When you know enough rich people, you can raise a lot of money on a PDF of promises.
With all the money Tezos has, they're probably going to do what Theranos did with Walgreens: pay their way into a fancy big partnership that gives the impression that there's something actually going on.
- They raised from the public
- Founder comp tied to release of a product that works
- They are focused on making a product that works, not on optical theatrics (in fact one of their biggest weaknesses is they've been horrible at optics)
Not quite right. They raised from their own investors and the public, which may be part of the problem.
If their own investors bought into their own ICO to "seed" it, which tricked the public into thinking there was genuine demand, that might constitute fraud.
Some of them without even making money... actually loosing money!
The difference between a biotech startup and many ICOs is that the former typically has years of validated and peer-reviewed scientific research backing up the hope of eventually having a product.
Is bad optics the new 'fake news' because it seems like the Breitmans have been focused on who controls the billion dollars they have.
Who decides what is a "product that works"?
It's even more absurd because Tezos was one of the few ICOs that had some actual technology, not just PR technobabble.