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After regulators entered the crypto space, and started prosecuting non-compliant token sale operators, venture capital firms came to dominate early stage crypto

After regulators entered the crypto space, and started prosecuting non-compliant token sale operators, venture capital firms came to dominate early stage crypto investing. Where before ordinary people could get in on the ground floor of Ethereum, and earn a 1,000X return, the projects that raised capital after the SEC's 2017 entrance (e.g. Avalanche, Solana, Flow) all gave their first round to VC firms, and these firms monopolized all of the ~1,000X returns. I suspect what happened in crypto is a sped up microcosm of what has happened to the economy at large over the last 100 years.

BoiledCabbage 5y ago
> Where before ordinary people could get in on the ground floor of Ethereum, and earn a 1,000X return, the projects that raised capital after the SEC's 2017 entrance (e.g. Avalanche, Solana, Flow) all gave their first round to VC firms, and these firms monopolized all of the ~1,000X returns. What in the world did crypto people think was gonna happen? The 1% of the 1% were just gonna stand on the sideline and not take over this space? People have been warning of this for ages. "Ordinary people" pushing crypto are about to really turn things bad under this false assumption they they were gonna somehow sneak by and create this whole new system and nobody would notice? We're gonna replace inequality in the system with hyper-inequality as all crypto does is remove all the damn rules and laws that kept the 1% of the 1% in check. If you thought they were bad before, wait until they're exactly the same but have zero restrictions limiting them. It's absurd to me how naive crypto pushers are. It'd almost be funny if we didn't all have to live in the same world together.
- CryptoPunk 5y ago
  >>We're gonna replace inequality in the system with hyper-inequality as all crypto does is remove all the damn rules and laws that kept the 1% of the 1% in check. The rules are the very thing that allows elites to take over. Crypto to the extent that it nullifies the rules that violate individual liberty, nullifies gatekeeping and expands opportunities. What is unbelievably naive is thinking that rules that limit contract rights, and that are crafted and enforced by elite dominated state organs, "kept the 1% of the 1% in check".

BoiledCabbage 5y ago

> Where before ordinary people could get in on the ground floor of Ethereum, and earn a 1,000X return, the projects that raised capital after the SEC's 2017 entrance (e.g. Avalanche, Solana, Flow) all gave their first round to VC firms, and these firms monopolized all of the ~1,000X returns. What in the world did crypto people think was gonna happen? The 1% of the 1% were just gonna stand on the sideline and not take over this space? People have been warning of this for ages. "Ordinary people" pushing crypto are about to really turn things bad under this false assumption they they were gonna somehow sneak by and create this whole new system and nobody would notice? We're gonna replace inequality in the system with hyper-inequality as all crypto does is remove all the damn rules and laws that kept the 1% of the 1% in check. If you thought they were bad before, wait until they're exactly the same but have zero restrictions limiting them. It's absurd to me how naive crypto pushers are. It'd almost be funny if we didn't all have to live in the same world together.

CryptoPunk 5y ago
>>We're gonna replace inequality in the system with hyper-inequality as all crypto does is remove all the damn rules and laws that kept the 1% of the 1% in check. The rules are the very thing that allows elites to take over. Crypto to the extent that it nullifies the rules that violate individual liberty, nullifies gatekeeping and expands opportunities. What is unbelievably naive is thinking that rules that limit contract rights, and that are crafted and enforced by elite dominated state organs, "kept the 1% of the 1% in check".