Sounds like a camouflaged IQ test for the founders...
Or perhaps Y Combinator is great at funding startups, but incredibly bad with financial decision making.
In which case it is an IQ test for Y Combinator, which they have failed.
Sounds like a camouflaged IQ test for the founders...
Or perhaps Y Combinator is great at funding startups, but incredibly bad with financial decision making.
In which case it is an IQ test for Y Combinator, which they have failed.
This isn't meant to be cynical. But, two of YC's success stories, Stripe and Coinbase, has a stable coin product.
YC companies are constantly spending the money they get from YC right? Why get money, then put it in some stablecoin, only to then immediately cash out on salaries or whatever?
How does that make any sense to the company? Who's out here wanting their salary in stablecoin? And who among those want that and can't receive dollars and then turn them into stablecoin?
There's a sliver of talent that won't have access to the US banking system, but I can't imagine that making it worth putting up with risk + txn costs of stablecoins for the whole company.
Stablecoins have their uses. I'm not saying never touch crypto. But the question is what is the point of stablecoins in VC funding specifically? People don't seem to have good answers.
As with all things cryptocurrency, the goal is to bypass financial regulations and external scrutiny.
By putting it on a realtime auditable database available to the public?
If you rejected economic orthodoxy and bought Bitcoin/Gold over the last.... decade or so... you won over the economic orthodox believers.
I don't really care about short term gold gambling with ~1-2 year market spans or altcoins if you want to disagree.
The biggest threat to bitcoin and gold is something breaking their scarcity. Gold, nuclear chemistry. Bitcoin... quantum computing or something(ignoring rollback).
One of the biggest YC success story is Coinbase. It has literally got "coin" in its name.
It also trades under the ticker "COIN": https://finance.yahoo.com/quote/COIN/
And after a serious beating it's still value at $48 billion.
Put it another way: of all the companies YC funded, both those who succeeded and the countless who failed, only two companies, AirBnB and Doordash, are valued more than Coinbase.
I don't think YC hates cryptocurrencies as much as the typical commenter on HN.