Centralize, then Decentralize
Let’s stop playing pretend and start building
“In a bull-market, almost every project I know held most (and sometimes all) of their funds in BTC/ETH while spending frivolously, as their crypto holdings appreciated faster than their burn. While many projects lucked out, this is foolish: the equivalent of a startup CEO putting down fundraising money on black.
Other questionable use of proceeds include “market-making” (read: propping up their token price) and “events” (parties, sometimes with escorts). Meanwhile, it’s hard to even track the “book value” holdings of projects without patching together some scripts to track ether flows.
These founders are looking at significantly smaller treasuries now, sparking a real conversation around capital preservation. While the best approach is unclear, a low-yield allocation into liquid holdings like USD & money-market instruments with some crypto upside is likely the right approach. Once projects take accounting, treasury functions, and banking more seriously, we’ll get there.”
https://medium.com/@arjunblj/centralize-then-decentralize-6de1a0f9d2b0
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STOP