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BuyerSteps Authors: Jason Bloomberg, Paul Simmons, Emily Jackson, Mehdi Daoudi, Jayaram Krishnaswamy

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Telegram Could Raise A Staggering $2 Billion In Biggest-Ever ICO; Is It Just Another Scam?

By Tyler Durden

The reason for the ICO’s popularity, Jason Bloomberg explains, is because Telegram is the preferred means of communication for crypto traders and other members of the crypto community. While it’s not the only secure messaging app, the decision of the Durov brothers to dedicate much of the $300 million fortune they cashed out of VKontakt to maintaining the app as a free service has helped burnish its appeal. The Durovs fled Russia in 2014 after a “fallout” with some of their former investors.

And according to the prospectus cited above, as well as public comments made by the brothers, it appears the Durovs see the ICO as a means of raising more funding for their non-profit project – not as a stepping stone toward profitability, which is something they’ve scarcely discussed, according to their public statements.

Ultimately, Bloomberg believes the ICO is essentially another outsize scam.

Founded by Russian entrepreneurs Pavel and Nikolai Durov who cashed out of their social media company VKontakte to the tune of $300 million, Telegram is a secure messaging app that competes with the like of WhatsApp.

‘Compete,’ however, is misleading, because Telegram has no viable business model, as it makes no money – on purpose.

In fact, Pavel Durov covers all its expenses out of his own pocket. “Pavel Durov, who shares our vision, supplied Telegram with a generous donation, so we have quite enough money for the time being,” claims the FAQ on the Telegram web site. “If Telegram runs out, we will introduce non-essential paid options to support the infrastructure and finance developer salaries. But making profits will never be an end-goal for Telegram.”

The ICO, therefore, appears to be a mechanism for Telegram to cover its bills. “With growing user base, he would’ve eventually run out of money,” explains Gregory Klumov, CEO and Founder of STASIS. “Therefore he opted for an ICO as a mechanism to raise funds without getting outside investors into Telegram’s shareholder capital.”

Travis Scher, Vice President of Investments at Digital Currency Group echoes this sentiment. “It really felt like it was one of these start-ups that’s burning through cash and needs a way to bring money in to keep funding their operations,” Scher says. “This is how they decided they’re going to do it.”

Read the entire article at https://www.zerohedge.com/news/2018-02-19/telegrams-2-billion-ico-just-another-scam

Read the original blog entry...

More Stories By Jason Bloomberg

Jason Bloomberg is a leading IT industry analyst, Forbes contributor, keynote speaker, and globally recognized expert on multiple disruptive trends in enterprise technology and digital transformation. He is ranked #5 on Onalytica’s list of top Digital Transformation influencers for 2018 and #15 on Jax’s list of top DevOps influencers for 2017, the only person to appear on both lists.

As founder and president of Agile Digital Transformation analyst firm Intellyx, he advises, writes, and speaks on a diverse set of topics, including digital transformation, artificial intelligence, cloud computing, devops, big data/analytics, cybersecurity, blockchain/bitcoin/cryptocurrency, no-code/low-code platforms and tools, organizational transformation, internet of things, enterprise architecture, SD-WAN/SDX, mainframes, hybrid IT, and legacy transformation, among other topics.

Mr. Bloomberg’s articles in Forbes are often viewed by more than 100,000 readers. During his career, he has published over 1,200 articles (over 200 for Forbes alone), spoken at over 400 conferences and webinars, and he has been quoted in the press and blogosphere over 2,000 times.

Mr. Bloomberg is the author or coauthor of four books: The Agile Architecture Revolution (Wiley, 2013), Service Orient or Be Doomed! How Service Orientation Will Change Your Business (Wiley, 2006), XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996). His next book, Agile Digital Transformation, is due within the next year.

At SOA-focused industry analyst firm ZapThink from 2001 to 2013, Mr. Bloomberg created and delivered the Licensed ZapThink Architect (LZA) Service-Oriented Architecture (SOA) course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, which was acquired by Dovel Technologies in 2011.

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting), and several software and web development positions.