Tezos, the ICO that raised $230 million 3 months ago, is on the verge of imploding

www.reuters.com

This article is such a great read for so many reasons. Many smart people have been criticizing token sales like Tezos, which market complexity and technical jargon to retail investors who don't understand what they are investing into but don't want to miss out on the Next Big Thing. 

When this ICO took place, I didn't want to touch it with a ten foot pole. I couldn't put my finger on it, but it just didn't feel right - the website was too polished, there were too many interviews with large media outlets, there was too little real technical detail, and most importantly there were way too many people excited about making money and way too few dreaming about its potential for actual impact. 

Over time, I've found that the projects that are genuinely exciting - the ones that I love to read about because of the passion and potential in their founders and ecosystems - are the ones that perform best. Mostly, those projects are run by people who don't have experience speaking on panels, don't care about being on Forbes 30 under 30, and could never get a job at places like Goldman Sachs and Accenture (no offense intended). 

“For me and for a lot of people this is an investment. We are looking for a return,” Zhou said. “I don’t really care about” using the Tezos technology, he added.

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