Bitcoin Forum

Link: https://cointelegraph.com/news/breaking-telegram-abandons-telegram-open-network-and-gram-tokens


Well, i can't say that was unexpected. But looking backwards how do you feel, was that a smart move to do the business like Pavel Durov did?
As we remember, back in 2017 a huge part of ICOs were unavailable for US residents just because devs could be fucked by SEC. Then they started all their TON things in US and obviously got fucked.

Ofcourse TON network would be launched and somehow maintained, but imho generaly this is RIP.
TON used to be a currency, supported by an  application that in some parts of the world could overtake facebook facebook. It could seriously push crypto adoption but now in the best case it would only be popular inside cryptocommunity.


RIP

This is where centralized authorities show their real power over decentralization. The SEC just got a chance and they never let the TON network win the battle because they knew that it can't and won't work out as a security and allowing it may be unfair to those other projects which got rejected by SEC in the past for almost same reasons. I'm surprised actually how these money-hungry people (SEC) even allowed it to develop in the US for such a long time. I'd have definitely bought and traded this considering that it's a token from one of my favorite decentralized medium.

Telegram main office is in Arab Emirates, guess everything happened there.

I guess it was for the better Telegram does not really need a token or coin because it is famous already and the most used messaging app mostly by crypto projects. Seeing facebook libra issues facing with the regulation I guess it is good to abandon it now. Because US are very strict right now and not allowing US citizen to participant in this kind of practices, But maybe in the future if crypto will be accepted legally in the US and most countries TON can continue what they have started.

I believe it's SEC that stopped them, if what I've read is correct. It doesn't matter who, but why. When TON didn't comply with either of their rules already, why did they even let the name be spread like wildfire so to let the investors bury their investment into graveyard? How will the CEO be able to return the money of the investors (if there's actually any huge investment stuck in vain)?

It's so sad that development of the  TON blockchian has dome to this end. I believe the team did their best to bring something great in future but they could just not pass the regulatros of the country go get it legalized. I heard all the private investors are going to be refunded.

Well,  it's a sad day not for only the team telegram but for the entire cryptocurrency space. The concept behind TON blockchain was to promote true decentralization but US government couldn't take their eyes off the amount of money raised by the project. O hope things will get better one day that the world won't have to depend on any country to provide innovative solutions

Its a sad occurence for the telegram team, i feel their hurt, because they have spent alot of funds in building the ideas that back up the ton project.
Perhaps it is time to move, and weigh in the influence sec has over crypto currency in little details ? atleast to know if the negativity outweighs the positivity or vice versa

Sadly looks like Durov is tired of fighting SEC. Instead of focusing on eliminating brrr printer they've eliminated worth project. Well done, SEC.

He's not yet tired but he just feel worried to do what thing that can destroy the reputation of his company.

I have been seeing a bunch of platforms have been doing private crowdsale to the TON and what about that? Scam? we will see that soon.

It's really sad to see this happening more so for the investors like us who hoped and put their hard earned money into it and now hardly stand a chance to gain even peanuts from it.

1st Telegram ICO was a success but anything nothing heard from them.

2nd Telegram ICO another success but the same thing again.

The first ICO they've shown poor communication and update to their investors and that should be enough not to be dealt with again with their 2nd ICO yet still, many investors did.

Tired? No, Durov against the authorities, it's a tough battle. He just doesn't have the chance to win what they are fighting right now. But I don't think that they will stop having developments right now, they will surely have more projects in the future.

A lot of good projects have been stopped because they can't fight the SEC, in the future there will definitely be many discarded projects like TON. They are trying to destroy this market

Huge news as Telegram's blockchain project was assumed to be one of the biggest project and we saw huge interest where they were able to raise 1.7 billion dollars only in the private sale, at the same time it is disappointing to know the US and their agencies are qorkinv against innovation, they would have easily registered and let them continue because everyone knew telegram and their project was legit, i hope they will come up with the project again later.

In fact, this will all be successful if the regulation is legalized, but indeed it has become a state regulation where their project will not be accepted, even in court, it cannot be granted because there are several violations.

A very successful ICO where TON is able to pay attention to many people because it wants to invest in it because this is a blockchain with new innovations.

RIP. This can not be done anything because this has become a state war there.

It's the SEC bullshit again & again & again, they simply won't let it happen that crypto should be mass adopted.
Do you thin those big financial banks, institution will let something to make transactions (or whatever) that is hundreds of time cheaper than their bullshit system? Of course not.
TRON faces the same problems as Facebook Libra, they simply won't let them grow, it jeopardize their financial system.

That also means that Telegram has succumbed to the protracted legal battle with the SEC, the protracted legal battle with the SEC may have made the Telegram leaders tired.

TON is banned by the SEC around the world, why is the US SEC so powerful? Even if a country allows TON to be deployed in their country, won't TON still be implemented?

The major problem was violating the laws and not declaring and registering the token  as security from the beginning, they were not very transparent from the start I guess this is why the problem escalate with the sec, they knew what they should have done but they didn't, maybe if they had followed due process this would have been avoided.
This must be very disappointing to all investors, this is a lesson to other project who will not try to be transparent about the provision of their tokens.

When they saw that they cannot get what they want after launching it, they decide to change their strategy and ask for the investors for some time to think about how they will manage to launch it without violating the law and everyone seems excited when they announce they're coming back with some new roadmap next time. now they finally abandon it because they think there's no way for it to happen unless the SEC is on their side.

it's better for you to read the whole of story about the conflict between telegram and SEC. SEC said telegram was selling TON to the US investors too and this is the main problem.

The major reason why the SEC did everything possible to put TON launch to a stop is because Telegram already has a very gigantic user base, hence this means bringing more people to own crypto, they don't want that. Same scenario faced by LIBRA, even though they are doing everything possible to comply with all regulations. I felt bad seeing the halt of TON, after the long wait. It's a pity for those who had high hopes and invested, even though they will be refunded.

It's a two years battle that they are having a hard time to win so they just to give up, it's so unfortunate because they have successfully collected two billion dollars, this is a rare feat for any project, it's just the SEC that comes on their way, and they are up against a giant regulatory board.

This is really sad news for the whole crypto community! I heard it months ago that TON will be abandoned, I did not care! Because Telegram team really tried hard to win the SEC war, but finally, they got fucked up by the SEC! The announcement about this was heart-melting. Telegram has still potential to beat the WhatsApp, Facebook but sadly we lost!

Why would anyone need billions to develop a coin, if Satoshi created Bitcoin alone and for free? TON was always shady, and it's good that it got stopped, otherwise it was a big risk that stupid investors would have gotten rekt. If they will manage to launch their shitcoin, it will only be a proof that ICO wasn't needed.

At some point people would think that they will eventually scale through the SEC bus stop. This is a barrier that i don't think any project will scale through. Having raised alot of excess millions which is not really necessary. Probably one of the reasons why it wasnt allowed.

And to add an interesting article from publish0x, with very interesting statement from Pavel Durov:
" ”Unfortunately, the American judge is right on one thing: we, the people in outside the United States, we can vote for our presidents and elect our parliaments, but we still depend on the United States for finance and technology (luckily not coffee). "
"The billionaire also describes the world as "too centralized" while wishing good luck to those who are fighting for decentralization. "
Source: https://www.publish0x.com/passioncrypto-in-english/telegram-announces-the-end-of-its-blockchain-project-xdryown (https://www.publish0x.com/passioncrypto-in-english/telegram-announces-the-end-of-its-blockchain-project-xdryown)

We talk about decentralization for years, and now after a fight with SEC billionaire have the same feeling, this world is too centralized! We all depend on governments, banks, people who run them and their will, that has to come to an end, and I can only hope we will be alive to see that! :)

I will say that this strategy from SEC is very negative and will hurt Americans in the long run, i mean if the project is legit and team is real why would you not allow it? if they have made any kind of violations they could have imposed penalty or fines and asked them to follow the rules and then allowed to develop the project after compliance.

I completely agree with your point, the amount they collected from Gram project is really huge, what exactly are they going to develop with such amount to money, and come to think of what you said, satoshi created btc without collecting a penny from anyone,  but surprising  all the altcoins starting from eth all did fundraising at the beginning to develop the project,  while btc which is the master of crypto was created without any fundraising.
Something to ponder about.

This is a project i was watching out for in 2018 but they didnt start their crowdsale. i was ready to go all out to get the tokens because i know it will be a great project from the way have seen telegram grown in the past few years i know the project they will create will be a good one

So, SEC has now overthrown Telegram TOn. I think these people can stop anything crypto if they wanted to. They are just sort of trying to restrain their power, not to exercise it completely on the crypto community.
If Telegra could comply with SEC directives, I think Facebook will definitely also comply. However, both are great platforms.

This clearly shows that we are way far for blockchain adaptions. For such a global project, success depends on support countries with major contributions to their revenue.
Unless it will not come under SEC or strict regulations on use of crypto, the mass adaption of blockchain and success of such projects innovations is difficult.

I can't really say I know everything about the case SEC had against Telegram ICO but I feel TON team feel they can outsmart SEC team because of their huge warchest they collected from ICO and decided to go to court to settle than settle out of the court with them. We know that EOS and other projects settled out of court and they are all doing fine. This jugdement is going to have ripple effect in the space for every projects that had raised money and are yet to release their tokens

This is really unfortunate for all those who invested on their project.
Are they going to liquidate all the funds and return to them?
That's a billion-dollar ICO that should have been into good use.
They should have really settled out of court and not be arrogant about it.
Maybe they thought they have such huge amount of money that they can outsmart SEC, as you said.

I do not understand why these companies are trying to lanch their ICOs in the states. Same problem has Facebook, so they decided to move into  Switzerland as far as I know, but actually the most easy strategy is to run such business on Malta or Cayman Islands.

It is astonishing that he has been able to last so long.  Naturally the SEC won the long-standing struggle with the SEC.  This showed us that the central authority is still very strong.  Maybe the TON project was not completely decentralized, but it could have been a strong project in that direction.  I think there are still a lot of lessons we need to learn from Bitcoin.

Even if you are running on the malta or cayman and when you were still selling your token from the prohibited country like US and you will also face SEC caused by you have violated the jurisdiction of US.

It's not about moving the business in another place.

Yes, there were people who foresaw this situation and, in principle, it does not cause me shock. Of course it’s a shame that this happened, but unfortunately there will always be leverage if someone doesn’t like something.

Quite unfortunate.. Most of us actually looked forward to this project with a lot of hope considering Telegram is one of the most used instant messaging platformsnand also being that, it is one of the most impressive crypto related messaging platforms. With the huge user base, it was always going to be one of the most useful drive for crypto adoption. Unfortunately, this has been shut down for obvious reasons. Question now is, what's next for them and what does this mean for those who invested in this idea, will they get a refund or their investments has ended with this initiative as well?

This is one reason why we must ensure that the blockchain and crypto currency remains decentralized.
I feel bad for telegram because, alot has been invested into the projects; hopefullly there will be low interference from sec from now on

You should not feel worry about that caused by the community has already created a free ton blockchain and you can try to use it. Even if that was not launched by telegram itself and you can still use it right now.