Messaging service Telegram, which has a 400-million user base, announced that the Telegram Open Network (TON) project would be discontinued after a lengthy battle with the US Securities and Exchange Commission (SEC).
In 2018, Telegram raised $1.7 billion from two private sales of Grams, cryptocurrency tokens which were designed to power Telegram Open Network after its launch.
Later, the US SEC brought legal action against Telegram, accusing the company of launching an unregistered securities sale.
A federal judge, according to Cointelegraph, issued in March a preliminary injunction barring the launch of the company’s TON platform: “The Court … finds that the delivery of Grams to the Initial Purchasers, who would resell them into the public market, represents a near certain risk of a future harm, namely the completion of a public distribution of a security without a registration statement. An injunction, prohibiting the delivery of Grams to the Initial Purchasers and thereby preventing the culmination of this ongoing violation, is appropriate and will be granted.”
Telegram appealed the judge’s March decision and promised to roll out the TON platform by April 2021, offering investors a $1.2 billion refund or 110% a year after launch, according to TechCrunch.
However, several weeks later, Pavel Durov wrote in a blog post that th US court made it impossible for the messaging service to continue development of Telegram Open Network.
“How? Imagine that several people put their money together to build a gold mine ¨C and to later split the gold that comes out of it,” he wrote. “Then a judge comes and says: ¡®These people invested in the gold mine because they were looking for profits. And they didn¡¯t want that gold for themselves, they wanted to sell it to other people. Because of this, they are not allowed to get the gold.¡¯”
“If this doesn¡¯t make sense to you, you are not alone ¨C but this is exactly what happened with TON (the mine) and Grams (the gold). A judge used this reasoning to rule that people should not be allowed to buy or sell Grams like they can buy or sell Bitcoins,” he added. “Perhaps even more paradoxically, the US court declared that Grams couldn’t be distributed not only in the United States, but globally. Why? Because, it said, a US citizen might find some way of accessing the TON platform after it launched. So, to prevent this, Grams shouldn¡¯t be allowed to be distributed anywhere in the world ¨C even if every other country on the planet seemed to be perfectly fine with TON.”
“Unfortunately, we ¨C the 96% of the world¡¯s population living elsewhere ¨C are dependent on decision makers elected by the 4% living in the US,” Durov added.
Durov referenced third-party efforts to launch independent versions of the TON blockchain, but said no Telegram employee is involved with these projects: “While networks based on the technology we built for TON may appear, we won¡¯t have any affiliation with them and are unlikely to ever support them in any way. So be careful, and don¡¯t let anyone mislead you.”
So far our investigation has been analytical. We have seen Plotinus acquire, one after another, the elements out of which his system has still to be constructed. The first step was to separate spirit from matter. They are respectively distinguished as principles of union and of division. The bodies given to us in experience are a combination of the two, a dispersion of form over an infinitely extended, infinitely divisible, infinitely changeful substratum. Our own souls, which at first seemed so absolutely self-identical, present, on examination, a similarly composite character. A fresh analysis results in the separation of Nous or Reason from the lower functions of conscious life. And we infer by analogy that the soul in Nature bears the same relation to a transcendent objective Nous. Nous is essentially pure self-consciousness, and from this self-consciousness the world of Ideas is developed. Properly speaking, Ideas are the sole reality: sensible forms are an image of them impressed on matter through the agency of the world-soul. But Nous, or the totality of Ideas, though high, is not the highest. All that has hitherto occupied us, Nature, Soul, and Reason, is316 pervaded by a fundamental unity, without which nothing could exist. But Soul is not herself this unity, nor is Reason. Self-consciousness, even in its purest expression, involves a duality of object and subject. The notion of Being is distinct from the notion of oneness. The principle represented by the latter, as the cause of all things, must itself transcend existence. At the same time, it is revealed to us by the fact of our own personal identity. To be united with oneself is to be united with the One. ¡°What?¡± She was strong, slender as she was, and she freed herself almost without effort. And yet he would not be warned. "Don't you love me?" he insisted, as though she had not already made it plain enough. 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Shorty became anxious about that letter from Sammy, and after much scheming and planning, he at last bethought himself of the expedient of having the Chief Clerk write an official letter to Sam Elkins, the postmaster and operator at Bean Blossom Creek Station, directing him to forward to Headquarters any communications addressed to Corp'l Elliott, 200th Ind. Vols., and keep this matter a military secret. "Well, I have stirred up a yaller-jacket's nest for sure," thought Shorty, rather tickled at the odds which were arrayed against him. "But I believe I kin handle 'em until either the train pulls out or the boys hear the ruction and come to my help." She felt that he would come¡ªhe would return to her in the reaction that swung him from Rose. But would she be able to keep him? She did not feel so sure of that¡ªfor that did not depend on her or on him, but on that mysterious force outside themselves with which they had both already struggled in vain. It was only lately that her longing for love and freedom had become a torment. Up till a year or two ago her desires had been merely wistful. Now a restless hunger gnawed at her heart, setting her continually searching after change and brightness. She had come to hate her household duties and the care of the little boys. She wanted to dance¡ªdance¡ªdance¡ªto dance at fairs and balls, to wear pretty clothes, and be admired and courted. Why should she not have these things? She was not so ugly as many girls who had them. It was cruel that she should never have been allowed to know a man, never allowed to enjoy herself or have her fling. Even the sons of the neighbouring farmers had been kept away from her¡ªby her father, greedy for her work. Tilly, by a lucky chance, had found a man, but lucky chances never came to Caro. She saw herself living out her life as a household drudge, dying an old maid, all coarsened by uncongenial work, all starved of love, all sick of, yet still hungry for, life. "And is this your present?¡ªWhat is your name?" "But, take care," said Margaret, "that you say not whom it is for." But Margaret was many minutes ere she could do more than kiss his hand, and wet it with her tears. At length, when her emotions of joy and surprise had in some degree subsided, she replied, that Holgrave was still living a villein at Sudley. HoMExiao77av
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