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I caught up with a friend recently who has been involved with startups for years as a founder or engineer. His current position is senior engineer at a blockcha
by ilamont 3y ago
I caught up with a friend recently who has been involved with startups for years as a founder or engineer. His current position is senior engineer at a blockchain startup, funded a few years ago when VC money was flowing and “blockchain” was hot.
“Honestly, I don’t even know what we’re building or who will use it,” he admitted.
People love to talk about the successes and use that to justify the VC startup model, but I suspect many if not most are like this - a pretend company based on a buzzword with no real customers or viable business model.
- dopeboy 3y agoWeb3/crypto is especially hard right now, because the market shrank overnight. A lot of 'solutions in search of a problem' going on in that world.
- realusername 3y agoThe issue is that there's never been any adoption of this technology, the cryptocurrency market is just a casino at this point.
- dopeboy 3y agoWhich to be clear, is a viable economic market. It's just that the uptake is painfully slow.
- realusername 3y agoOh yeah it's also a valid market, it's just not worth of the current valuation though.
- redhale 3y ago> A lot of 'solutions in search of a problem' going on in that world. Same as it ever was.
- 1vuio0pswjnm7 3y agoA lot of wasted capital that could have gone toward real problems. A gross misallocation.