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The problem with this approach is that the founders can inadvertently start a pump and dump scheme that crypto comes with. You want to organize the worlds info
by romeros 5y ago
The problem with this approach is that the founders can inadvertently start a pump and dump scheme that crypto comes with.
You want to organize the worlds information and build a search engine.
Okay, you create a google coin. You issue 21 Million coins.
As soon as you announce it people are going to buy in and you will in a period of a few months become a billionaire. With no product. Just an idea.
And then you get to dump your shares on the "investors" and you get to be a billionaire.
There is no incentive to further develop your idea.
Look at what happened to ICP. The VCs got in at 3 cents a coin. Each coin shot up to $750 per coin. Then the VCs dumped it on the retail noobs making a lot of money with absolutely no working product.
- rabuse 5y agoI understand the argument there, but this happens in the stock market as well, which is heavily regulated already. There will never be a perfect system, but at least crypto levels the playing field a bit more for less fortunate who want to make something and need capital, and don't have the social connections/wealth most founders today have.