Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and seeking to replace Ethereum with a $1.2 billion ICO. To be clear, the Telegram app is great engineering made by a legitimate team out of Russia. But, this just smells very funny to me - the biggest red flag being the insane amount of money they're looking to raise. The Ethereum Foundation raised $20 million in Bitcoin, and look at what they've been able to accomplish! Techcrunch is out with a deep-dive exclusive piece on Telegram, which reminds me of a similar Techcrunch article about another Ethereum-killer project that raised $ hundreds of millions this past summer and is currently floundering.