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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 7 Aug 2019
    • Report Tweet
    • Report NetzDG Violation

    Patrick McKenzie Retweeted Larry Cermak

    This is principally because ICOs were investment scams more than they were a bubble. There is no there there now; there never was; there may have been inklings of plans for products but no reasonable hope of ever successfully bringing them to market. Those inklings barely needed.https://twitter.com/lawmaster/status/1159130023963561984 …

    Patrick McKenzie added,

    Larry Cermak @lawmaster
    1/ It’s now obvious that ICOs were a massive bubble that's unlikely to ever see a recovery. The median ICO return in terms of USD is -87% and constantly dropping. Let's look at some data! pic.twitter.com/zmCXVPjup6
    Show this thread
    7:21 PM - 7 Aug 2019
    • 9 Retweets
    • 70 Likes
    • Its burn down Paolo G. Giarrusso Helper Monkey Carter T Schonwald tommy boy designjuju Re Reminder Pauli Olavi Ojala Shreyans Bhansali
    3 replies 9 retweets 70 likes
      1. New conversation
      2. Alex Tsankov‏ @antsankov 7 Aug 2019
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        Replying to @patio11

        Isn't it the case that 9 out 10 startups fail? Why should ICOs be any different? Only change is that failures are no longer swept under the carpet of VCs and written off as tax-deductions.

        2 replies 0 retweets 1 like
      3. Patrick McKenzie‏ @patio11 7 Aug 2019
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        Replying to @antsankov

        It feels extremely unlikely to me that you could find any VC or constellation of VCs whose portfolios shipped that few products for that much money. I also think that stat is likely high but it likely depends on how you define “startup” and “failure.”

        3 replies 0 retweets 4 likes
      4. 1 more reply
      1. Brian Breslin‏ @brianbreslin 7 Aug 2019
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        Replying to @patio11

        I would love to see this analysis against all seed and angel level startup investments across the globe over same time frame. I bet the positive return is overall single digits and more gross dollars invested.

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Siân Griffin  🏳️‍⚧️‏ @sgrif 7 Aug 2019
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        Replying to @patio11

        It baffles me to imagine that there are folks who don't see these as obvious scams

        1 reply 0 retweets 0 likes
      3. Paul Butler‏ @paulgb 7 Aug 2019
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        Replying to @sgrif @patio11

        There are evidently a lot of people who think that the only difference between themselves and Sand Hill Road investors is the Accredited Investor distinction, and they keep demonstrating why that distinction exists.

        0 replies 0 retweets 1 like
      4. End of conversation

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