‘Your money is safe,’ Tezos broker tells investors

[bbc.reporter]

How can you trust them to say that your money is safe when you cannot get a refund? Once a regulatory institution intervenes there might be a possibility that all activities connected to Tezos' development could be suspended. I also reckon that there is another possiblity that exchanges might avoid listing XTZ because of the pending lawsuit filed by one of its contributors.

This does not look well for the the highest funded ICO in the cryptospace.



The Zug-based Tezos Foundation sits on top of a stockpile of cryptocurrencies now worth some $500 million (CHF496 million). It is supposed to spend this hoard developing the blockchain-based smart contract system, but its president, Johann Gevers, has been accused of misrepresenting the size of a bonus he wanted to give himself – a charge he denies.

The public spat between the Breitmans and Gevers has sparked intense debate on social media channels. Bitcoin Suisse has broken its silence to reveal that it has the responsibility of counter-signing every transaction that the foundation makes. In other words, the foundation cannot spend a cent unless Bitcoin Suisse agrees.

“The Tezos Foundation put this arrangement into place to protect contributors and the funds contributed towards the project,” Nikolajsen told swissinfo.ch. “If any individual, for example, would try to send crypto assets to the Bahamas, then we as a third party could bring this to the attention of the foundation board and prevent the transaction."

But any investor now clamouring for a refund in the light of the foundation governance dispute will be disappointed.
“The terms for contribution in the Tezos Crowd Contribution to which each contributor agreed in order to participate […] specified that refunds post-contribution and after the close of crowd contribution would not be possible, due to both regulatory reasons as well as practical reasons,” stated Bitcoin Suisse.

Read the full article https://www.swissinfo.ch/eng/no-refund_-your-money-is-safe---tezos-broker-tells-investors/43674622

[Teraboy]

How can you trust them to say that your money is safe when you cannot get a refund? Once a regulatory institution intervenes there might be a possibility that all activities connected to Tezos' development could be suspended. I also reckon that there is another possiblity that exchanges might avoid listing XTZ because of the pending lawsuit filed by one of its contributors.

This does not look well for the the highest funded ICO in the cryptospace.



The Zug-based Tezos Foundation sits on top of a stockpile of cryptocurrencies now worth some $500 million (CHF496 million). It is supposed to spend this hoard developing the blockchain-based smart contract system, but its president, Johann Gevers, has been accused of misrepresenting the size of a bonus he wanted to give himself – a charge he denies.

The public spat between the Breitmans and Gevers has sparked intense debate on social media channels. Bitcoin Suisse has broken its silence to reveal that it has the responsibility of counter-signing every transaction that the foundation makes. In other words, the foundation cannot spend a cent unless Bitcoin Suisse agrees.

“The Tezos Foundation put this arrangement into place to protect contributors and the funds contributed towards the project,” Nikolajsen told swissinfo.ch. “If any individual, for example, would try to send crypto assets to the Bahamas, then we as a third party could bring this to the attention of the foundation board and prevent the transaction."

But any investor now clamouring for a refund in the light of the foundation governance dispute will be disappointed.
“The terms for contribution in the Tezos Crowd Contribution to which each contributor agreed in order to participate […] specified that refunds post-contribution and after the close of crowd contribution would not be possible, due to both regulatory reasons as well as practical reasons,” stated Bitcoin Suisse.

Read the full article https://www.swissinfo.ch/eng/no-refund_-your-money-is-safe---tezos-broker-tells-investors/43674622

These scammers just spread the more bullshit about investor's money. They said the investor's money as a charity for them all. you're indeed about there is no refund and we can't get our money back.
This news to make the investor keep silent.
I need emin's statement regarding this one as the advisor board of the teshit scam project.

[bbc.reporter]

I browsed the Tezos announcement thread and I can see that most of their investors are still very optimistic about the chances of the platform's success.

Maybe it will be, but if the Breitmans treated a cryptocoin project like a start up, and problems about money arise, then it does not look good for the start up, I reckon. We have already seen it happen in the past. Also remember, only a small percentage of start ups reach success. I have read that 90% of them all end in failure.

[BenjaminFranklingwould]

I browsed the Tezos announcement thread and I can see that most of their investors are still very optimistic about the chances of the platform's success.

Maybe it will be, but if the Breitmans treated a cryptocoin project like a start up, and problems about money arise, then it does not look good for the start up, I reckon. We have already seen it happen in the past. Also remember, only a small percentage of start ups reach success. I have read that 90% of them all end in failure.

More than 95% actually in the next few years will end in failure. Especially in cryptoworld where to find money is much easier. I also bought tezos on the ICO and I'm not so optimistic about situation. Technology could be good but these people looks like scammers.

[Raegorl]

Every day that goes by, the smaller the odds of the investors getting their money back (or profitting) is. I hope we can take some good stuff from this Tezos fiasco though, and that we as a community can gravitate towards a better ICO model in the near future.

[BenjaminFranklingwould]

Every day that goes by, the smaller the odds of the investors getting their money back (or profitting) is. I hope we can take some good stuff from this Tezos fiasco though, and that we as a community can gravitate towards a better ICO model in the near future.

That wasn't really bad ICO overall. Too much hype probably but overall locking the investments for few months is not bad idea. Because investors buying it not only speculators.

[rezha82]

this makes me very angry, because with events like this will make the investors will be discouraged in his work and hopefully the CIA immediately arrested the perpetrator. so as not to happen again like this again.

[chomcv]

this makes me very angry, because with events like this will make the investors will be discouraged in his work and hopefully the CIA immediately arrested the perpetrator. so as not to happen again like this again.

same here, 20 eth in this scam project  my mistake invested to ico