Remember Kickstarter’s frankly insane plan to pivot to blockchain? Yeah, that was because a16z promised them $100m to adopt blockchain (fortune.com)
from dgerard@awful.systems to buttcoin@awful.systems on 11 Mar 2024 16:46
https://awful.systems/post/1155858

archive: archive.ph/UZv4s

#buttcoin

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[deleted] on 11 Mar 2024 17:04 next collapse
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mountainriver@awful.systems on 11 Mar 2024 22:29 collapse

Reading this extract I was surprised, figuring the desperate search for investment money must mean that Kickstarter wasn’t turning a profit despite a seemingly sound business model.

Reading the article I found out it was even stupider. Kickstarter wasn’t lacking a path to profit, it was lacking a path to growth. And being a profitable company with a clear market nisch isn’t cool enough. Everything has to grow, grow, grow. So Kickstarter created a bunch of problems for itself, destroying much of its brand. It’s that stupid.

acausal_masochist@awful.systems on 12 Mar 2024 00:38 next collapse

21st century capitalism is going great

dgerard@awful.systems on 12 Mar 2024 01:12 next collapse

and UNIONS

sc_griffith@awful.systems on 13 Mar 2024 15:56 collapse

the article is so grim. at no point does the company have a financial problem, and tons of people in it are presenting themselves as too cool and socially conscious to get obsessed with growth. but the reality, on both the executive and worker sides, seems to have been a frenzy of fomo from the moment it was clear the company wasn’t ballooning to infinity