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> What puzzled me is how comes blockchain startups did not sell their crypto for fiat just after their ICOs. I'm not sure what's puzzling: The startups who bas

> What puzzled me is how comes blockchain startups did not sell their crypto for fiat just after their ICOs. I'm not sure what's puzzling: The startups who base their business around crypto believe crypto will rise in price. A crypto startup selling all their crypto because they think there's a high risk crypto will crash in value is also sending out a very bad signal to potential investors.

yodsanklai 8y ago
> The startups who base their business around crypto believe crypto will rise in price A startup may very well work on some blockchain technology while not believing that a particular cryptocurrency will rise in price.
- vbs_redlof 8y ago
  But it is far less common to come across startups who believe this. Think of blockchain startups as the top 1% of the most optimistic investors who believed in the technology so much that they created companies around an immature infrastructure. Selection bias explains why they held even even after a 90% correction.
  - Banksy_is_Qanon 8y ago
    Yes, exactly. Blockchain startups are started by true believers in blockchain. Starting a blockchain startup is massively self-selecting for the truest of the true believers. If you didn’t believe in crypto you wouldn’t create a crypto startup. Telling a crypto startup owner to sell all their crypto, and then wondering why on earth they didn’t take your advice, is equivalent to telling an evangelist Christian to abandon their faith and then wondering why on earth they didn’t take your advice. Money is a religion, and CRYPTO IS A RELIGION within that religion. Crypto’s value comes from its buyers, and it’s buyers buy it because they take a religious leap of faith that its value will increase. So when you tell a crypto startup owner to sell all his/her crypto.... you pretty much offend them on the deepest possible level. You’re not just criticizing their business model, you're attacking their core beliefs and deepest religious convictions , you’re revealing yourself as a heretic and questioning their faith in Saint Nakomoto and no zealot likes that.

yodsanklai 8y ago

> The startups who base their business around crypto believe crypto will rise in price A startup may very well work on some blockchain technology while not believing that a particular cryptocurrency will rise in price.

vbs_redlof 8y ago
But it is far less common to come across startups who believe this. Think of blockchain startups as the top 1% of the most optimistic investors who believed in the technology so much that they created companies around an immature infrastructure. Selection bias explains why they held even even after a 90% correction.
- Banksy_is_Qanon 8y ago
  Yes, exactly. Blockchain startups are started by true believers in blockchain. Starting a blockchain startup is massively self-selecting for the truest of the true believers. If you didn’t believe in crypto you wouldn’t create a crypto startup. Telling a crypto startup owner to sell all their crypto, and then wondering why on earth they didn’t take your advice, is equivalent to telling an evangelist Christian to abandon their faith and then wondering why on earth they didn’t take your advice. Money is a religion, and CRYPTO IS A RELIGION within that religion. Crypto’s value comes from its buyers, and it’s buyers buy it because they take a religious leap of faith that its value will increase. So when you tell a crypto startup owner to sell all his/her crypto.... you pretty much offend them on the deepest possible level. You’re not just criticizing their business model, you're attacking their core beliefs and deepest religious convictions , you’re revealing yourself as a heretic and questioning their faith in Saint Nakomoto and no zealot likes that.