“All in all, the cryptocurrency space increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so.”
“I’ve yet to see a bitcoin business receive VC funding that has a provable business model (ie: one that generates profit) outside of exchanges and merchant services who simply take a slice of their customers’ business,” he said.
In tweets, he further expressed his love of the traditional payments service Venmo as well as for the ecosystem as a whole, suggesting he still sees long-term value in the underlying technology.
“Those charges merchants incur on traditional credit card payments? They exist for a reason, and that’s insurance against fraud protection,” he continued, adding: “I like the idea of being able to reverse charges if my bank account is ever compromised, personally.”
It’s because the Neucoin people tried to use him to advertise to Dogecoiners. The backlash was brutal, just as it was in the Peercoin community. Here was the Dogecoin and Peercoin threads for those who haven’t read them yet. I’m surprised they haven’t come here yet…
These guys even had misleading text on their website, making it appear that Sunny King supported them. I asked them to alter their text to make it clear this was not the case…
Regardless, I think he’s fairly right on some points, in particular:
“I’ve yet to see a bitcoin business receive VC funding that has a provable business model (ie: one that generates profit) outside of exchanges and merchant services who simply take a slice of their customers’ business,” he said.
