Tezos ICO Controversy and Team
During an uncapped ICO that went for 20 days, $232 million dollars were invested in Tezos'. Husband and wife, and co-founders, Arthur Breitman and Kathleen Breitman had brought a lot of attention to their cryptocurrency. At the time it was a record breaking ICO. The expectation wasn't that they would mine the genesis block right away so investors were prepared to wait for their returns.
In the coming days it was announced that Arthur and Kathleen Breitman had set about ousting the head of the foundation, a man named Johann Gevers, demanding he give up the reigns of the foundation.
The irony that a cryptocurrency designed to decentralise governance has potentially been undone by a disagreement between founders is poetic, but investors aren’t seeing the funny side. The foundation was supposed to be independent. hundreds of millions worth of Bitcoin and Ether are tied up in the foundations. The Breitmans still control the Tezos source code through a Delaware company.
I think that Tezos received way more money in funding than it would/should have in a normal market. The ICO bubble put over 200 million dollars in the hands of a nameless team that weren't even close to a finished product.
Should I Invest In Tezos?
Surprisingly things are looking up. In early February, Grevers announced that he was stepping down as head of the foundation It remains to be seen if he will follow through on this promise. A Medium article explaining why the foundation first started trying to remove Grevers days paint a bleak story of his character. It is co-authored by James Hogan, former EVP Engineering at PayPal, and Patri Friedman, software engineer at Google and financial backers of Tezos.
The article, and a large portion of the committee are calling for the Tezos foundations to publicly deferring leadership of the Tezos project to the T2 Foundation, and fund the T2 Foundation at sufficient levels to significantly advance both organizations’ shared mission.
If the T2 Foundation does manage to reclaim Tezos it is possible they might mine the first block and start building their network. General sentiment among the community is rallied behind the competent T2 foundation but it seems like all they really want is progress.
If, and this is a big if, the new community, or the old community without Grevers manages to put those funds to go use Tezos has a shot at bringing their hundred million dollar idea to fruition. Read more about buying Tezos here