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> So... do Telegram's tokens grant you some definite share of their future profits? Effectively, yes. People who buy these contracts are funding the developmen
by DiogenesKynikos 7y ago
> So... do Telegram's tokens grant you some definite share of their future profits?
Effectively, yes. People who buy these contracts are funding the development of the TON Network. The promised reward is in the form of digital coins on that yet-to-be-developed network. The contract only pays off if Telegram's development succeeds. It's effectively an investment in Telegram.
- snagglegaggle 7y agoSo it sounds like a kickstarter. Does the SEC regulate those? Realize the IRS has ruled cryptocurrency isn't any different than property. It looks like they claim they are allowed to (https://www.sec.gov/smallbusiness/exemptofferings/regcrowdfunding https://www.sec.gov/smallbusiness/exemptofferings/regcrowdfu...) but at the same time in various businesses it is normal to take the money before a thing is built, that's just usually how it has to work.
- theamk 7y agoIf someone would make a kickstarter that'd promise money returns, then yes, SEC would get involved.
- snagglegaggle 7y agoYeah, and Telegram doesn't promise any return as far as I can tell.
- DiogenesKynikos 7y agoTelegram promises Grams (digital coins), to be delivered once the TON network is operational. Telegram even projects what the price of a Gram will be on the market. This is a vehicle for investing in Telegram's business. If you buy this contract, you're giving Telegram money, which they promise to use to develop a new service. They promise to give you a cut of the value created by that new service. This is very much like a stock offering.
- cortesoft 7y agoKickstarter doesn't give any money back to funders; they get a pre-defined good based on how much they give. There is no reasonable expectation of profit for people funding via Kickstarter.