Telegram Open Network is (finally) officially abandoned.

[rekter 8129]

Most of you know that telegram raised 1.7 billion and SEC had to delay the launch of the coin because it was considered as unregulated and illegal securities offering.

Many scammers were still selling coins as IOU to the end even though it was never clear that TON would launch. Investors were paid back at the end of the April. At this point it should have been clear that there's no way this is going to lauch. My guess is that Libra's shares TON's fate as well, Facebook will have more money to fight it in courts longer, but i can't see it to get passed.

 

Why this is actually good news:

 

This shows why being regulatory compliant is very important for icos/ieos. 

It also shows the importance of highly decentralized and permissionless blockchains. After Libra fails next, people will turn to bitcoin and start asking themselves that "How is this then still running? If facebook can't do this, that means Bitcoin is stronger then Facebook." And hopefully most people will realize why decentralization is important.

 

Source: https://decrypt.co/28597/telegram-open-network-project-abandoned

Edited May 13, 2020 by rekter

[bitcoinb 1359]

I heard about it, so sad news. I bought  GRAM through Liquid (the japanese exchange) in 2019. My funds were returned to my account in october.

I HATE THE SEC (Securities and Exchange Commission).

[rekter 8129]

54 minutes ago, deboprotap said:

Your information are valuable and true.thanks for staying us updated about recent telegram facts.but i want to say one thing about libra ,that is libra is not a crypto.Also it is a stable coin launched by facebook.Because of some regulatory reasons they cannot launch it.So we should not compare it with bitcoin

Yeah, i kinda agree, Libra has nothing to do with permissionless cryptocurrencies like bitcoin. It was trying to be more like a centralized corporate bank with "smart money", but same goes for usdt except Libra would be pegged to basket of different commodities and currencies instead of just one of them.

[ETheHedgehog 3104]

what did Facebook do with Libra to get sued as well? and well hopefully people start getting more aware of this and don't fall for scams

[Saj555 2250]

5 hours ago, rekter said:

Most of you know that telegram raised 1.7 billion and SEC had to delay the launch of the coin because it was considered as unregulated and illegal securities offering.

Many scammers were still selling coins as IOU to the end even though it was never clear that TON would launch. Investors were paid back at the end of the April. At this point it should have been clear that there's no way this is going to lauch. My guess is that Libra's shares TON's fate as well, Facebook will have more money to fight it in courts longer, but i can't see it to get passed.

 

Why this is actually good news:

 

This shows why being regulatory compliant is very important for icos/ieos. 

It also shows the importance of highly decentralized and permissionless blockchains. After Libra fails next, people will turn to bitcoin and start asking themselves that "How is this then still running? If facebook can't do this, that means Bitcoin is stronger then Facebook." And hopefully most people will realize why decentralization is important.

 

Source: https://decrypt.co/28597/telegram-open-network-project-abandoned

Thank you for letting us know about it. I had no idea about what this is. But now I can actually relate to this. And i guess that centralised currencies are quite abnormal and untrustworthy for the users. Because they are controlled by some authority and if the authority gets confused for some reasons then it gets also in provlems. 

[malik6314193 5449]

Libra can't overcome the bitcoin. Bitcoin is most powerful crypto coin over the crypto market. And as you say that if it happens then bitcoin will be more popular. And more people will join blockchain technology. 

[MCSGlegend 2210]

I do not think that Libra will officially have the same story as Pavel Durov's ton, because Zuckerberg will do everything to get the government to allow him to launch his project, and Durov did not agree to it. Decentralization is important, but the cryptocurrency as needed and centralized coins.

[rekter 8129]

26 minutes ago, Nicer216 said:

Sad news, such as Tron cryptocurrency in my opinion was a good project, such as I earned from trading it some dollars, and guess that price of it will surely increase in the future, but unfortunately it was adandoned 

This has absolutely nothing to do with Tron. Please read the topic and the linked article before commenting.

51 minutes ago, MCSGlegend said:

I do not think that Libra will officially have the same story as Pavel Durov's ton, because Zuckerberg will do everything to get the government to allow him to launch his project, and Durov did not agree to it. Decentralization is important, but the cryptocurrency as needed and centralized coins.

Libra is whole another case, TON got in trouble for the way they raised money. Fear with Libra on the other hand is that it could become either this shadow banking service or a surveillance tool.

[nykas 2812]

I think that it`s bad news for crypto community, because this project was promising. But I think that there will be another big projects which decisive for crypto industry. Even ToN can try again 

[Crypto123 0]

Thank you my friend, this is really good news. Companies and governments must realize that the time for centralization is over. Now a new time must begin, which is the age of decentralization and control. This fact has become clear and cannot be ignored. They will have to accept that either now or in the future.

[BTC Future 3946]

To be honest I didn't expect the SEC to has so much power on telegram. I mean they are Russian based aren't they? Must have been that all these private-sale funds were coming from the US, can't explain it otherwise. All that money they've gathered from private-sales in a period where no new cryptocurrency manages 1% of it, meant that there were plans of using the coin widely. 

Edited May 13, 2020 by BTC Future

[magd 5231]

This means that people who have purchased a Gram or any other currency in a Telegram have lost the price of the currencies or must wait until these new cryptocurrencies are launched and in all cases I do not think that this currency will have strength in the crypto market

[kyoukage01 3181]

On 5/13/2020 at 5:55 PM, rekter said:

This shows why being regulatory compliant is very important for icos/ieos. 

It also shows the importance of highly decentralized and permissionless blockchains. After Libra fails next, people will turn to bitcoin and start asking themselves that "How is this then still running? If facebook can't do this, that means Bitcoin is stronger then Facebook." And hopefully most people will realize why decentralization is important.

It also shows what will happen when someone decided to introduce an innovation while playing by the rules of the old establishments. Resistances are to be expected, and if nothing is to be done about it, then a project is bound to fail, no matter how good the concept is on paper. No wonder the creator of Bitcoin decided to go 'underground'. If Bitcoin has gone through "'normal' channels" to gain acceptance, then governments and banks would have tried to block its implementation.

 

Edited May 15, 2020 by kyoukage01

[Upright 2688]

As of the pressure and usage of this coin if the Ton telegram open network was scrutinized, by the United States security and exchange commission, as of the public appreance of the network Coin, as the same date is kind of following the libra stare also

[NevermindNe 549]

I think that Libra is waiting for the same fate, Durov, who has a lot of money for lawyers like Zuckerberg . He did not get to release his project. Libra will only be accepted if they compromise.

[gourav789 2834]

On 5/13/2020 at 7:24 PM, deboprotap said:

Your information are valuable and true.thanks for staying us updated about recent telegram facts.but i want to say one thing about libra ,that is libra is not a crypto.Also it is a stable coin launched by facebook.Because of some regulatory reasons they cannot launch it.So we should not compare it with bitcoin

i also agree with you , Libra is like a stable coin in market we can say like USD , Usdt etc . everybody is think that they can make a good profit by it but this isn't real fact . hopefully we see Libra soon in market also .

[Honny143 13612]

Telegram is scammers hub then I can't understand how the coin gram is safe in this platform, and how much secure their users  because normal users not secure, and I don't think  Libra project is stop because present Libra face so many problems, some big companies leave this project that's why Libra project in trouble, but I believe zuckerbarg launched their Libra coin in any condition.

[Whited35 15285]

It has shown the clear scenario for the importance of decentralized cryptocurrency like Bitcoin. I think Telegram is now no longer launching TON in the near future. I can not say anything about the LIBRA project but if it again fails, which will be indication that Bitcoin is more powerful than any sort of centralized projects. 

[Zues 1069]

On 5/13/2020 at 11:38 PM, malik6314193 said:

Libra can't overcome the bitcoin. Bitcoin is most powerful crypto coin over the crypto market. And as you say that if it happens then bitcoin will be more popular. And more people will join blockchain technology. 

YEs I think that you are right about bitcoin and I also think that bitcoin will continue to dominate because cryptocurrencies is everything and bitcoin is like the dominator so I think that it will not be easy to fight bitcoin 

[pablomarwan 3082]

Recently promoted about some things related to the telegram. However, it contributes to the publication of suspicious and fraudulent works, and everything that has been obtained sends to the TON platform, this has problems with the security authorities of the electronic network regarding this matter. This news is not reliable, but this made the telegram fall into disappointments, and this project will be delayed slightly

[kyoukage01 3181]

I just found another article that is related to this topic.

https://www.forbes.com/sites/billybambrough/2020/05/17/the-us-just-destroyed-a-potential-dollar-rival-is-bitcoin-next/#78bc9fac78b5

 

And now I just realized the reason on probably why Adam Back has to go to great lengths to deny Satoshi Nakamoto as his alter ego, as discussed in another topic. He probably don't want his Blockstream to share the same fate as TON having been being ignominiously shut down. And on the (possibly) unlikely chance that the two are indeed the same person, he and his assets might be gutted out alive, and Bitcoin itself might be in danger.

 

Similar companies that has created altcoins might now also be in danger. Highly decentralized crypto are proving themselves resistant to censorship, which any new crypto projects must consider; since it is implied in the article link I gave that the US has already been active in stamping out crypto projects that can be prosecuted. TON's failure and Libra's potential failure in the future would indeed be a sober lesson to learn.

 

[Michael0606 861]

Incredible in what this project became with quite a future, and now it is a total failure and apart it is a scam tool by the scammers of the web, that's why we must have our own research to avoid falling into this type of thing.

[Zaino34 0]

I think they are still developing their projects so that it will be a successful project upon launch and it will not be just a worthless currency, but in spite of that, the bitcoin currency will remain the best among all digital currencies.

[Rezort 846]

I don't think that abandonment of telegram open network is a good thing actually because I trust telegram as a social platform, and I thought ton would have big capitalization.

[bentayebsalah 2280]

This is positive news on the one hand and negative on the other hand since the Telegram temporarily stopped launching its own coin