Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Helium has revenues of $6.5k/month after $365M investment from A16Z

twitter.com

Post reply on HN
Print view View original

11–20 of 344 posts

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#11

Post by pg_bot »

spaceman_2020 wrote: post #5

Look into SoRare’s volume. They raised over $500m. Volume is now lower than it was way back in 2020. The crypto down rounds are going to be hilarious. Note to investors: if you’re investing in crypto projects, carefully consider the ponzinomics and the vesting schedule. You want your unlocks to happen in the middle of the bullrun when exit liquidity is ample. And also remember that whatever you might think of as “nor…

Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#14

Post by ackbar03 »

pg_bot wrote: post #11
spaceman_2020 wrote: post #5

Look into SoRare’s volume. They raised over $500m. Volume is now lower than it was way back in 2020. The crypto down rounds are going to be hilarious. Note to investors: if you’re investing in crypto projects, carefully consider the ponzinomics and the vesting schedule. You want your unlocks to happen in the middle of the bullrun when exit liquidity is ample. And also remember that whatever you might think of as “nor…

Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.

Yet some VCs are still plowing into web3. There was an article today about how Moellis was getting into Web3 companies. I'm genuinely curious what their thought process is. I tend to be in the camp that web3 is just a bunch of hot air seeing how cryptos been around for quite a while now with few use cases, but I also give benefit of the doubt there could be something there given the nature of tech.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#16

Post by elevenoh »

pg_bot wrote: post #11
spaceman_2020 wrote: post #5

Look into SoRare’s volume. They raised over $500m. Volume is now lower than it was way back in 2020. The crypto down rounds are going to be hilarious. Note to investors: if you’re investing in crypto projects, carefully consider the ponzinomics and the vesting schedule. You want your unlocks to happen in the middle of the bullrun when exit liquidity is ample. And also remember that whatever you might think of as “nor…

Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.

No post body was provided.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#17

Post by dzhiurgis »

tradertef wrote: post #10
Canada wrote: post #2

Helium is a terrible use case for cryptocurrency. Cryptocurrency is for money, only for money, and not for any other purpose.

Agree. The amount of spectrum they use for their application is so small (15 MHz?) that there is really no good use-case that can not be addressed by cellular or Wi-Fi. Helium is just a toy project with good marketing. It is really a scam.

FWIW I'd love to move away from "you must have a cell number to do ANYTHING in life". It's super inconvenient if you move between countries.

Example - local taxi app (Bolt) wouldn't even let me register. I'm guessing their SMS gateway doesn't support new number ranges I've got assigned. Engineers don't give a fuck to enable my mobility. I've spent weeks trying to get on.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#18

Post by Melting_Harps »

pg_bot wrote: post #11
spaceman_2020 wrote: post #5

Look into SoRare’s volume. They raised over $500m. Volume is now lower than it was way back in 2020. The crypto down rounds are going to be hilarious. Note to investors: if you’re investing in crypto projects, carefully consider the ponzinomics and the vesting schedule. You want your unlocks to happen in the middle of the bullrun when exit liquidity is ample. And also remember that whatever you might think of as “nor…

Every single one of these web3 companies is going bust. They could all be built without tokens or a blockchain if they wanted to. There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.

> There are only two things propping up the entire crypto economy, VC funding and fraud. Once the VC money leaves the ecosystem the dominoes will fall.

Agreed, web3 was a joke... but the same thing can be said about most of disruptive tech like ride-sharing or food delivery, and even FAANGS are experiencing immense markdowns after the immense amount of liquidity poured into the stock market these 2 years.

Being critical of the nature of this system also requires self-awareness; otherwise it's just projecting.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#19

Post by Canada »

dzhiurgis wrote: post #17
tradertef wrote: post #10

Earlier quoted context omitted.

Agree. The amount of spectrum they use for their application is so small (15 MHz?) that there is really no good use-case that can not be addressed by cellular or Wi-Fi. Helium is just a toy project with good marketing. It is really a scam.

FWIW I'd love to move away from "you must have a cell number to do ANYTHING in life". It's super inconvenient if you move between countries. Example - local taxi app (Bolt) wouldn't even let me register. I'm guessing their SMS gateway doesn't support new number ranges I've got assigned. Engineers don't give a fuck to enable my mobility. I've spent weeks trying to get on.

I'm not saying that the Helium idea of having this network of access points is bad. That's actually great, I wish there were such a thing.

What doesn't work is their token. Instead of having that they could have used a whitelist of acceptable payment... eg. ETH, USDT, USDC, DAI, WBTC, BTC...

But no, they had to have their own shitcoin of course, because if they used a cryptocurrency with actual value they wouldn't be able to give themselves a bunch of it to dump on the suckers.

Re: Helium has revenues of $6.5k/month after $365M investment from A16Z

#20

Post by Canada »

wiredone wrote: post #4
Canada wrote: post #2

Helium is a terrible use case for cryptocurrency. Cryptocurrency is for money, only for money, and not for any other purpose.

Isn't the idea that you'd get paid for use of a LoRaWAN access point pretty much the same thing as money. Sure, earning HNT for mining/proof of coverage is nice, but I see the long term game is pretty much earning money (via crypto) for use of your home internet connection. Otherwise why the hell are you building a wireless network in the first place?

How does that proof of coverage work exactly?

https://docs.helium.com/blockchain/proof-of-coverage/

It has nowhere close to the density for this to work, and there's nothing to stop the Beaconer and Witness from being the same person.

If the goal is to enable renting out of WiFi, then the sensible thing is to make a system that automates payment in ETH/USDT/USDC/DAI/BTC/etc... Or to put it another way, use the money cryptocurrency that exists and works already. But no, that was never the point of this. The point of Helium is to mint and dump the shitcoin.

Post reply on HN