Austin said they have $1.5 million in the bank, vs $1.2 million mana issued. The only outflows right now are to the charity programme which even with a lot of outflows is only at $200k. they also recently raised at a $40 million valuation. I am confused by running out of money. They have a large user base that wants to bet and will do so at larger amounts if given the opportunity. I’m not so convinced that there is some tiny timeline here.
But if there is, then say so “we know that we often talked about mana being eventually worth $100 mana per dollar, but we printed too much and we’re sorry. Here are some reasons we won’t devalue in the future..”
If we could push a button to raise at a reasonable valuation, we would do that and back the mana supply at the old rate. But it’s not that easy. Raising takes time and is uncertain.
Carson’s prior is right that VC backed companies can quickly die if they have no growth—it can be very difficult to raise in that environment.
If that were true then there are many ways you could partially do that—eg give people a set of tokens to represent their mana at the time of the devluation and if at future point you raise. you could give them 10x those tokens back.
Austin said they have $1.5 million in the bank, vs $1.2 million mana issued. The only outflows right now are to the charity programme which even with a lot of outflows is only at $200k. they also recently raised at a $40 million valuation. I am confused by running out of money. They have a large user base that wants to bet and will do so at larger amounts if given the opportunity. I’m not so convinced that there is some tiny timeline here.
But if there is, then say so “we know that we often talked about mana being eventually worth $100 mana per dollar, but we printed too much and we’re sorry. Here are some reasons we won’t devalue in the future..”
If we could push a button to raise at a reasonable valuation, we would do that and back the mana supply at the old rate. But it’s not that easy. Raising takes time and is uncertain.
Carson’s prior is right that VC backed companies can quickly die if they have no growth—it can be very difficult to raise in that environment.
If that were true then there are many ways you could partially do that—eg give people a set of tokens to represent their mana at the time of the devluation and if at future point you raise. you could give them 10x those tokens back.