It was easier last year to blame the company’s lack of execution on inexperience or incompetence. But when you consider all the “surprise” announcements and events, I wouldn’t fault someone for concluding that we’ve participated in an outright scam.

Off the top of my head:

They sold a stake in the company to VC’s while they were simultaneously crowdfunding.

The co-founder quit immediately after the ICO.

They suddenly scrapped all prior work in favor of Telegram.

They revealed the stealth development of PayKey, and made it the company’s priority.

They secretly cashed out 50% of the ICO money.

They stated that GG’s development depends not on the remaining funds, but on PK’s future success.

Here’s the scenario I think is most likely coming:

PK won't get funded because of exactly what the panel criticized at 43North. The app hasn’t interested VC’s yet, and the market is only getting more crowded.

GG will continue to acquire users based solely on their app store rankings for the search term “Telegram”.

The app will function as a standard messenger client with a few beta (and soon, unoriginal) crypto features.

The attention economy will never be developed and the coin’s value will reflect this.

The app will obtain traditional revenue sources, like banner ads, to keep it alive.

Or it will simply be open-sourced and abandoned.