Patri Friedman

Question: What are the biggest differences between crypto-native investors (first/primary capital came from crypto) and other types of tech investors (even those now in crypto)? Is this a false dichotomy? Writing about it this week and interesting in other takes.

Crypto-native investors were much more willing to accept poorly structured ICOs: non-staged, no founder lockup, no clear reason for token price to correspond to usage. They suffer from Bitcoin Bias: analyzing new tokens incorrectly by over-generalizing BTC's properties.

That's an interesting take, given how much of the critique of the tech investor interest in ICOs was "looking for the next Bitcoin" or getting in on the Bitcoin they missed. Certainly think it's valid for many.