential in both the token
itself (given that it holds about a billion dollars now) and in the language
backing it.

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swang
but why is it worth a billion dollars? none of this shit makes any sense.

~~~
mmanfrin
Because they hold a billion worth of ETH and BTC.

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neonate
[http://archive.is/M9XLp](http://archive.is/M9XLp)

(It would be nice if more people would start doing this. It seems to be the
closest we can get to something that just works at the moment.)

~~~
manigandham
Or we could let the publisher make money... subscribe or skip the article.

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mwilkison
I just tried to subscribe. Their registration is broken.

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JustAnotherPat
Let's hope the SEC throws these two scam artists in jail soon.

