> why this type of thing is so normal for any VC ?
Because all of them do not hold a single moral they value higher than greed and desire. Honesty, realism, altruism, charity, they all go out the window when a quick buck is on the line. Big-wig figures like Justin Sun and Craig Wright have proven that it's very easy to manipulate crypto markets if you can convince enough shmucks to value your twisted opinion.
So learn the lesson well, here. If you meet a VC that isn't invested in you and issues "friendly" advice, you laugh and tell them to get lost.
Not sure about Craig Wright (because I don’t even remember hearing the name before), but I would say putting Justin Sun in the same league as actual VCs is disingenous.
The closest equivalent I can think of would be like saying that all big wig fund managers are basically the same as Bernie Madoff. They might exaggerate and make overly-positive statements that could make them look better, but it is far from being even remotely in the same league as Madoff. And I am not talking about the magnitude (aka quantitative differences), I am talking about actual qualitative differences that matter.
Looks like Justin Sun is an upstanding figure of high moral character. [0]
No one gets that wealthy without lack of morals and lack of humanity. If you can drop $4m for a dinner or $28m for a flight (and honestly, I don't care if you're going to the Moon at that price), you have no care for your fellow humans who suffer.
I think we are in agreement on Justin Sun. My original comment was saying that comparing Justin Sun to an average VC is like comparing Bernie Madoff to an average fund manager. I.e., both Madoff and Sun are massive frauds and scammers that are in no way comparable to an average fund manager or a VC.
Otherwise, it would be like claiming that Coinbase is a fraudelent company just like FTX, solely due to the fact that both operated as crypto brokerages.
- garry WAS selling out with clickbait headlines for the youtube algo
- VCs DO put their money where their mouth is but, especially if you're already generationally rich, it is your beliefs that lead your money, not the other way around.
i say this as someone who is very much NOT a fan of garry and was disappointed in his appointment back at YC vs other candidates for the job (cant say more). but being so extremely cynical of all content creation and public statements is 1) not healthy for your worldview, basically second cousin to tinfoil millinery and 2) simply not reflective of what most of us genuinely believe we are doing when we do it. have skin in the game (fully disclosed) > having no skin in the game.
> but being so extremely cynical of all content creation and public statements is 1) not healthy for your worldview, basically second cousin to tinfoil millinery and 2) simply not reflective of what most of us genuinely believe we are doing when we do it
Oh, for sure. Some people are genuine, they're just statistically less-likely to be the rich people and even less-likely to be the ones making effective investments. Fully disclosed, my experience in the VC world has taught me that most of these investors are categorical losers that can be understood simply by asking "cui bono?"
If a VC says something of particular value, you'll realize it by the inherent value of the statement. If a VC tells you to invest in a cryptocurrency, they are perversely twisting your motivations expressly for their own petty gain. Unless the situation otherwise indicates it (eg. they are fiscally invested in your success), the advice of a venture capitalist is better off used as leverage against their ego.
> VCs DO put their money where their mouth is
And when there's no money involved, I outright anticipate them to act for personal gain. Anyone who's been around the culture knows the difference between friendly banter and ghoulish "networking". There is no more salacious creature than a VC in the vicinity of a well-meaning person with credentials.
I mean, nobody knows the exact price it's going to go to, and ETH doubled in value from the date Garry released this video within 5 months to mid-November.
If you bought ETH when Garry released this video, it was a winning bet.
The 10k price prediction is obviously cringe in hindsight (and clickbaity), but I do not doubt Garry was bullish and right that Ethereum wasn't done going up when he posted.
Oh, and Ethereum is still up hundreds of dollars from the price at the date the video was posted. So even if you irresponsibly "hodl'd" through a 2x gain, you're up...
There are far, far worse people in the scene to be mad at w.r.t. scams. Garry Tan isn't one of them.
I would be shocked that this made it to front page but any negative crypto press runs wild on HN. I don't love crypto, but this post is without any value.
Because all of them do not hold a single moral they value higher than greed and desire. Honesty, realism, altruism, charity, they all go out the window when a quick buck is on the line. Big-wig figures like Justin Sun and Craig Wright have proven that it's very easy to manipulate crypto markets if you can convince enough shmucks to value your twisted opinion.
So learn the lesson well, here. If you meet a VC that isn't invested in you and issues "friendly" advice, you laugh and tell them to get lost.