2017 ICOs were Series D money for seed ideas, with minimal vesting and instant exit via secondary markets (pre-product!?!?). What could go wrong? 2018 ICOs need to use more of the proven incentives that get ppl to create value, or we'll waste $ billions more.
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Imagine a founder could start a company, raise a seed at $3M pre, do a little work, raise a Series A at $8M pre...and then had liquidity at that price and sold their 40% of the company for $3.2M and ran. Without ever having shipped a working product. No companies would get built.
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Multiply these numbers by 10, or 100 or 1,000, and the problem gets worse. Much worse. The call of the crypto community should be "Lock them up! Lock them up!" (where by "them" we mean "them tokens" and by "lock up" we mean "long vesting period".
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