Founders

it can be a marketing/growth engine and gives you a way to reward early contributors

also, launching it later on signals “this is the end, they’re cashing out”

i used to think token = ipo, think now it’s more like token = cap table

I think the problem with this analogy is that it’s a cap table that you have no control over

yes there are success cases (some projects on farcaster are a good example)

but crypto traders are extremely short minded. and in most instances having a cap table of short sighted investors will nuke your project if you’re playing a long term game.

building @revealcam @alfaca @offmarket @perl | alum South Park Commons | previously cofounder SBLY.com, eng at Stripe | peter-kim.com

You have all the control you want. Just most don’t take control or launch a cap table that resembles your equity cap table which makes 0 sense