Re:Is Filecoin a $257 million Ponzi scheme? [pdf]
by tfha on Thursday November 30, 2017 @01:48PM
(#15818358)
If you think doing traditional fundraising is bad, you should try doing an ICO. Easily 5x worse.
Re:Is Filecoin a $257 million Ponzi scheme? [pdf]
by fapjacks on Thursday November 30, 2017 @04:53PM
(#15819916)
Can you shed some light on this? How are you involved with fundraising via ICO? And how is it so much worse? If anything, I would guess it would be loads easier than traditional fundraising, because so many people seem willing to park their cryptocurrency in various ICOs with pretty much zero due diligence or justification other than it exists.
You could say Filecoin is a distraction, but in trying to raise seed money, 50 VCs arranging 100 meetings, 5 verbally committing to you a measly $1M each and negotiate over investment terms while you try to live on ramen, and then 3 out of the 5 backing out in the process, is arguably a MUCH bigger distraction to getting any real work done. It also causes a lot of actual brain rot when you spend that much consecutive time away from tech.