🚀 Concerns Raised Over Web3 Startups' Business Closure Practices
#Web3 #Startups #StartupClosure #VentureCapital #Investors #InvestorRelations #QuietlyDisappearing #FounderEthics #FounderCompensation #DeFianceCapital #PANews #ArthurCheong #Crypto #DeFi #EthicsInTech
According to PANews, Arthur Cheong, CEO and CIO of DeFiance Capital, recently expressed dissatisfaction on social media regarding how some Web3 startups handle business closures. Cheong criticized the lack of communication with investors when these companies shut down, describing the practice of "quietly disappearing" as unacceptable. He emphasized that even in failure, companies should at least send an email to investors with apologies and gratitude.
Cheong referenced a post analyzing current venture capital models, highlighting issues such as lack of oversight, weak accounting foundations in startups, minimal decision-making power for investors, and a tendency for investors to focus on successful projects while neglecting failed ones. The model relies heavily on the ethical conduct of founders, but in a bullish market with abundant capital, founders might benefit personally through high salaries, bonuses, luxury travel funded by the company, renting personal office space to the company, or paying fees to affiliated companies.
The post pointed out that these practices not only benefit founders significantly but also enhance their professional profiles, while investors' returns may decrease substantially or even become negative. Cheong agreed with these observations, stating that such situations remain unacceptable.#Web3 #Startups #StartupClosure #VentureCapital #Investors #InvestorRelations #QuietlyDisappearing #FounderEthics #FounderCompensation #DeFianceCapital #PANews #ArthurCheong #Crypto #DeFi #EthicsInTech
🚀 Vitalik Buterin Criticizes Corporate Practices and Advocates for Sovereign Web Tools
#VitalikButerin #CorporatePractices #SovereignWeb #PrivacyFocused #SocialMedia #OpenSourceAI #WalledGardens #UserControl #EthicsInTech #Blockchain #FinancialTools #ETH
According to Foresight News, Ethereum co-founder Vitalik Buterin expressed concerns on Farcaster about what he terms 'corporate slop,' which combines corporate optimization, flashy branding, and profit-driven actions at the expense of ethics. He highlighted issues such as social media's pursuit of short-term dopamine hits, the misuse of user data in 'walled gardens,' and the production of soulless, homogenized content. Buterin called for the development of tools that support a 'Sovereign Web,' including privacy-focused local applications, social media with user-controlled algorithms, responsible financial tools, and open-source AI.#VitalikButerin #CorporatePractices #SovereignWeb #PrivacyFocused #SocialMedia #OpenSourceAI #WalledGardens #UserControl #EthicsInTech #Blockchain #FinancialTools #ETH
🚀 Books to Read Amid the AI Revolution
#AIRevolution #BooksToRead #TechnologicalAdvancements #SocietalImpact #EthicsInTech #ArtificialIntelligence #AIandSociety
As the world anticipates the impact of artificial intelligence, some of the most insightful literature on the subject surprisingly does not focus on AI itself. Bloomberg posted on X, suggesting that instead of delving into popular AI memos, readers should consider exploring four specific books that offer valuable perspectives on the broader implications of technological advancements. These books provide a deeper understanding of the societal and ethical dimensions that accompany the rise of AI, offering readers a comprehensive view of the changes that may unfold.#AIRevolution #BooksToRead #TechnologicalAdvancements #SocietalImpact #EthicsInTech #ArtificialIntelligence #AIandSociety