Cryptonewsplus 🐐

I believe the 'launching a token too early' criticism is completely fair, and I actually don't know where consensus will resolve on this over time. However, having personally gone from private markets to public markets, I completely agree with Prophet. The human propensity to lie to yourself is almost unmatched. You always want to believe your investments are doing better / have some secret sauce that makes them worth what you paid plus a return. This is why Venture and Private Equity books are full of mismarked companies trading at cost (or fake multiples on fake EBITDA). Liquid markets are truth that hits you in the face. You can't run from a liquid asset that is down 30% and you have to ask yourself: What new information is the market giving me, and how does it impact my thesis / valuation on this company? It's an emotionally brutal process that leads to better outcomes because you cannot hide from uncomfortable and often extremely painful truths. Investing is a process of coming to true statement about the world so that you can appropriately allocate capital. It's a type of scientific process where bad ideas need to die so that good ideas can take their place. The problem is that humans will hold on to their bad ideas unless presented with outside feedback they cannot ignore and liquid markets do a good job with providing that outside feedback. The same thing that happens within funds also happens between funds. The capitalist system of capital allocation works through a darwinian process where those who allocate capital well have good returns and get more capital to allocate, and those that allocate capital poorly have bad returns and go out of business. Liquid markets do this quickly. Investors will know if you are underperforming your mandate by the end of the year because there is a live feedback mechanism. Your LPs can decide what to do with the information of your performance but the point is that they have good, reliable information from an outside feedback mechanism. This loop is much, much slower in venture / private markets where you have to wait years to see whether a manager is good at allocating capital or not. Some funds can be out there lighting capital on fire for years before investors know the reality of what is happening to their money. I believe the same is true with public companies. The market aggregates the wisdom of the crowd and sends information to managers about the quality of their decisions / hires / strategy / etc. It can be painful relative to the cocoon of private capital that only asks hard questions after a few years of no performance but I believe that pain is just the cost of getting constant, honest feedback you can't ignore. I understand public markets have problems, but they have created more wealth than any asset class in history. Public markets have created >$80T of value globally and >$40T in the US (versus <$10T of value prior to IPO) so the mechanism certainly isn't broken. I understand this is an idealized view of markets but I do think markets struggle and convulse towards efficiency over time. I also understand that liquid markets in crypto have been anything but a good feedback mechanism to teams but I believe that is due to specific market structure reasons we are now finally overcoming. How early is too early for startups? I don't know the answer but there are good reasons to run the experiment and find out. Public markets may surprise us to the upside.

Most people talking about $AVICI have not read a single thing. They have no idea what they are fading. Avici is basically building the one thing crypto has failed at for ten years. A real internet bank that actually works. Not a slide. Not a promise. An actual live product. People are already using the Visa cards. There is already 1M+ spend. There are already thousands of monthly users. The chain is live. Blocks are produced. Transactions are real. This is not some fantasy roadmap. No insider allocation. Most of the supply goes to the public. The team gets a monthly allowance controlled by the DAO. If they want more, they must earn it. Name me another project doing that.