YHacker News
points by ryandrake 18 hours ago | hide | 0 comments
> The most surprising part of this article is that a16z invested in this.

Why would this surprise you?

ra17 hours ago | | | parent | | on: 47761319
Surprises me to.

I thought A16Z were a top-tier VC wanting to create long-term value. I didn't see black-hat social media bot farms in their focus areas.

It might be a bit facetious, but if I had 10m invested with them I'd be asking questions about their investment thesis.

pseudalopex16 hours ago | | | parent | | on: 47761443
> I thought A16Z were a top-tier VC wanting to create long-term value.

They invested in Cheddr.

We're building the TikTok of sports wagering. Accessible by 18 to 21 year olds. Live in game micro betting. Swipe to predict every moment. It's sports wagering at the pace of a slot machine.[1]

They invested in Coverd.

Bet on your bills — OnlyFans, child support, and last night’s Uber. Wipe them from your credit card by playing your favorite casino games all from the comfort of our app.[2]

"We didn't build Coverd to help people inhibit their spending; we built it to make spending exciting. We let spenders win twice – the second time is when they play it back and win. Our users want immediacy and upside. Coverd gamifies transactions with real financial leverage, meeting users where they are and turning spending into a moment they look forward to," said Albert Wang, co-founder & CEO of Coverd.[3]

[1] https://player.vimeo.com/video/1067223945

[2] https://archive.is/XWKEI

[3] https://www.prnewswire.com/news-releases/coverd-launches-app...

sofixa12 hours ago | | | parent | | on: 47762075
Coverd is impressively next level sociopathic. I love how their first common spending example is OnlyFans, it figures the type of person who imagined this needs a paid parasocial "romantic" relationship.
Zanfa17 hours ago | | | parent | | on: 47761443
> I thought A16Z were a top-tier VC wanting to create long-term value.

That hasn’t been the case since they publicly went all-in into crypto scams.

> It might be a bit facetious, but if I had 10m invested with them I'd be asking questions about their investment thesis.

Their fund sizes have skyrocketed since.

mayneack17 hours ago | | | parent | | on: 47761443
A16Z was (is?) up to their eyeballs in crypto as well.
pstuart1 hour ago | | | parent | | on: 47761639
Marc was all about the value of NFTs -- there's clearly no legitimate value behind them and anybody pushing them is either extremely naive or slimey.
kklisura16 hours ago | | | parent | | on: 47761443
> I thought A16Z were a top-tier VC wanting to create long-term value.

Wait till you hear about this one called YC.

surgical_fire13 hours ago | | | parent | | on: 47761443
> VC wanting to create long-term value

I nearly spit my coffee laughing at this.

Brother, the only value VC aims to create is the value in their pockets in an exit event.

Either by having the company acquired by the usual suspects or the jackpot of an IPO where the general public will be bagholders. The damage their investments caused to society is immaterial, negative externalities they don't need to account for.

> It might be a bit facetious, but if I had 10m invested with them I'd be asking questions about their investment thesis.

The obvious answer is that the sort of people that have 10m invested with them just care about ROI.

sofixa17 hours ago | | | parent | | on: 47761319
Yeah, we're talking a VC. And one run by and named after two guys who between them have publicly backed racism+misogyny+xenophobia+nepotism, have asked for more housing to be built while blocking housing in their own city, etc.

Them investing in a troll farm is pretty on brand.