Tezos Update: Minimum Contribution = Scam? Price Trending Up | Hacked: Hacking Finance
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Tezos Update: Minimum Contribution = Scam? Price Trending Up

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Tezos Update: Minimum Contribution = Scam? Price Trending Up

Introduction

This article was posted on Monday, 17:47, UTC.

Seems these days everyone’s looking for the next big piece of reality television. Tezos is, somewhat cryptically, being called a scam. Hold your laughter at the rationalization.

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The ICO, which we reviewed here not long ago, has the unusual backing of one Tim Draper, legacy finance guru and Bitcoin enthusiast.

Let’s have a bit of the toxin from the source article, shall we?

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It turns out that Tezos, which claims to be developing a ‘democratic’ blockchain offshoot which will bring ‘peace and harmony’ to CryptoCurrency, while ’empowering the little people’ is just another ruse to siphon the funds you were trying to increase so that you could send even *more* money to your favorite charities supporting widows, orphans and veterans, into the coffers of the BigPlayers who want to buy a bigger and better yacht. After the ‘little people’ have entrusted a significant portion of their meager savings to Scamster Tim Draper and Tezos they may, if they are lucky, manage to find the well-hidden webpage that tells them, “**** You, You Dumb ****ole” you have given us your money in return for *NOTHING*!!!”

He is, of course, being inflammatory and inaccurate. Even he admits it:

Their sleazy ‘disclaimer’ says that they will ‘return’ your stolen funds, after an unspecified period of time, but even if they do, the interest, alone, on hundreds of millions of dollars is more than enough to make their scam pay off handsomely.

Sounds like a lot of us have felt from time to time, doesn’t he?

Well, let’s see how pre-trading is going over at HitBTC, for Tezos.

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Quoting the author’s original analysis:

While the original idea was to raise a penny per ꜩ, the crowdsale price will actually be ꜩ5000 per Bitcoin – today that means a price of about 36 cents each. You can buy as much as you want. If you want to stake, you’ll need at least 1536 of them, as mentioned above.

The current going rate for buy orders is:

However, as noted at the top of the article, we’re not yet in a phase where you can withdraw your Tezos. You’re buying a promise (IOU). So, if you think this rocket is going a lot higher, you still have time to get on board. If you think ~400+% or so is about the limit on the thing, it may be time to short it or sell your IOUs at the top.

There has been little new information that would suggest the project is actually suffering any turbulence, but there has been a more in-depth analysis regarding the “red flags” of Tezos versus Ethereum.

Crypto is hard, and ICOs are harder. We can tell you that historically ICOs have a drop-off right after opening, and we see above that Tezos has already seen a dip. We can also tell you that historically ICOs have had the opposite of support from large holders like Tim Draper.

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Feedback or Requests?

P. H. Madore

P. H. Madore

http://phm.link

P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and is currently nearing the completion of a cryptocurrency exchange in concert with the firm he primarily works for, Vermont Secure Computing Consultancy.

Comments
  • user

    AUTHOR Erikbigelow

    Posted on 5:56 pm August 7, 2017.

    Can you disclose if you’re defending because you have a stake in Tezos?

    • user

      AUTHOR P. H. Madore

      Posted on 8:50 pm August 7, 2017.

      I’m not sure it’s fair/accurate to say I’m defending them in this article… but yes, I’m fine disclosing that this morning, in order to capture the first screenshot, I purchased .019 Tezzies.

      http://i.imgur.com/v7WMA8R.png

      • user

        AUTHOR Erikbigelow

        Posted on 4:24 pm August 8, 2017.

        Thanks. I’ve been reading yours, and hacked.com’s articles for a while now, and the tone of this post just seemed way different from the usual articles. Usually they aren’t as mocking from the get go (“Hold your laughter at the rationalization.”). They’re usually more fact and analytically driven which I appreciate.

        While I don’t quite think “scam” really fits Tezos, because they do have code, something more like exploitative might be better. Starting with their terms where ICO investors basically just gift them millions of dollars from the get go (8.5% going to their foundation) because of the recent ICO craze. Other things like how they get 10% of the coins afterwards also just screams that they’re taking advantage of the current market (at least to me). Add those things to the fact that the creator shouldn’t be allowed to talk publicly, and onchain governance isn’t a proven solution to a demonstrable problem, and you get a coin that so many feel is controversial. For those reasons I couldn’t invest, but I wish the best for those who did. There is still a lot of room in the market for plenty of projects.

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