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Top-level
 Incidentally, this also harkens to one of those times that Matt Levine Doesn't Understand Capitalism - he's been repeatedly stumped by why crypto firms like Coinbase or Tether keep making risky bets with customer money when they could just.. Not do that, and still make a handy profit from putting customer money into liquid rate-making bonds and live off the interested (since the customers see zilch of that). > 9 comments
@pettter I was disappointed to see it sold a second time to a music licensing company. Don't know much about them but hope they aren't there to change the way it works. But Bandcamp is/was a great model and service to bands. @pettter I read that today. But yeh as you mentioned perfect business. With a united workforce. But no one was thinking of the shareholders! Step one is always fire staff. I just love the service and hope it can still serve it's purpose to the artists  @pettter @arcadiarhod if the staff that was fired would start a cooperative equivalent of bandcamp I'd back it.  @vanderZwan @pettter @arcadiarhod Oh no, I need to read up on that. Such a shame. Bandcamp felt like one of the nice indie companies. I didn't realise they got caught in the VC trap |
Gregory's Server
I think the fundamenral misunderstanding is that Levine thinks of these crypto 'institutions' as classic capital - they get (more) money from owning things and managing funds, and should be fundamentally insulated from market instability - whereas the crypto people see themselves as a tech startup, meaning they should have YoY growth _every year_, which fixed-rate, liquid bonds can't necessarily yield.