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. There's an interesting wrinkle in the VC + Bitcoin world. When investing in a company you are setting the expectation that they give you a return within' a timeframe, and more often than not that companies incentives become misaligned with the broader community + usershttps://twitter.com/michaelgraub/status/929816445072171008 …
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2/ Instead you can invest in the underlying asset, and then fund innovation within’ it (protocol work, scaling solutions, etc), relying on the asset performance for returns
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3/ This was not the case with the internet. I couldn’t buy internet tokens that were limited in supply and then fund people to improve its value, I had to place my bets on companies or more specifically entrepreneurs
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4/ Small difference: The devs you fund work on features that have consensus, providing valuable features that help the asset grow + increase in value. The companies care only about their quart returns, not aligned with community and users who determine direction of the asset!
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5/ Would you rather invest in the limited underlying asset and fund work that improves UI/UX, scales, security, privacy, etc? Or invest in a wallet provider? Relying on them to find a biz model that'll outpace the asset in a space that doesn’t think highly of centralized services
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6/ VCs are going through a learning process in BTC. The VC space is a bit broken in general, Bitcoin almost helps fix it in a way. Entrepreneurs should be rewarded by their profit, not by paper evaluations. Buy the asset and HODL + fund the innovation that will help it succeed
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Good insight. Consequences of Bitcoin being a "fat protocol". I think this will continue to be the case, until mass adoption and prices start to stabilize. Then the pendulum might swing back the other way (investing in apps > investing in the protocol). Until then, HODL!
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