SYS-CON MEDIA Authors: Liz McMillan, Elizabeth White, Pat Romanski, Jason Bloomberg, Dana Gardner

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ICOs gone wild? Messaging app Telegram raises $850M in pre-coin offering

By Duncan Riley

Analyst Jason Bloomberg on Forbes called the ICO a “scam among cryptocurrency scams,” arguing that the fundraising by Telegram is nothing more than an attempt by a company with zero revenue to continue trading. “Telegram has no viable business model, as it makes no money – on purpose,” before adding that founder Pavel Durov currently “covers all of its expenses out of his own pocket.”

“It really felt like it was one of these startups that’s burning through cash and needs a way to bring money in to keep funding their operations,” Travis Scher, vice president of investments at Digital Currency Group, told Bloomberg. Over at CNBC, Scher added that “you could see how people would say this one checks all the boxes — amazing team, a market set up for them and a good product,” but “the numbers are totally out of whack.”

Read the entire article at https://siliconangle.com/blog/2018/02/18/telegram-raises-850m-pre-initial-coin-offering-not-everyone-impressed/

Read the original blog entry...

More Stories By Jason Bloomberg

Jason Bloomberg is a leading IT industry analyst, Forbes contributor, keynote speaker, and globally recognized expert on multiple disruptive trends in enterprise technology and digital transformation. He is ranked #5 on Onalytica’s list of top Digital Transformation influencers for 2018 and #15 on Jax’s list of top DevOps influencers for 2017, the only person to appear on both lists.

As founder and president of Agile Digital Transformation analyst firm Intellyx, he advises, writes, and speaks on a diverse set of topics, including digital transformation, artificial intelligence, cloud computing, devops, big data/analytics, cybersecurity, blockchain/bitcoin/cryptocurrency, no-code/low-code platforms and tools, organizational transformation, internet of things, enterprise architecture, SD-WAN/SDX, mainframes, hybrid IT, and legacy transformation, among other topics.

Mr. Bloomberg’s articles in Forbes are often viewed by more than 100,000 readers. During his career, he has published over 1,200 articles (over 200 for Forbes alone), spoken at over 400 conferences and webinars, and he has been quoted in the press and blogosphere over 2,000 times.

Mr. Bloomberg is the author or coauthor of four books: The Agile Architecture Revolution (Wiley, 2013), Service Orient or Be Doomed! How Service Orientation Will Change Your Business (Wiley, 2006), XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996). His next book, Agile Digital Transformation, is due within the next year.

At SOA-focused industry analyst firm ZapThink from 2001 to 2013, Mr. Bloomberg created and delivered the Licensed ZapThink Architect (LZA) Service-Oriented Architecture (SOA) course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, which was acquired by Dovel Technologies in 2011.

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting), and several software and web development positions.

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