Comment by skybrian
9 hours ago
How it normally works is that founders sell their vision to VC's (if they go that route). I guess there are crypto people who want a piece of that now? But they don't want any actual stake in a business, they just want their crypto coin to be magically connected to it somehow, hopefully with some encouragement that is at least adjacent to shilling.
Founding startups is about making money, but I believe it's possible to be too cynical about that; it doesn't leave enough room for people who sincerely believe in the vision they're selling. It's possible to believe your own hype.
Matt Levine explained this innovation in founding beautifully: we give you money, and you give us... nothing (0% stake)
So true. VC startups are the original pump and dump software. The dump is just called "successful exit".