you’re damn right it was an April Fools joke
Token Sales & ICOs were one big, long, over-extended April fools joke, designed by fools, and sold to many-a-fool.
Just making sure you know, yesterday’s article☝️ was a Joke….
And so is this 👇 (although it’s worth watching)
To be clear, the day Amber decides to create it’s own shitcoin, sell it to people & list it on some “crypto exchange” is the day Craig Wright is formally discovered to be Satohsi Nakamoto.
Amber is a Bitcoin business, and a couple of our core tenets include:
It’s not only that we put Bitcoin first, but it’s the only digital asset we’re going to support, unless you want to be particular & define Lightning representations of Bitcoin as LBTC or something; then we’ll support that too.
No shitcoinery here.
One might ask: “When STO?”
That’s an entirely different conversation; and one that looks very different, because (a) it will require a different set of regulatory compliance, and (b) will look much more like an option on the app similar to buying equity / stocks on the market. Again — not ICOs or shitcoins.
Ethics over “being mercantile”
I confronted a VC guy a little while back who helped promote, pump & then dump tokens onto the retail masses in 2017. His answers reeked of cognitive dissonance & stupidity:
“I’m a bit more mercantile in my approach” was the answer to my question:
“Why in the name of [insert expletive] would you get involved in that crap?
Whilst I understand money is a metric that measures your success as a company, at least in a few dimensions, the brand, trust & credibility we build long term are more important & will result in more money than the fly-by-nighters who chose short term gain over long term productivity.
Product over fakenomics
I discussed this in our quite-well shared article “Why we didn’t ICO” (if you haven’t read it, you probably should):
You either build a product, or you try to create & manage an economy, whilst worrying about a regulatory minefield.
I dunno about you, but that’s not a great way to build a world class product.
World class products & teams take time & effort to develop. Cheap capital raised via illegal means (ICO = Illegal Coin Offering) is a sure fire way to end up delivering nothing.
As an aside, you should also most definitely read this:
ICO Submission to the Australian Treasury
Why ICO should stand for “Illegal Coin Offering”
Skin in the Game
Those of you who know me, or have read any of my work, know I am a big believer in this concept. It’s why I’m personally invested in our company, and why I treat our customers, investors, brand & precious capital with respect.
On that note, for those of you who have not read Nassim Nicholas Taleb’s book, Skin in the Game, I suggest you buy it.
If you prefer watching / listening to a Podcast, Jimmy Song & I go through alot of the themes in this interview:
or on Spotify:
Jimmy Song & Aleks Svetski talk about Evolution, Money, Bitcoin, Capitalism & More
Host: Aleks Svetski Twitter: https://twitter.com/AleksSvetski Medium: https://medium.com/@AleksandarSvetski CEO @…
Lots more…but I’ve got work to do
There’s lots more I could go through, but I’ll save them for subsequent articles I have in the pipeline over the coming weeks.
In the meantime, I hope you got a laugh out of yesterday’s antics.
And just for the record, I cannot confirm nor deny that I am a “blockstream operative”.
On a more serious note: Thank you to everyone who’s been supporting us so far. The next few weeks will see some awesome new features come out, along with support for recurring investments, etc.
2019 is the time to start Stacking Some Sats! #SSS
CEO & Co-Founder @ Amber Labs