The content highlights the negative impact of venture capitalists (VCs) on the cryptocurrency industry. The clip features Chamath Palihapitiya, who is seen laughing about dumping his bags of Solana on retail investors. He also expresses his desire to regulate Bitcoin like a security. The article criticizes the unrelatability of traditional finance (TradFi) VCs like Palihapitiya and their lack of awareness towards retail investors. It also highlights Kevin O’Leary’s changing views on cryptocurrencies, him accepting payment to be a spokesperson for FTX and the negative impact it had on his reputation. The article calls for stronger anti-money laundering regulations for crypto firms.
Warning: The Shocking Truth About VCs in Crypto
Laughing at Retail Investors
Chamath Palihapitiya, a well-known VC, was caught laughing at retail investors during a podcast in October 2021. He and his team discussed dumping their bags of Solana on retail investors, and he even tried to negotiate a discount sale through text message. This behavior is unacceptable and shows the true colors of VCs in crypto.
Villains in TradFi
VCs are virtually all bad and virtually all TradFi elitists. They have the ability to do whatever they want and often let their team run everything for them. They don’t care about retail investors and will rob anyone if it can make them an extra buck.
Chamath is one of the many TradFi guys who own a massive amount of Solana. He shills it shamelessly and even said that Solana Pay is going to dismantle Mastercard and Visa. However, Solana plummeted 65% later, so it’s unclear if Chamath had diamond hands or took retail investors’ money as exit liquidity.
Kevin O’Leary: From Bitcoin Hater to FTX Spokesperson
Kevin O’Leary famously called Bitcoin a useless currency, but he changed his tune once he realized how much money it was worth. He even took a $15 million payment to be a spokesperson for FTX. However, he backed FTX too hard and ruined his reputation permanently.
Same Rules Apply to Crypto
Despite what these VCs may want, the same regulatory structure should apply to crypto as it does to existing trading of stocks and bonds. This is not complicated and has already been implemented in other countries. The potential benefits of crypto should not come at the cost of weaker anti-money laundering rules and weaker compliance from crypto firms.