Hey Jan, you are definitely right and make some very valid points. I don’t think the uncapped ICO is a good idea. This is a big problem with ICOs in general right now, in that they are currently raising far more money than is necessary. Tezos is most definitely raising far more money than it needs right now for development purposes. I will say however, that Arthur and Kathleen Breitman have been dedicatedly working on this project for almost three years now, and I personally don’t think they are the type to try to do a major exit scam.
And yes, I definitely agree with you. The foundation should set a cap on how much they actually need for development, and any extra money raised should be burned. Proof of Burn does seem to be the best way to allow for a proper token distribution model. What would be interesting is for someone to create an interesting Proof-of-Burn model to allow people to turn Fiat to Crypto. Perhaps a trusted foundation collects money and mints the crypto and then literally physically burns the dollar bills :)