zlacker

[return to "YC W22 Stablegains is being sued for losing $42M in funds from 4878 customers"]
1. okwubo+x7[view] [source] 2022-05-19 07:20:31
>>donsup+(OP)
The last few weeks (months, really) has highlighted an incredible lack of discernment in the VC-verse wrt the thing we call web3. Now. I have no experience doing what YC does and don’t claim to, but the jig here was so transparent that the smallest drop of “street smart” should’ve been enough to set off some alarms.

We’re approaching a point where being passed over for “culture fit” is a compliment. Hopefully the embarrassment is enough to expand the founder vetting checkboxes.

◧◩
2. Amboli+Mn[view] [source] 2022-05-19 10:18:32
>>okwubo+x7
The problem with web3 and crypto in general is that most people and energy get attracted by the potential to get rich, and being useful is an afterthought. I would be more attracted if I saw more products that tried to be useful first, and then try to make money for it afterwards. But it's harder to direct so much energy into projects like that.
◧◩◪
3. davidc+MI[view] [source] 2022-05-19 12:56:30
>>Amboli+Mn
Products that are trying to be useful first do their due diligence and realize that blockchain is wholly unsuitable for anything other than creating speculative assets and just use a normal database instead.
◧◩◪◨
4. peyton+AM[view] [source] 2022-05-19 13:17:49
>>davidc+MI
Well, they also have to pick a payment processor. And find somewhere to host it all. And pay for all of the above.
◧◩◪◨⬒
5. lbrine+gc1[view] [source] 2022-05-19 15:18:20
>>peyton+AM
Crypto doesn't solve this, you still need to pick a currency/exchange and pay them transaction fees. That on top of the potential delay issues/fraud is much harder to deal with in the crypto-sphere etc.
[go to top]