Mayor of Zug calls Tezos ICO a flop

As no Tezzies have been issued, their value is zero. Well… he might not see the big picture and the fact that everyone (hopefully) knew from the very beginning that: without the Tezos network going live no Tezzies and hence no return. Future prices tell a different story…however, Tezos is a foundation based in Zug and the mayor might have insider knowledge. Lets hope he’s just bullshitting… Hail Tezos.

I have little understanding of English, but the language of this link is useless to me. Pls can someone read it out aloud in English?

Zug makes headlines worldwide as the Crypto Valley. According to Mayor Dolfi Müller, everything started with a student who told the city council the Blockchain.

The city of Zug has missed a completely new image within three years. As the center of Zug’s “Crypto Valley”, the sea community is spearheading the global crypto-economy. City President Dolfi Müller told in an interview with «n-tv» from the beginning.

“It was as if a UFO with the Blockchain landed in Zug in 2014,” says Müller. The first startups came to Zug. He and his four city council colleagues wanted to know how Bitcoin and blockchain technology work.

The dynamics are crucial

“A student explained it to us,” continues Müller. At lunch they had the idea to accept payment in Bitcoin. So much for the beginnings of “Crypto Valley”. According to the mayor, Zug is not about Bitcoin and the wine merchant or dentist you can pay with the cryptocurrency.

“It’s all about the trappings, the dynamics”, says Müller. The experiment has unleashed a technological avalanche, from the self-driving SBB bus to the recently introduced digital identity based on blockchain technology. “I’m the first to have such an e-passport,” says Müller.

Zug specialty: Blockchain

Zug can only inspire people if the city offers performance that has benefited. “Our Zug specialty is the blockchain,” announces the mayor. The city has no major strategies or a generalstabstes location policy.

The secret of success: “The whole thing is mainly organized privately,” said SP representative Müller, and called the investment company Lakeside Partners, which stands out particularly.

Cash worse than Bitcoin

On the risks of this “laisser faire” policy and possible black sheep, which also settle in the “Crypto Valley”, says Müller: "Wherever it comes to money, speculation and volatile currencies, it is interesting for black sheep. But they can turn everything into something negative. "But cash is the worst thing and attracts more criminals than Bitcoin.

But Müller does not want to deny that in the course of the boom in the “Crypto Valley” has come to problems and quarrels. The flop of the Tezos ICO, which was filed in a class action suit against the initiators, is called Müller “Knatsch”.

Tezos ICO already worth 650 million dollars

As reported, Tezos raised more than $ 232 million from investors through a foundation last July. The Foundation used the initiators, the US couple Andrew and Kathleen Breitman to circumvent possible regulatory issues.

According to Müller, the Bitcoin and Ether, which have swapped the investors in the planned Tezzie, now worth 650 million dollars . “Unfortunately, the equivalent in Tezzies is now zero dollars because the founders never spent Tezzie,” says Müller.

He did not want to downplay this. "But the people I know here in the scene are, on the whole, idealistically motivated. It’s not about the purse.

1 Like

Sincerely this man - the Mayor - is speaking from his own point of view. The network isn’t launched and tezzies can’t be spent and neither will they worth anything until sometime after launch. Thank you @drake for interpreting the text.

"Mayor of Zug calls Tezos ICO a flop"
Was what you posted! Is it exactly the same meaning with:

???
English teachers and speakers, please is there any difference (reflecting on the context within which the phrase was used)? Assuming the interpreted version as posted by @drake is correct. (meanwhile, tezos futures jumped up to $2.4 HitBTC

Knatsch means trouble, which is what Muller says about the lawsuit. “The flop of the Tezos ICO” don’t appear to be Muller’s words but rather the words of the article author. So I think the OP’s title to this thread is misleading.

Its true, the word “flop” comes probably rather from the journalist’s pen. But look guys: i believe neither the mayor nor the journalist fully get the big picture. The mayor sais that most of the blockchain ppl he knows are idealistically motivated… well, that is currently not representative for the whole community. Plenty of crying babies who complain that they cant flip their Tezzies today. And oh, we have a new leader of Tezos. Or who the fuck is Andrew Breitman?