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patrissimo's profile
Patri Friedman
Patri Friedman
Patri Friedman
@patrissimo

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Patri Friedman

@patrissimo

On virtue, venture, family, freedom, crypto and (of course) building startup countries on the ocean.

San Jose, CA
patrifriedman.com
Joined October 2008

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    1. Patri Friedman‏ @patrissimo Jan 14

      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.

      1 reply 7 retweets 26 likes
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    2. Patri Friedman‏ @patrissimo Jan 14

      You know, stuff like staged investment proportionate to the project and contingent on meeting milestones...long lockup periods...definitely no ability to exit before product has proven actual value rather than just via speculation.

      1 reply 1 retweet 6 likes
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    3. Patri Friedman‏ @patrissimo Jan 14

      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.

      1 reply 1 retweet 10 likes
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      Patri Friedman‏ @patrissimo Jan 14

      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".

      11:57 PM - 14 Jan 2018
      • 1 Retweet
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      • gemc2 Marvin Liao Quid Promo Quo Larry Fine Daniel McAuley Ben Rickert playingdirty
      2 replies 1 retweet 10 likes
        1. playingdirty‏ @playingunclean Jan 14
          Replying to @patrissimo

          You write things that make sense.

          0 replies 0 retweets 1 like
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        1. FernandoAraujoFCL‏ @FernandoRJ Feb 3
          Replying to @patrissimo

          Agreed. But not outside investors in most cases. And we come back to the old corporate governance models of public stock markets with new, 21st century twists.

          0 replies 0 retweets 0 likes
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