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> Balaji Srinivasan... I'd like to see the evidence of him as well, I was very suspicious of him during 21 as he was simply acting as middleman for traditional
by Melting_Harps 6y ago
> Balaji Srinivasan...
I'd like to see the evidence of him as well, I was very suspicious of him during 21 as he was simply acting as middleman for traditional VC money (Horowitz?) to buy up Bitcoin via a very lofty mining operation. With a raised eyebrow I continued to remain cautiously optimistic, but then when they exited 21inc with a pointless thing like VC email after being a significant miner in the Bitmain days and then eventually got bought out by COiNbase I felt this was the same SV guys having its way again burning money to hide their gains.
To this day I still cannot understand why they didn't just buy bitcoin over the counter over time, would it have shifted the price so much that it would spook the Market and spike? I mean Draper has been pumping millions into it since at least 2013 and his DCA holding's ROI up until 2017 would have probably beat anything on Horowitz's portfolio. But the truth is Horowitz has been in the Bitcoin space for sometime as well, I want to say 2014.
Hell, when Jack Dorsey went all into Bitcoin and essentially pivoted Square towards that end, not long after selling Caviar and going to Africa and stating that he would move there to build Bitcoin usecases, it didn't do anything noticeable and he is still CEO of both Twitter and Square/CASH.
I guess I just don't get the machinations of these tech billionaires who think they can fool people into thinking they're not into a certain tech, and use absurd ways to prove otherwise.
- amadeuspagel 6y ago>To this day I still cannot understand why they didn't just buy bitcoin over the counter over time VCs aren't allowed to invest in currencies.
- Melting_Harps 6y agoBitcoin isn't a currency according FinCen [1], and back then not according the IRS [2], either. Maybe they were just trying to stay under the radar, but that's a lucky guess and again they've been active in the space regardless since '14. Who knows, but still I wanted to believe Blaji could actually live up to his 'Buidl' Speech, and I'm actually surprised he isn't around here on HN somewhere. 1: https://klasing-associates.com/fincen-update-bitcoin-cryptocurrency-not-subject-foreign-bank-account-reporting-fbar/ https://klasing-associates.com/fincen-update-bitcoin-cryptoc... 2: https://www.usatoday.com/story/money/business/2014/03/25/irs-says-bitcoin-is-property/6873569/ https://www.usatoday.com/story/money/business/2014/03/25/irs...