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At the start of 2018, the company attempted to launch an Initial Coin Offering (ICO) which would enable it to enable payments (and earn the cash that comes from doing so). The initial signals were promising, especially given Telegram’s user base is already fairly crypto-savvy. It raised an initial tranche of cash – worth more than a billion dollars – to help develop the coin before opening sales to the public. Unfortunately, third-party sales of coins bought in those initial fundraising rounds raised the ire of the SEC, which brought the hammer down on the whole operation. In 2020, officials ordered Telegram to pay a fine of $18.5 million and hand back much of the cash that it had raised. Oh no. There’s a certain degree of myth-making around what exactly went on, so take everything that follows lightly. Telegram was originally launched as a side project by the Durov brothers, with Nikolai handling the coding and Pavel as CEO, while both were at VK. "The argument from Telegram is, 'You should trust us because we tell you that we're trustworthy,'" Maréchal said. "It's really in the eye of the beholder whether that's something you want to buy into." In addition, Telegram's architecture limits the ability to slow the spread of false information: the lack of a central public feed, and the fact that comments are easily disabled in channels, reduce the space for public pushback. "There are a lot of things that Telegram could have been doing this whole time. And they know exactly what they are and they've chosen not to do them. That's why I don't trust them," she said.
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Physics Galaxy WorldLearning Universe for Physics Enthusiasts by Ashish Arora

Physics Galaxy World
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Created: 2023-09-16

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