Activity tagged "venture capital"

Read:
“Why We Need to Stop Subsidizing Venture Capitalists”.
Hilary J. Allen in LPE Project. Published .
From lending to payments to stock trading to crypto, prominent fintech businesses have found a competitive edge not in technology itself, but in using narratives about technology as a smokescreen for the profitable arbitrage of financial regulations. This modus operandi is encouraged by Silicon Valley’s venture capitalists, who decide which businesses to fund and often provide advice, gin up hype, and lobby for the businesses they’ve chosen. Our society continues to shower VCs with public subsidies, but as I argue in this brief post, if regulatory arbitrage is what we’re getting from Silicon Valley’s VCs in exchange, it’s well past time to reconsider this relationship. 
Posted:

Great piece on BlueSky and enshittification by Cory Doctorow . “I will never again devote my energies to building up an audience on a platform whose management can sever my relationship to that audience at will.” I also really appreciate his point that it’s not the blockchain venture capital that leads to enshittification, it’s the venture capital.

Cory is a fellow POSSE-er (and major inspiration to me when I adopted the practice), and has opted not to use Bluesky. Personally, I’ve gone the route of using the platforms that interest me, even the enshittification-prone ones like Bluesky and Threads, but hedging my bets by plugging them into my POSSE system where they can just as easily be unplugged if need be.

“Bluesky and enshittification”.
Cory Doctorow in Pluralistic.
I'm not on Bluesky and I don't have any plans to join it anytime soon. I wrote about this in 2023: I will never again devote my energies to building up an audience on a platform whose management can sever my relationship to that audience at will.
Posted:

“our lead shares our philosophy that technology should serve the user, not the reverse

this is why they focus on blockchains, a technology basically always used at the expense of its users”

Bluesky Announces Series A to Grow Network of 13M+ Users October 24, 2024 by The Bluesky Team Bluesky now exceeds 13 million users, the AT Protocol developer ecosystem continues to grow, and we’ve shipped highly requested features like direct messages and video. We’re excited to announce that we’ve raised a $15 million Series A financing led by Blockchain Capital with participation from Alumni Ventures, True Ventures, SevenX, Amir Shevat of Darkmode, co-creator of Kubernetes Joe Beda, and others. Our lead, Blockchain Capital, shares our philosophy that technology should serve the user, not the reverse — the technology being used should never come at the expense of the user experience. Additionally, this fund has a uniquely deep understanding of our decentralized foundation and has extensive experience building developer ecosystems, so it’s a natural partnership as we continue to invest in the ATmosphere (the AT Protocol developer ecosystem). This does not change the fact that the Bluesky app and the AT Protocol do not use blockchains or cryptocurrency, and we will not hyperfinancialize the social experience (through tokens, crypto trading, NFTs, etc.). To ensure we and our users benefit fully from this expertise, partner Kinjal Shah will join our board. Kinjal shares our vision for a social media ecosystem that empowers the people who use it, and we are glad to have her support as we invest in driving the adoption of decentralized social. With this fundraise, we will continue supporting and growing Bluesky’s community, investing in Trust and Safety, and supporting the ATmosphere developer ecosystem. In addition, we will begin developing a subscription model for features like higher quality video uploads or profile customizations like colors and avatar frames. Bluesky will always be free to use — we believe that information and conversation should be easily accessible, not locked down. We won’t uprank accounts simply because they’re subscribing to a paid tier. Additionally, we’re proud of our vibrant community of creators, including artists, writers, developers, and more, and we want to establish a voluntary monetization path for them as well. Part of our plan includes building payment services for people to support their favorite creators and projects. We’ll share more information as this develops. Bluesky’s open technology, the AT Protocol, makes a whole ecosystem of apps possible. We’re excited that developers have already begun building their own applications with totally different purposes from the Bluesky app. For example, Smoke Signal is an events app, Frontpage is a web forum, and Bluecast is an audio app (that includes karaoke with licensed songs)! We hypothesize that monetization strategies like subscriptions, domain-name registrations, and payments to creators will enable these independent apps to grow as well. With every month that passes, the need for an open social network becomes more clear. We’re very excited about where we’re headed — we’re building not just another social app, but an entire network that gives users freedom and choice. Thank you for joining us.

i do think the degree to which bluesky is stressing that they do not use blockchains really underscores how toxic even a faint whiff of blockchain has become to any normal platform