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Not so far off when Paul Graham also vouched for Coinbase, which CFTC ordered it to settle on its False, Misleading, or Inaccurate Reporting and Wash Trading.
by tomatowurst 5y ago
Not so far off when Paul Graham also vouched for Coinbase, which CFTC ordered it to settle on its False, Misleading, or Inaccurate Reporting and Wash Trading.
It's quite unbelievable that this type of grift is defended by YC. When the crypto mania ends and the obvious consequences from tens of thousands of people who have been destroyed by Coinbase are realized, they will be just as quick to distance themselves.
I'm really disappointed in YC, especially in its founders. When Paul Graham mentioned that he specifically looks for Founders who break the rules but not outright illegal, I had no idea he meant a break from moral ethics and brushing very close with US securities law.
I just don't get how some people can look away at what's truly happening in crypto—it is a systematic wealth transfer via digitized ponzi. any money you make in crypto comes directly from somebody's loss and this is NOT at all like the financial markets where pricing mechanism are enforced and regulated for price discovery on real world assets that is widely adopted.
Yet this will not stop thousands of applicants who apply to YC for their chance at riches. It's a shame how we glorify grift and enrichment through the destruction of others.
It is this specific culture that we chose not associate ourselves with YC, others are already aware of the grift that YC founders have publicly supported, invested, and vouched for. What saddens me is that many YC hopefuls and commenters will look the other way because of what they seek to gain.
If you drink from water that others had muddied, you too are dirty.
- tediousdemise 5y ago> tens of thousands of people who have been destroyed by Coinbase Could you elaborate on this part? Are you referring to people whose crypto was stolen?
- soared 5y agoLikely referring to normal people who lose money with coinbase. Trading stocks has at least some amount of protection because stocks have some legal requirements/vetting/etc to get on the major exchanges. Where as there are a whole lot of shitcoins, rugpulling, fraud/etc enabled by coinbase.
- csee 5y agoNot to mention the exorbitant monopolistic fees they can get away with because regulation keeps competitors out of the US, compared to the extremely low fees associated with trading stocks.
- JohnJamesRambo 5y agoI’d stomach the holier than thou attitude more if we didn’t just experience the SoftBank WeWork era of “real” companies being just as fraudulent and pumped by hype as dogecoin.
- qualudeheart 5y agoThe startup bubble will be the next dotcom. Only the best, led by nietzschean Musk clones, will live.
- sealeck 5y agoExcept that there are legitimate and non fraudulent "real" companies. Consider percentages and probabilities rather than anecdotes.
- zemo 5y agodogecoin was invented as an intentionally inflationary currency as a joke on financial speculation; it was literally designed to stay worthless. THAT was the joke. The doge was a reflection of laughing at overly serious people. Dogecoin at its outset was a really fun and entertaining project and scene, because the entire thesis was about removing the get-rich part of crypto to just play around and experiment. It has, over time, warped into something else entirely.
- humanistbot 5y agoTwo things can be bad at the same time.
- kodah 5y ago"Moral ethics" are not a thing, they're conflicting concepts at their core on an individual level.
- tomatowurst 5y agojust because you do not possess a moral compass does not invalidate the rest of us who value it.