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My hope is most of the crypto investing was isolated to crypto funds, though I still lost some respect for VCs for even playing the crypto game.
by dehrmann 4y ago
My hope is most of the crypto investing was isolated to crypto funds, though I still lost some respect for VCs for even playing the crypto game.
- rescripting 4y agoEven big institutional investors were swindled by FTX: https://www.coindesk.com/business/2022/11/18/pension-giant-ontario-teachers-plans-to-write-off-all-95-million-invested-in-crypto-exchange-ftx/ https://www.coindesk.com/business/2022/11/18/pension-giant-o...
- kristjansson 4y agoI mean ... that big fund carves off a tiny slice to make speculative, risky bets, and a small one of those bets failed. Hard to call it swindled.
- bloodyplonker22 4y agoI regret to inform you that it was not isolated to "crypto funds". A lot of VCs mish-mashed them together with their other investments and slapped a Cathy Wood style name on it like "future innovation fund". VCs are mostly just salespeople, and so are founders. VCs sell to organizations such as pension funds, and founders sell to VCs. Most VCs lose money, especially in an environment full of froth, and most VCs don't know what they are really doing. From what I have observed, a lot of laypeople have a ton of respect when they hear the word "VC".
- dehrmann 4y ago> VCs are mostly just salespeople Only halfway. Don't the GPs have skin in the game?
- bloodyplonker22 4y agoYes, tiny fractions of basis points worth of their net worth.