I'll be waiting on the sidelines. Telegram has grown way beyond what is sustainable by just the founder's funding. It has also managed to avoid government scrutiny and any legal oversight by running behind a web of proxies and servers. While that has served it well for growth, it can't scale forever as infrastructure costs catch up.

My personal thesis has been to wait and watch as telegram is forced to either shut down or turn evil to raise enough money for their finances. They tried to stay away from fiat by launching <del>TRON</del> TON but that got shut down, and now they're asking for money in euros.

Once this ad program succeeds (it better do, telegram badly needs a revenue stream), it becomes a lynch-pin in telegram's model of success - their bank accounts are prone to seizure the next time a scandal blows up on telegram.

Edit: The ToS defines "Company" as "the legal entity which belongs to Telegram group of companies and has a right to enter the Agreement with the Advertiser for the Services". Sounds like they're extending the "hidden-hosting" to "hidden-shell-companies" as well. Would advertisers be okay entering an agreement with an unknown legal entity?