Dispelling r/btc & anti-segwit Blockstream conspiracy theories

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This is a copy paste from another topic, but I'm so sick of hearing this "fail at logic" argument over and over that I think it deserves its own topic. I wrote this quickly and it might not be 100{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} accurate concerning some private infos but it gives a good idea of the reality. Please link to this post if you see FUD related to this topic in the future.

Let's talk about VC investing. Most Bitcoin companies (Circle, Coinbase, Blockchain.info, all ex-casino Chinese exchanges etc) will lose money for their VC. That's the nature of the business and this is exacerbated in the space because most of these guys invested in the middle of a "blockchain investing bubble" without understanding Bitcoin that well.

Blockstream is a little bit different, and is maybe more akin to company like Chain which also raised dozens (hundreds?) of millions and where the real product is not a consumer website unlike these others I have cited but a TEAM that can produce blockchains (lols) and consulting. Basically, Blockstream gathered the best Bitcoin minds in the world and they can sell their services for consulting, private blockchain projects, Bitcoin sidechains (For smart customers, so must not be too many) and so on.

So will VC investors in Blockstream make their money back ? Probably not, like most other Bitcoin/blockchain companies and who cares ? What did they want in exchange for their money ? Make more money, keep informed on the field (why most banks and financial institutions are invested in all of these Bitcoin companies, just in case it's really the "next big thing"), or even other goals depending on who invested. Because all these companies have not one but many investors with different goals. Usually some people know what they are doing (Let's say Barry Silbert fund that supports Bitcoin companies in the hope to make money but also keeping in mind they can recoup through Bitcoin price increase, that's how early angels like /u/MemoryDealers were investing too) and some others (banks) have just too much money to waste.

One of the leading investor in Blockstream is Reid Hoffman founder of Linkedin, who explained clearly in a blogpost that his bet on Blocksteam was not a regular VC play, that he was hoping it would emulate Mozilla 's foundation model. At that time nobody, including all these previous companies I have mentionned that raised hundred of millions were funding Bitcoin development. So some smart BITCOIN HOLDERS with vision like Reid put money on the table to fund Bitcoin development through Blockstream with -I GUESS- the hope that the company could be sort of self sustaining through consulting/side projects. Instead of say wasting his bitcoins on the Bitcoin foundation.

NOW concerning the company that all the crazies on r/btc keep mentioning as the illuminati/bilderberg/rotschild/freemason/whatever secret organization: AXA. It's a FRENCH insurance company. Like most other financial companies, they have a lot of money to invest, can afford to spread their "bets", they are huge machines, that don't necessarily know what they are doing and are mostly concerned with internal politics. So you will have some random guy inside the company that will try to advance his career by betting on a new technology, the guy over him will approve the investment because he keep hearing about the new buzzword in the financial press, board meetings or at good society cocktails. And so on. I can guarantee you that the CEO of AXA has no idea what "blockstream" is doing. Better than that, most people in these companies don't know what Bitcoin is exactly and or even care about it. This is the reality. How do I know it ? I know people (Bitcoiners) who work for these multinational banks and insurers on "blockchains". Conversation goes like this "we need to do something blockchain" "I want the best expert, can we hire this guy VITALIK BUTERIN? or "X"…"

submitted by /u/Taidiji
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Kryptous

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Ticker

1 BTC = $60205.50 USD  (via Coinbase)
1 ETH = $2137.00 USD  (via Coinbase)
1 LTC = $251.69 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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