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I think you're making two points: one is about SV as the center of tech, and the other is about YC and similar "clubs". For the second point, I think current ICO hype is going to have the exact opposite effect you predict in terms of clubs. ICOs are incredibly risky, and there is essentially zero regulation. To investors, a company being part of a "club" like Y Combinator suggests that some basic due diligence, idea/founder validation, and other de-risking signals. (Whether this is true or not, I'm not sure.) That's why they like investing in YC companies, I think we all agree. For ICOs to actually be validated as successful longterm investments (i.e. scammy bubbles/pump-and-dump schemes, which many are, sadly), I think investors will need some assurances about the quality/risk of a given ICO. Since that's basically impossible (if investing were zero risk, there would be no upside!), trust and reputation are good proxies. This is where companies like YC and "valley" connections come in. For better or worse, if ICOs are indeed the way of the future, they'll probably end up giving rise to that of infrastructure. Maybe that won't be tied to SV, as you suggest. But I think the "trusted club member" won't really ever go away, even if it isn't tied to SV. |