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I was primary comparing to ICOs like Tezos & perhaps some of the upcoming VC-backed chains The proceeds from the initial fundraiser are enough that the Foundations have publicly committed to not rely on staking rewards for continued protocol development or its own existence
That creates in my opinion problems that dwarf any comparative sell pressure. ICOs are a terrible model. It's like doing an IPO at the seed investment stage. Crushes incentive alignment.
ICOs are like Wright Brothers selling frequent air miles in 1902.
Worked fine for Tezos
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