[rwosync]

> In a way that doesn't involve A16Z cynically mis-representing blockchain as some people's champion.

That's precisely the game for these funds to keep that illusion up. They buy up a bunch of tokens in a presale discount, pump the price, and then dump it to a bunch of foreign retail investors based on inside information before the inevitable failure of the "product". A16z's crypto fund has made a killing doing just this and it's entirely legal. The SEC is only going to go after the founders and a16z will have long exited their position by the time of the lawsuit.

[brenden2]

This is how all of SV works, and has always been. Pump up company valuations with hype, then eventually they dump it all on institutional and retail investors. In some cases the companies actually work out so they might hang on to their stock, but in most cases they get out before the companies' eventual demise.