added by Lillian Sheng · updated 2y ago
The Ponzi Career
- Social tokens, Lambda School, Pipe: all of these capitalize potential money-makers upfront based on expected future earnings, and in doing so, actually increase the probability of financial success by giving them money to invest.
from We’re (in) the money by David Phelps
sari added
- -Startups have always had the ability to raise vast sums of money with promises of future profit: a decent diagramm on a napkin might solicit $2M from VCs in actual capital as well as an additional $10M of phantom capital known as “equity” for a $12M valuation. Social tokens allow anyone to raise this way without needing VCs to dictate terms. And i... See more
from We’re (in) the money by David Phelps
sari added
- For all the talk about how crypto is changing the world, the vast majority of token-based projects are short term games that structurally devolve into glorified pyramid schemes. Inflated expectations lead to the classic boom-bust cycle where speculative intent runs ahead of reality, and eventually, it all falls down.
from Reflections on "Community" by Richard Kim
sari added