Item — HN Reader

Maybe not government, maybe just humans in general. Decentralisation, blockchain, smart contracts, cryptocurrency, AI and IoT could really start coming into their own further into the future when we start having more autonomous agents performing those little tasks on our behalf, like a smart fridge ordering more milk and interacting with a drone to ensure payment and delivery without having to bother a human.

But I'm not getting the sense that any of the huge amounts of money being invested is going into much other than feeding the crypto ecosystem at the moment.

True story: VCs specialising in funding blockchain projects told a dev team "You guys are building a proper business, that's great but it means it won't 100x in a short period, so isn't really what we're after".

2 comments

You sound incredulous about this – VCs have a pretty clear business model, funding slow-growing steady businesses is not it.

But VCs normally try to fund genuine businesses - in this case, by suggesting they weren't interested in a "proper business" (as in a legitimate business) and were wanting something to exit in the "short term", the insinuation was that they just wanted a sham / fake business that they could use to fool people just long enough to do a 100x pump and dump.

To be fair, that business model includes obscuring that aspect of the business model as much as possible.

> True story: VCs specialising in funding blockchain projects told a dev team "You guys are building a proper business, that's great but it means it won't 100x in a short period, so isn't really what we're after".

Sounds like that VC firm knows what VC is, and would correctly give that answer regardless of specialization. Nothing to do with blockchain.