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by mrwong 3132 days ago
just like the market corrected after Bitcoin hit 1$ the first time 10$ the first time 100$ the first time 1000$ the first time. 8000$ the first time.

Sure markets correct, but somehow the ride continued.

I love how Silicon Valley was ridiculing industries like print, brick and mortar commerce and old-media for not adopting to the new future technologies.

But now that something appeared that challenges SVs status quo, they do just the same and dismiss it. I think this shows that legacy thinking is a psychological problem and not an IQ problem.
2 comments
guiomie 3132 days ago
I find quite entertaining how you just generalized every company and individual in SV as dismissing crypto. There is no undenying VCs have always been a central part of SV, and tons of them are invested in blockchain companies, their are tons of blockchain startups in SF/SV and some big tech companies like Microsoft are also involved.
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mbaha 3132 days ago
Couldn't agree more. Although to be more precise, ETH/ICOs are threatening the standard financing model proper in Silicon Valley, and not SV as a whole.

I basically see the future as being both really dystopic and utopic at the same time:

So (mostly rich) people will be able to invest their money without any friction, but this will destroy the rent-seeking institutions that weren't meant to exist in the first place

=> power to the geeks and the rich, but you won't be able to make any money by just making "deals".

Would love to be convinced otherwise though....

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alexasmyths 3132 days ago
"ETH/ICOs are threatening the standard financing model"

ICOs are challenging nothing.

ICOers are selling 'numbers' for real money - and the value of those 'numbers' is going to zero pretty quickly.

BTC will be around for a while, but these ICO-ers are selling nothing in return for real money, and that won't last. It will end soon.

Nobody has a 'lock' on the 'VC' model. Anyone can invest - including you. The issue relates mostly to regulations, which are there to protect you - and also actual ownership of assets, which is a pretty big deal.

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