https://np.reddit.com/r/ethtrader/comments/6am251/what_are_everyones_thoughts_on_tezos_coinss_ico/dhhemcg/

I wrote about this at length after "beta"ing governance in Tezos by interacting with the principals.  There are many flaws and it starts with the people involved, a structure which could turn it into a chain dominated by billionaires and captive to a small cabal, and it ends with the uncapped ICO structure which will ensure bad returns for ICO investors but far worse, be the first time where the founders will cash out in actual cash not just tokens.  Founders are paying them 8% of the raise in cash, plus 10% of the tokens.  So if they raise $200-300mm as expected, the founders will have $20-30mm in tokens AND $16-24mm in cash.  They will be extremely wealthy even if Tezos fails to ever matter.   If Tezos becomes as big as Ethereum is today, the founders will be worth $3 billion dollars.

 They have also called me a "liar" in public, which is not very cool, but I can handle that.  I am not the one about to pocket $50mm off an ICO so you can weigh my opinion vs theirs in terms of incentives.