Bitcoin “Funding Tips” Reveal A Fragmented Community

Simon Burns has an interesting piece in CoinDesk, “5 Insights from a Bitcoin Founder Seeking Funding”. This is not something I’ve done, nor ever would do, but his comments tell us a lot about the state of Bitcoin, and a segment of “the” fragmented Bitcoin community.

Some of his tips are generic, “never stop pitching”, “see mentors”, etc.

For me, the most interest point is “Bitcoin VCs first, general VCs never”.   Basically, there are true believers and non-believers. You can get money from believers, but investors who have not drunk the kool-aid will not deliver.

Wow! Even after so many years, and so much propaganda, this is still true? Isn’t that a terrible, terrible indictment of the entire technology? Shouldn’t the business case be so clear that you are beating them off with a stick?

Another interesting “tip” is “East Coast loves private blockchains, West Coast loves consumer”. (What about in between, out here in the corn fields??) He’s talking about Wall Street versus Silicon Valley here, and he correctly points out that this is not really a valid distinction (though it may prepare you for weirdness in you audience).

It appears that Burns is portraying a sectarian divide, even among the “believers”. You have to not just drink the kool-aid, you have to drink the right flavor of kool-aid! 🙂 This is further evidence of how fragmented the Bitcoin community is, united by technology, but divided by pretty much everything else.

 

Cryptocurrency Thursday

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