Famous investor and director of Galaxy Digital Mike Novogratz claims that the Telegram team should spend time integrating with Bitcoin and stablecoins. And the idea of making another blockchain? Not bad, but not perfect.
In his recent Twitter post, Mike shares the view that Telegram could leverage its current audience of nearly 400 million users in a new way. Rather than go through the cloudy ICO model that is now struggling with the SEC, the Durov brothers could enable Bitcoin on their platform. The investor claims that the time has come to turn those Telegram users into 'consumers' at the same time. Everything Telegram needs to do: present an app for applause worthy of payment, compatible with Bitcoin and various other cryptos.
Telegram should enable $ btc and stable coins on their platform. We don't need another blockchain. We don't need another crypto. They have an awesome community of messaging users. Turn them into consumers now. https://t.co/isZRXG9FPN
– Michael Novogratz (@novogratz) April 30, 2020
Novogratz says this as the industry is full of blockchains and thousands of cryptocurrencies. Mining corporations love different business models. They mine several dozen shitcoins, offer fraudulent closed source apps, etc. All to download coins and winnings on reliable low volume local exchanges without KYC. Zero-profit cryptocurrencies always offer a low price per asset, but have a low barrier to entry. Some characters support shitcoins because they are associated with profitable (dangerously practical) developers or schemes.
Sometimes legitimate altcoins can cost a fraction of a cent. Please note that this does not mean that the coin is worth nothing. It is more a community sentiment and the price trend is to blame. In many cases, genuine coins win at the price and then lose. The problem is that bad coins do the same thing and it takes time to dig.
Novogratz says it all because many ‘OG’ investors like him are tired of useless coins. They want thousands of Bitcoin and Ethereum clones to disappear! Despite the fact that such coins provide greater awareness and experience. As in the case of the Durov brothers, therefore, negative feeling is something that the community expects less than nothing.
Sure, Novogratz has a talent for making money. He is a leader when it comes to brilliant investments and risk. However, TON does not look like a 'shitcoin'. Previous projects carried out by the Durov demonstrate the legitimacy of their code. The extensive TON blockchain white paper shows an unprecedented level of dedication. And TON investors show intention to support the Durov brothers. They may be losing the SEC legal battle, but their code is still very high quality.
Telegram offers investors 110% profit in 2021 or 72% now
The Durov brothers claim that the team will continue the battle with the SEC. According to the local Russian media outlet, the Bell, Telegram sent a letter to investors alleging that they need to choose between two options. The first will allow them to withdraw the funds immediately and receive 72% of the money invested in a very short time. Additionally, they can choose another option which is to wait another year and get a 110% return on GRAM tokens, cash or any other preferred currency on April 30, 2021.
Pavel Durov even showed the intention to sell a fraction of his shares in case the Telegram Open Network (TON) is not launched in a year. To pay investors with a 10% addition, Pavel is placing Telegram messenger as the bet.
Sergey Solonin, co-founder of Qiwi and one of the known investors, claims that the project has failed. However, he wants his $ 17 million investment to wait another year in Durov's pockets. However, he does not see any positive scenario for the TON case. But Solonin believes that the Durov brothers may have something up their sleeve.
Solonin is a notable Russian investor and entrepreneur. He is known for creating the QIWI payment service, investing in Mr. Freeman's Freeland project, and Vmeste ICO. The latter is a social project that turned into a fiasco, according to the post by Pavel Novikov and Alex Gryatskikh, two notable Russian crypto watchers.