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Meanwhile a16z regularly rejects profitable businesses because they "don't have a path to 1B". Well, congrats, Helium is worth $1.2B and generates $6,500 a mont
by erulabs 4y ago
Meanwhile a16z regularly rejects profitable businesses because they "don't have a path to 1B". Well, congrats, Helium is worth $1.2B and generates $6,500 a month in revenues (1). I am not anti-crypto - but I am becoming increasingly anti-SV-VC. This is the best idea two hundred million dollars can generate?
1: https://mashable.com/article/helium-lime-web3-crypto https://mashable.com/article/helium-lime-web3-crypto
- rvz 4y agoI am highly skeptical of SV VCs. The newest over-valued startups like Fast (dead), Clubhouse (dying) and others have produced little revenues for their staff and they cannot justify their 97% inflated valuations. No matter the amount of billions they have raised, I still set in stone the same evergreen statement that 90% of startups in general fail. The exact same statement is absolutely true with crypto companies and projects just like Helium, especially with VC money which despite their inflated $1B valuation have generated $6K a month (in revenue), which is beyond pathetic. When all the cheap money goes away, not many of these useless tech startups or crypto companies will survive this crash.
- Comevius 4y agoThe allure for VCs is that if Helium makes it and becomes the next big thing then it's worth a trillion dollars, and if not it's still a cryptocurrency that can be pumped or dumped. Meanwhile there is an IoT craze, so there is a substantial amount of FOMO. Welcome to Silicon Valley.
- landemva 4y agoHardly a 'crypto company' and instead they use crypto for commission payments and an easy way for insiders to pump and dump. They could use Paypal or Venmo for commission payments, though insiders couldn't fleece people with the scam token.
- Canada 4y agoIt's not that they used crypto per se. They also could have used bitcoin, eth, or usdt.