Telegram (TON) ICO: The latest updates and the BIG question!

So Telegram's ICO has raised $850 million in a pre-sale, from a long line of investors including some top Silicon Valley VCs who competed for room in the deal.

Now apparently they're planning a second pre-sale (source: https://www.theverge.com/2018/2/21/17037606/telegram-open-network-app-ico-cryptocurrency-ton?stream=top-stories).

This is all happening before there has even been a public ICO (side-note: Beware any scam sites that claim the contrary - I've seen at least one very convincing phishing site, that I won't share here for obvious reasons. Be careful out there!)

The investors who are rushing into this ICO apparently don't mind that many blockchain pros have doubts about Telegram's claims regarding the technology, specifically far-reaching claims about scalability. I say "claims", because even with a 132-pages-strong whitepaper, that's all we have for now - we have no source code or details of an implementation. See for instance: https://ethresear.ch/t/telegram-sharding/595/13, https://tokeneconomy.co/a-ton-of-crap-b1e264c36802.

Nobody knows how much due diligence was performed by those investors, and specifically the Venture Capital funds (VCs) who invested in the pre-sale. Did the VCs perform the same due diligence process they do for regular venture capital deals? If not, is there any rationale behind this? For instance, perhaps those VCs are okay with less certainty because tokens are more liquid than their other investments. However, it seems more likely that the VCs just want "in on the crypto wave" and see this ICO as a good opportunity to do this.

What do you guys think? Is the Telegram ICO the huge opportunity these investors think it is, or is it going to disappoint? Will Telegram deliver on their lofty tech promises? Let's discuss in the comment!