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Insights on the Tezos Project, was it a scam?

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Tezos updates scam

Understanding the consequences, which led to the delay of the Tezos Network launch

The cryptocurrency space seems to be balancing itself on the competitive edge. Any particular project, when is put forth before people, makes decision making for the investors all the more difficult, due to manipulations that happen in the cryptocurrency space in order to raise a huge amount of funds. According to statistics since 2011, almost 980,000 Bitcoins have been stolen which would have been worth $5 billion today. The Initial Coin Offerings that the Blockchain Technology has spurred, into the financial domain is proving to be a boon to many investors all over the world. According to a data provider, Novum Insights, only in the duration of seven months the ICO industry can raise almost $2.2 billion which is almost three times the traditional amount being offered to a Startup by the institutional investors.

 

Intro to Tezos

One of the most popular technical projects was launched in July 2017, Tezos. The Tezos project was considered to be even better than the Bitcoin and Ethereum Blockchain. One of the most anticipated tokens Tez was set in motion. Initially, the coin was priced at 5000 Tezzies per Bitcoin. During the conclusion of the Initial Coin Offering the organization had managed to collect almost $232 million for a cryptocurrency coin which didn’t even exist until then.

 

Key people at Tezos

The couple Kathleen Breitman and Arthur Breitman, and Johann Gevers, where the key people behind this project. The Intellectual Property Rights, as well as the source code for the Tezos protocol, was under the jurisdiction of the Breitmans, through Dynamic Ledger Solutions, a Delaware based company founded by Arthur Breitman himself for the development of Tezos project. The project mainly concentrated on automating the over the counter derivatives trading market.

Arthur Breitman was good at mathematics and computer science and when introduced to Bitcoin in 2009, had decoded the potential flaws of the Bitcoin Technology. While working at Morgan Stanley he had even secretly published 2 online papers that were concerned about the Tezos Blockchain without giving them his name as he was in a fear of losing his job at Morgan Stanley.

 

Changing opinions

The constant internal disputes between the Breitman couple and Gevers has put a full stop at the development of the Tezos project, as well as the hopes and beliefs that the investors held in the project when they participated in their Initial Coin Offering. The couple had actively helped and supported Gever, president of Swiss Foundation, in order to promote the initial coin offering for this project.

According to Swiss law, the independent Tezos Foundation only has the authority over the funds raised, which accounts to be almost $400 million, due to the increase in the price of Bitcoin and Ethereum which was used to for the ICO. The Breitmans are looking for ways to impeach the head of the foundation.

The constant minor quarrels between them have got converted into a huge dispute. A 46 paged letter was delivered to two of the three Board members of the foundation seeking for a prompt removal of Gevers, by the Breitman’s lawyer. The request was also made to give the couple a substantial role in the management and functioning of the foundation. Gevers was even accused to have been self-controlling and self-promoting the project.

Even during the Initial Coin Offering, the minor quarrels between the founders of the project took a form of a major emotional freight. According to Gevers, the Breitmans tried taking over the authority of the foundation considering it to be their private property.

On the other hand according to some reports, Breitman’s claim that their prioritized focus of concentration was on the launch of the Tezos network.  

 

Investors in denial

The investor’s investments are at a high risk as the whole project might get abandoned due to the constant feud between the incompetent founders of the project. The launch of the project is the only, the release of the coins can be initiated, which are already considered to be in the premium category of coins, even though they don’t exist yet. The easier upgradability and a higher security were the key features of the project which categorized it to be one of the premium projects of the time.

Sadly, the investors had agreed to the terms and conditions of the Tezos project, that, at any point of time the whole project might get abandoned and the investors might get nothing but a promise.

 

Closing words

This particular instance has made it very clear that one should not be carried away by the boss of the technology. The blind belief that all the Initial Coin Offerings of a project which tends to have a lot of potentials would be successful, is just a fantasy of a dream.

One must carefully weigh the consequences of their decisions, and must carefully go through, all the terms and conditions of any particular Initial Coin Offering before doing an investment. The financial authorities in many countries like USA, Canada, and Switzerland have taken a tough stance in regulating the Initial Coin Offerings in order to safeguard the investments of their citizens. With such irresponsible attitudes of the investors, it is most unlikely that the project would ever be released.

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4 Comments

4 Comments

  1. Pingback: Insights on the Tezos Project, was it a scam? – Btc News Magazine

  2. Pingback: Insights on the Tezos Project, was it a scam? – The Coinage Times

  3. Ori

    July 4, 2018 at 6:11 am

    Is this a fucking joke? Tezos already launched a complete platform and is trading, what kind of misleading bs FUD is this? Did you do ANY due diligence?

  4. Pingback: Want To Start Investing? Read This First! – The Life choiloomis5 Blog 939

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Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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