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/
