RE: In Blockchain, There Is No Competition!!!!
Do you know what is the history of STEEM @taskmaster4450?
- Was it funded by a VC? An ICO?
- How were the first witnesses came to be?
- How did STEEM prevent itself from being owned by groups who only wanted to profit themselves?
- What were the challenges that STEEM had to overcome at the beginning to arrive at where it is today?
I met a VC yesterday and had a conversation I found interesting. He said there isn't a single blockchain startup (at least in Malaysia) that he would invest in.
I asked him what did he think about Steemit. If he had a chance to inject seed funds to create the STEEM blockchain, would he? He said no.
He views upvotes are like bets. In his logic, a vote is like placing a bet who would gain most from the reward pool so that you can have a share of the rewards. People with SP (whales) would only vote posts which would maximise their return. I said to him, while it is true there are some whales who are like that (raping the reward pool), there are also whales who vote because they truly want to reward users who write good, quality content.
The VC looked at me as if I was speaking alien. He responded, at the end of the day, a VC is interested in an entry and a exit. It is simple and pure capitalism. Steemit doesn't look like an efficient, predictable or profitable model for a VC.
What are your thoughts on this?
VC will be either dead or much reduced in ten years.
30 years ago many VCs said the same thing about the internet....
VCs suffer the delusion that they are innovators. What they really are are managers of risk . They operate far enough away from the edges of true innovation that they can safely create portfolios of companies with a high degree of certainty of overall profits. The actual level of innovation is irrelevant. And to them, innovation means a new business model. Processes that generate revenue and profits. While there is nothing inherently bad about this, it is not the same as inventing new ideas.