Everything Needs A Token
Everything has a share. Everything has a website. Everything has an email. Everything in the world will have a token whether you like it or not. Now the question is: which tokens are tasteful?
During the 2017-2018 ICO mania I felt sick to my stomach. Every melt I know was making millions creating shitcoins and dumping them on the general public.
It felt absolutely disgusting. I channelled my rage at one project: EOS
They raised the most and shipped the least. Their founders are child abusers, drug dealers, tax dodgers & total scammers. I made my views known:
The only other person who held Brock Pierce to account was a fellow Brit:
I decided to call out the Filecoin saga the day it launched:
I also decided to not do a token for Balance during the mania because it felt wrong. I opted for crowdfunded equity and raised a sensible sum of money:
The problem was: every other wallet did a token or had insane amounts of backing from an exchange. It was crazy to compete with everyone, but I did it anyway. I was wild and reckless:
Trying to compete with <5% of your competitors’ capital was really dumb. We lost. I almost lost everything. My partner left me, my team left, and my collaborators screwed me over. I left New York with next to nothing.
I went to war without a war chest.
I will not make that mistake ever again. You need capital to win at capitalism.
Committing to Balance
I have spent the last two years rebuilding myself financially, creatively & spiritually. I have learned and earned a lot. Now I have enough capital to take another big crack at this problem:
What will the wallet of the future look like?
I believe it will come from a team that is open source, community funded, and extremely opinionated about how a product should serve the people.
I am totally committed to this mission. I am never selling. I am not for sale.
Balance is not something to be acquired. It is something to be desired.
We are all chasing Balance.
The biggest cause of personal imbalance is financial imbalance.
I believe Ethereum can improve everyone’s Balance.
$LFG is a Wallet Creation Community
In the corporate world, there is a concept of a Public Benefit Corporation:
a public-benefit corporation or PBC is a kind of for-profit corporate entity that includes positive impact on society, workers, the community and the environment in addition to profit as its legally defined goals, in that the definition of "best interest of the corporation" is specified to include those impacts.
en.wikipedia.org/wiki/Benefit_corporation
There are a few really successful PBCs in the world. One of them is Kickstarter, which switch to being a PBC around 2017-2018:
What I like about this idea is that the project has clear leadership and great goals for society. It thinks about more than just bottom line profits. It considers its entire impact on the world.
Leaderless DAOs are a mess
Everyone in Ethereum thinks they have discovered new secrets to corporate governance until they hit 50-100 people in their “Decentralised” and “Autonomous” excuse of an “Organisation” (DAO).
Most DAOs are just Disastrous Arseholes Onchain 🤣
We need CEOs & boards with token-based voting on performance
What we really need is to open up the corporate governance mechanisms to more people. Public CEOs are reviewed every quarter and removed by a board if they fail. This is a very efficient process that is totally closed off to regular people.
What if we opened up corporate governance to the world?
I think we would have a bunch of protocol politicians. Something I wrote about in 2020:
$LFG governs on-chain cashflow
Wallets receive referral fees from DAOs, dapps, protocols & lots of on-chain entities. It needs to go somewhere. I wrote about this in 2019:
This is going to happen in 2022. Balance is going to generate revenue and store it in on-chain multi-signature wallets that will be governed by $LFG holders.
You will be able to dissolve the multi-sig if you lose faith in my leadership.
That will be the power of $LFG. It is a governance token for the Balance revenue streams that flow onchain. Hashflow finally becomes cashflow.
No one wanted a website, email or social media account
Now they need one to function. Their business is all online.
Eventually a huge percentage of the world’s economic activity will be onchain.
The future is really clear to me. Every business in the world needs a token.
Let’s Fucking Go and build it.
Want to join us? Buy some $LFG
We are 1 day and 10% into our fundraise—anyone can join us:
ricburton.mirror.xyz/crowdfunds/0x9500b696F00AE82CA97d06379CF0A2b60B467040