Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out
I had been following Tezos closely since November and was really excited about the ICO. But it became incredibly apparent that the Breitmans were dishonest.<p>Firstly, the compensation structure was ludicrous. Many people were upset about an uncapped ICO -- I thought this was fine, until it became apparent that they would make hundreds of millions of dollars IMMEDIATELY. They have absolutely no incentive to continue the product or work another day in their lives. A huge portion of their new found wealth doesn&#x27;t have a vesting period or depend on any tangible benchmarks.<p>Secondly, the background of Tezos is completely revised and modified according to their whims. They claim they had a large team working on the project for 4-5 years full-time. Even a cursory glance exposes that one person worked on Tezos while working full time for a major bank and that the team grew insignificantly 6-12 months before ICO. They even changed their LinkedIn profiles to revert this history.<p>Lastly, both Arthur and his wife are completely inept socially, or knew they would get rich enough to not give a fuck. I&#x27;m not one to judge a person, but its certainly not ideal as a manager and figure-head of a billion dollar project. I didn&#x27;t even think it mattered until I heard they were incredibly rude to just about everyone in their Slack channel asking the most innocuous questions. I thought it must have been one bad experience. I joined the channel and the very first few words I spoke were met by flaming from Arthur himself. Not a couple hours later, he&#x27;s raging on another person in the chat room at a time when there might be 100 messages&#x2F;week. Every interaction he had over the next week oscillated between flaming and get rich memes. Later they would delete channel history and eventually shut them down completely under the guise of &quot;preventing fishing attempts&quot;, though I never saw a suspicious link anywhere. Arthur stepped down as President because of these issues, but his wife did not fare much better (although I never interacted with her directly).<p>The ICO seemed worse than burning money. It would be like giving money to organized crime or the opposition party.<p>IMO they have no intention of delivering anything, except maybe to save face. If the past is any indication, they don&#x27;t give a shit about saving face either.