1/ @telegram chose, from a place of strength, to use a #cryptoasset as their monetization model, instead of an equity.
2/ @telegram's *choice* to say: #cryptoasset > #equity, is the single most important takeaway for me from the $TON sale.
4/ @telegram now has an opportunity to prove to the world that a #cryptoasset is a more efficient monetization model than equity for information networks.
5/ And *a lot* of solid entrepreneurs will be watching how this choice of #cryptoasset > #equity will play out, especially given the aura of respect around @telegram's team over the years.
6/ Most prior examples of injecting a #cryptoasset into an existing centrally operated "app" have come as a result of suffocating under the equity monetization model (@Kik, @YouNow, etc). @telegram never had an equity monetization model to begin with.
7/ Many have asked why we didn't invest in $TON if we find the project fascinating, w/ a reasonably high chance of success. Good projects @ questionable prices (or in dicey markets) don't always make good investments. In #crypto we have the liberty of waiting, even though a VC 🙂
