The Tezos issue

[HonestSurfer]

Hi guys, those who have invested in Tezos, what is your current take on the situation?

Do you support the class actions and arguments / claims?

Will you join the class actions in the US?

If you are not US citizens / US based "investors", and want to get the "refund", what will you do?

[ArsenalUnicorn]

http://www.tezos.help/community-press-release.html

The Story and Voice of the Tezos Community

Explains a lot. Please share it far and wide!

[Invest-or]

http://www.tezos.help/community-press-release.html

The Story and Voice of the Tezos Community

Explains a lot. Please share it far and wide!

Would you like to share some detail in here please? It is case to learn for future investments.

[Alex_nutis]

Hi guys, those who have invested in Tezos, what is your current take on the situation?

Do you support the class actions and arguments / claims?

Will you join the class actions in the US?

If you are not US citizens / US based "investors", and want to get the "refund", what will you do?

I do not know what can be done in this situation. I wrote to Tezos and received the following response:
Hello,
First, I must inform you one would have been making a contribution in a fundraiser (not ICO) for a Swiss foundation, not purchasing tokens, buying shares, stock, etc. The foundation will recommend allocation of tokens in the genesis block based on contributions.
The Tezos network is aiming to be ready to launch in February though be advised that delays in software development can occur.
All the best.

[HonestSurfer]

http://www.tezos.help/community-press-release.html

The Story and Voice of the Tezos Community

Explains a lot. Please share it far and wide!

I just read this link - but it does not explain anything for the Tezos investors. This petition is useless, like a tiger without teeth.

The question is what can investors do to either
A) know the project will continue as planned or
B) get the f**** money (eth) back.

It is obvious that:
- Arthur and Kathleen have no power to replace Gevers,
- Gevers has all the raised funds under control
- Foundation (led by Gevers) will most likely not easily buy the Tezos software from Arthur & Kathleen (due to dispute)
- Tezos project cannot be developed without the funds

Since A) is most likely not happening, plan B) in the form of a legal shitstorm is approaching.

Lots of people are joining class actions in the US. There are currently 4 (!) pending class actions.

I assume outside of US there could be similar lawsuits popping up, perhaps on the basis of breach of securities regulation (like in US) or general tort / contract breach (more likely in EU).

Meanwhile some folks are playing with the "futures" market for tezzies on the HitBTC exchange - which I assume can only additionally hurt ill-informed investors.

What will you guys do? Sue? Wait? Would you demand refund if you could?

[Invest-or]

Hi guys, those who have invested in Tezos, what is your current take on the situation?

Do you support the class actions and arguments / claims?

Will you join the class actions in the US?

If you are not US citizens / US based "investors", and want to get the "refund", what will you do?

I do not know what can be done in this situation. I wrote to Tezos and received the following response:
Hello,
First, I must inform you one would have been making a contribution in a fundraiser (not ICO) for a Swiss foundation, not purchasing tokens, buying shares, stock, etc. The foundation will recommend allocation of tokens in the genesis block based on contributions.
The Tezos network is aiming to be ready to launch in February though be advised that delays in software development can occur.
All the best.

Yep, so basically you have been tricked into giving money to a charitable project ... and I thought that I had seen everything

[HonestSurfer]

Hi guys, those who have invested in Tezos, what is your current take on the situation?

Do you support the class actions and arguments / claims?

Will you join the class actions in the US?

If you are not US citizens / US based "investors", and want to get the "refund", what will you do?

I do not know what can be done in this situation. I wrote to Tezos and received the following response:
Hello,
First, I must inform you one would have been making a contribution in a fundraiser (not ICO) for a Swiss foundation, not purchasing tokens, buying shares, stock, etc. The foundation will recommend allocation of tokens in the genesis block based on contributions.
The Tezos network is aiming to be ready to launch in February though be advised that delays in software development can occur.
All the best.

Thanks for sharing!

Seems like a pretty weak response from the Tezos team to me. It is obvious they have no clue what comes next.

I have this weird feeling they will somehow pay (aka "settle" with) Gevers for millions just to make him leave.

But that wont keep away all the lawsuits. Even if they win the lawsuits, the costs and complexity of it all can substantially impact the whole thing.

I see serious lack of leadership here.