Basecoin, aka the Basis Protocol • Hacker News Board

Re: Basecoin, aka the Basis Protocol

#101

Post by simias » Thu, Apr 19, 2018, 8:10 AM UTC

solean wrote: post #89

hcmag wrote: post #43

I've worked with these founders over at Google. They were normal, middle-of-the-road SWEs working on some (fairly boring) DoubleClick teams, one of which eventually shut down. In a matter of a year, with no revenue, code, product, or customers, I can't believe they've raised over $100m. Are investors just betting on pedigree at this point? In which case, is a Princeton undergrad degree really worth that much? Moreove…

It's pretty elitist to think that you can never accomplish anything worthwhile just because you were only a low level employee at Google, which by the way, is a position most engineers dream of.

It's not how I interpreted the parent, rather it's more that this type of investment is probably based a lot on previous experience, not future potential. As such I think it's relevant. Maybe they're geniuses but they haven't proved that yet.

Re: Basecoin, aka the Basis Protocol

#102

Post by loceng » Thu, Apr 19, 2018, 1:07 PM UTC

drcode wrote: post #13

chrisco255 wrote: post #6

MakerDAO's DAI coin (currently collateralized by ETH) has already proven quite stable in the face of several black swan events and the price of Ethereum crashing nearly 70% over the past couple of months. They're in the process of adding more assets to back the currency to improve stability. The supply is capped by a debt ceiling. There are sound principles behind the currency, and it being an ERC20 token, it's got a…

DAI coin is just diversifying risk by using multiple underlying assets- So instead of a 10% chance of the value dropping 90% due to a failure of an asset guarantor, it will just have a 90% chance of dropping 10% in value. The MakerDAO organization can likely cover this 10% loss in asset value by using their enormous capital, but this is not a sustainable strategy for creating a stable synthetic asset. I think sustain…

I'd be curious what your thoughts are on the structure I propose in this comment of mine (different thread): https://news.ycombinator.com/item?id=16867880

If wanting to read from my parent comment: https://news.ycombinator.com/item?id=16851187

Re: Basecoin, aka the Basis Protocol

#103

Post by [deleted] » Thu, Apr 19, 2018, 3:41 PM UTC

hcmag wrote: post #92

hcmag wrote: post #43

I've worked with these founders over at Google. They were normal, middle-of-the-road SWEs working on some (fairly boring) DoubleClick teams, one of which eventually shut down. In a matter of a year, with no revenue, code, product, or customers, I can't believe they've raised over $100m. Are investors just betting on pedigree at this point? In which case, is a Princeton undergrad degree really worth that much? Moreove…

Sorry, I didnt mean to disparage the founders, although I see how I came off that way. The founders played the game well, and best of luck to them. My comment was aimed at the investors who, with little compelling info, bandwagoned into pouring in millions. That, to me, is discouraging.

[deleted]

Re: Basecoin, aka the Basis Protocol

#104

Post by nylonstrung » Thu, Apr 19, 2018, 7:09 PM UTC

hcmag wrote: post #43

I've worked with these founders over at Google. They were normal, middle-of-the-road SWEs working on some (fairly boring) DoubleClick teams, one of which eventually shut down. In a matter of a year, with no revenue, code, product, or customers, I can't believe they've raised over $100m. Are investors just betting on pedigree at this point? In which case, is a Princeton undergrad degree really worth that much? Moreove…

I heard these guys are paying themselves a salary of $1M/yr each