Catch up on stories from the past week (and beyond) at the Slashdot story archive

 


Forgot your password?
Close
typodupeerror
×
The Almighty Buck

Telegram Will Launch Its Gram Cryptocurrency By October 31 Or Bust (theverge.com) 28

Posted by msmash from the up-next dept.
Telegram's cryptocurrency -- the Gram -- may be going public after all. The encrypted messaging app company plans to deliver "the first batches" of the coin in the next two months, according to a report at The New York Times. From a report: The last time we reported on the Gram, it was to note that Telegram was canceling its initial coin offering (ICO), so the news may come as a bit of a surprise unless you've been following Telegram and cryptocurrency closely. But if you have, you've probably heard a rumor that Telegram has a hard deadline to make it happen: if it doesn't deliver by October 31st, it legally forfeits the $1.7 billion it raised to make those coins a reality. That October 31st deadline is real, according to legal documents reviewed by the Times, so the company's trying to make those coins real, too, and as quickly as possible.
This discussion has been archived. No new comments can be posted.

Telegram Will Launch Its Gram Cryptocurrency By October 31 Or Bust More

Telegram Will Launch Its Gram Cryptocurrency By October 31 Or Bust

Comments Filter:

  • How many grams per gram, gran? Grand!

  • Let the speculation begin!

  • a Gram is better than a damn?

  • Controlled crypto != Bitcoin and alike (Score:5, Insightful)

    by JcMorin ( 930466 ) on Wednesday August 28, 2019 @12:48PM (#59133540)
    The currency will be 100% controlled by Telegram. They will be no mining, they will issue as much as they want They will be able to freeze / close account Don't be fool, this is no different than any university project by replacing username/password with a crypto signature. Why Bitcoin is impressive tech is because there is no issuer, no middle man and no authority. The gram will have none of those properties.

    • It is equivalent to using gift cards as currency. Utterly ridiculous. We can "invest" or money in nearly anything else and expect a higher average return on investment.

    • One of the wonderful things about Bitcoin is that, yes, indeed, there is no authority.

      One of the worst things about Bitcoin is that, yes, indeed, there is no authority.

      Did you lose your keys? Those coins are locked up, forever. Did someone steal your coins? You can never get them back. Did you transfer coins as part of a scam? That transaction cannot be reversed.

      A banking system with an authority overseeing things does have its issues, but the the inability to correct problems is even worse.

      • Re: (Score:2)

        by JcMorin ( 930466 )
        Same would be true for cash. Bitcoin intent to replace fiat cash with irrevocable paiement. Is that good? Time will tell! It's an experiment with very bold and interesting properties.

    • The currency will be 100% controlled by Telegram. They will be no mining, they will issue as much as they want They will be able to freeze / close account

      But it will be some time before Gram has the rock-solid reputation for fairness and trust that we have in PayPal. The Telegram users who will come to depend on it for trade with Taliban and ISIS will be quite willing to take it in its current form, though.

  • They're late, the X-on-the-blockchain hype has run it's course and there aren't any new suckers bringing actual money into the ICO market.

    • Telegram has established a strong presence in certain niches. It could catch on there. This sounds similar to the Facebook "coin", but it would be operating at a much smaller scale.

      • Libra was simply Paypall, but with crypto... a full reserve currency which tried to piggy back on the hands off regulation approach afforded existing crypto, at which they failed because they are seen as having helped Trump get elected. Making it finally kosher for the media to truly hate on them and making them an arch enemy of democrats.

        Gram is just an ICO scam.

        • Gram is just an ICO scam.
          Can't be a scam if it is not "promising returns of investment"

          It is a simply currency like PayPal..

          BTW: telegram has an extremely high reputation, I guess you have your brain in your pinky ...

          • Libra inlay would have gone to 1:1 reserves, it was intended to be a full reserve cryptocurrency.

            Gram inlay mostly goes to hookers and blo and a tiny percentage to funding development. It is meant to be an unbacked cryptocurrency. An ICO scam.

            Every ICO is a scam ... no exceptions.

    • I have yet to hear why I'd want to pay for Telegram features, much less use a "coin" to pay for it.

      IM products are a dime-a-dozen, and come an go every couple years. As soon as I have to pay for Telegram, I'm outta here for the next cool one.

      • The questions nobody in ICO-land can provide a satisfactory answer for: "Why should I choose to use this coin instead of venmo/paypal/credit card?"
        And then if the answer is something to do with them only accepting coinz, follow up with "Why shouldn't I choose to buy a similar product from someone else who accepts venmo/paypal/credit?"

        Bitcoin is impractical but I get the "stick it to The Man" ethos. Coins issued by a corporation to be used to buy their products... WTF? That's just a gift card.

    • but cryptocoin tards get in a tizzy when bitcoin or other major coin have yet another upside to the pump'n'dump cycle, so as long as that's happening in the next few months they're golden.

      of course at the moment bitcoin and related are in "bagholder" mode as the blow-up doll is deflating but I'm sure another round of "soak the n00bs" is coming

  • Why would you specifically name your new bullshit thing with an internationally-protected term from weights and measures? That seems like it's just asking for additional problems bringing it to market in any place that has weights and measures enforcement.

    • Re: (Score:2)

      by Empiric ( 675968 )

      Proverbs 20:10
      Differing weights and differing measures, Both of them are abominable to the LORD.

      Additional problems indeed...

    • because it's legal and you can trademark that word. you might be interested to know several disparate industries have companies that trademark that word, such as for granola based cracker and cigarette rolling paper, to name a couple out of a dozen

  • They want this really bad, so that's how they're going to get it. Therefore, I have no intention of using it.

  • With all mining controlled by Telegram, I don't see why this currency is any better than Beenz or Flooz.

    I personally would stay away from currencies peddled by any for-profit party of investing group, where they hand out the coins with no mining possible. When they throw money at something, someone is going to be losing big for them to win... and I fear it would be whomever uses their currency. I wouldn't be surprised if it becomes the only way for one to do financial trades over Facebook, similar to how

  • Why not use xrp/ripple? Is that not what it is supposed to be used for?

Slashdot Top Deals

As long as we're going to reinvent the wheel again, we might as well try making it round this time. - Mike Dennison

Close