Nick Tomaino, founder of crypto fund 1confirmation, compares the financial impact of blockchain forks versus token fundraising during the 2017 crypto bull run.
“You know, we hear so much about the ICO boom, but in terms of, kind of, like, total value created this year, there's actually been way more value created by forks than ICOs.”
quote is from the automated transcript, cleaned for reading:
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More from Nick Tomaino
Opinion
Tomaino: Centralized decision-making actually benefited early Ethereum development
“Something like Ethereum, which from a decision-making perspective is, is pretty centralized right now, that's actually been a good thing for Ethereum, and it's allowed them to move fast and break things, right?”
Nick TomainoJan 2, 2019▶ 32:53a16z Podcast | Mental Models for Understanding Crypto Tokens
PredictionNot checkable as stated
Tomaino: Well-funded ICO projects will take years to ship products
“A lot of these big projects that have raised a ton of money aren't likely going to ship anything for many years in some cases.”
Nick TomainoJan 2, 2019▶ 8:52a16z Podcast | Mental Models for Understanding Crypto Tokens
Insight
Tomaino: Near-term crypto wins come from serving crypto-native users
“I'm most excited about projects that are solving problems for the existing crypto community rather than the broader landscape.”
Nick TomainoJan 2, 2019▶ 12:11a16z Podcast | Mental Models for Understanding Crypto Tokens
Opinion
Tomaino: Miner control over blockchain networks creates governance friction
“I think mining, like, miners controlling a network has proven to be pretty problematic. And so I think kind of aligning stakeholders and miners and putting them, you know, as one will be important in terms of, you know, progress in making changes to protocols …”
Nick TomainoJan 2, 2019▶ 26:26a16z Podcast | Mental Models for Understanding Crypto Tokens
“And I actually think if you focus too much on the ICO or the, you know, the token sale, it can actually really hurt your community.”
Nick TomainoJan 2, 2019▶ 32:24a16z Podcast | Mental Models for Understanding Crypto Tokens
AssertionSupported
Tomaino: 24 of top 25 tokens on CoinMarketCap are usage tokens
“And so, if you look right now at kind of coinmarketcap.com, the top 25 tokens by market value, I think 24 of the 25 are usage tokens.”
Nick TomainoJan 2, 2019▶ 1:49a16z Podcast | Mental Models for Understanding Crypto Tokens
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