Crypto corrupts everything it touches.
Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
11–20 of 21 posts
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#12Crypto corrupts everything it touches.
Ok, but please don't post unsubstantive comments to Hacker News. Especially not along well-trodden paths.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#13Why is the tech industry (or those that raise ridiculous amounts of VC money in the millions) full of scammers and grifters?
It's easy to blend in when confidence and signaling are the driving forces of valuations, hiring, funding, etc. You can fake it until you make it if you don't break the law too much and you make it to success (Uber's IPO, Tesla's ongoing financial stability and having reached escape velocity). You cannot if you end up not making it, or your break the law too much. Sequoia (supposedly sophisticated investment managers) got snowed for $210M with FTX, Softback lost somewhere between $10B and $20B on WeWork, not a great sign!
I didn't think your comment deserved to be flagged, it is a legitimate ask and observation (WeWork, Theranos, FTX, Lichtenstein and Morgan's bitcoin theft, possibly these "little fry lies", etc), but I am unable to vouch.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#14Absolutely no idea if they’re true but the Pipe founders are contesting these claims in the replies: https://twitter.com/joshmangel/status/1595872694549069827 https://twitter.com/zallarak/status/1595873700846440453
@zallarak's profile says #bitcoin. It doesn't look good.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#15People are saying that one of the founders sold $150m+ of their equity and the vc's couldn't stop them... and proceeded to get a 70 foot yacht. With no remaining incentive to build the business, it's no wonder they are out.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#16Absolutely no idea if they’re true but the Pipe founders are contesting these claims in the replies: https://twitter.com/joshmangel/status/1595872694549069827 https://twitter.com/zallarak/status/1595873700846440453
there's multiple claims listed so just saying "this is false" doesn't really articulate which claims they disagree with.
from afar the fact they all stepped down before finding a replacement CEO was already a massive red flag.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#17They had a program called mine now, pay later https://www.coindesk.com/business/2022/03/22/trading-platfor... “The financing solution is a little bit like hardware financing, but much more efficient because it's on a trading platform and diversified,” Hurst explained.
So maybe the loan was to jumpstart this trading program?
I’m no cryptoeconomist but that looks to me like one of those “better, because blockchain” ideas for people who can’t even get predatory traditional loans.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#18People are saying that one of the founders sold $150m+ of their equity and the vc's couldn't stop them... and proceeded to get a 70 foot yacht. With no remaining incentive to build the business, it's no wonder they are out.
“Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York financial district. When the party arrived at the Battery, one of his guides indicated some handsome ships riding at anchor. He said, ‘Look, those are the bankers’ and brokers’ yachts.’
‘Where are the customers’ yachts?’ asked the naive visitor.”
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#19In my opinion, they should also have told customers. My company is very careful about choosing vendors, and we choose not to do business with anyone involved in crypto (for fraud/stability reasons), especially mining (for environmental reasons).
I respect being cautious near risky business, but that's hardly unique to crypto. And caring about the earth is a good thing, but in no way unique to crypto.
Re: Pipe CEO loaned $80M to a Bitcoin mining company, didn’t tell board
#20In my opinion, they should also have told customers. My company is very careful about choosing vendors, and we choose not to do business with anyone involved in crypto (for fraud/stability reasons), especially mining (for environmental reasons).
I respect being cautious near risky business, but that's hardly unique to crypto. And caring about the earth is a good thing, but in no way unique to crypto.
I never said either of these things is unique to crypto. I implied that they're inherent to crypto.
There are plenty of non-crypto vendors we avoid for ethical reasons (e.g. Amazon, Meta).