ICOs: bullshitting on steroids
▻https://hackernoon.com/icos-bullshitting-on-steroids-7b8ce32bce96?source=rss----3a8144eabfe3---
Chamath Palihapitiya from Social Capital is, for me at least, the most influential innovator in the VC world. He’s also a very candid person. During his interview at Stanford, he delivered an impressive review of the startup world: “…Everybody is bullshitting. That’s what it means… If anybody looks at you and tells you they know what the fuck they’re doing, they’re lying”.Even more impressively, he builds his argument on the data analysis declaring that only 2% of the Valley investors in the biggest companies since the 1970s’ overlapped. That means that no investor has found a magic formula on how to allocate capital properly and how to pick the winner. It’s just a guessing game for the high net worth individuals. I’ve seen another analysis that says that 92% of startups fail within 3 years…Last (...)
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