Vitalik: Crypto Should Avoid Big Money
This is something many of us espoused over the last half decade. Unfortunately, much of cryptocurrency is really nothing more than price go up.
In this video I discuss the idea of not going after the VC and Wall Street money. Instead, we have to build things out ourselves to ensure the same antics arent duplicated.
Article mentioned in the video:
https://bitcoinist.com/vitalik-buterin-believes-crypto-should-big-money/
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That's the biggest problem with crypto right now. The sharks could smell an opportunity, so you had hedge funds and billionaires like Elon Musk with the power to come in and move markets. The biggest issue with cryptocurrency (even the big one Bitcoin) is the market caps are still quite small. When you have such a tiny market cap, it's far too easy for a whale to come in and excite or scare the market.
Did the crypto community actively seek out "big money"? I don't think so. It's just an opportunity that presented itself and that's how things happened. Although, you could argue that blockchain-based startups and projects taking investment from VCs and funds could also be seen as taking big money.
Would Bitcoin be worth as much had large funds and investors not bought in? Who knows. I do know that if traditional investors hadn't bought in, we might have seen Bitcoin hedging itself against inflation a lot better than it currently is.
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The VCs and Wall Street all have their own objectives and it doesn't exactly work out as we want. I am kind of glad that Hive is doing well but I am skeptical when big money gets involved. I know it's a bit unavoidable because money is a part of life though.
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I was just talking to someone about this a couple of days back.
Traditional crypto projects built from ground up. It took longer to build, true. But it was the ideal test. The projects were solid and the holders were ardent believers.
These days, a new project just pops up, gets funded and pivots eventually to something else that is more profit driven. VCs are after their profits $$$