Telegram abandons TON

[yazher]

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.

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[Psynthax]

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?

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.

[InwardContour]

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.

[Saisher]

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?

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.

[Drai]

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!

[hatshepsut93]

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.

[doctor877]

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.

[iv4n]

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

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!

[qazgroup]

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.

[nicecrypto]

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.

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.

[hassancisse]

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

[shollyen]

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.

[forexandcryptoauditor]

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.

[jacafbiz]

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

[TimeTeller]

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.

[timmmers]

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.

[vycl87]

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.

[bitkanu]

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.

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.

[swivel1983@gmail.com]

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.

[HunterUnchained]

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?