A Letter from IOSG Founder to China's Crypto OGs: Don't Let the Casino Devour the Cathedral
In this open letter, IOSG Ventures founder Jocy addresses the systemic challenges facing China's crypto ecosystem, contrasting it with the U.S. model. While American crypto OGs like Brian Armstrong (Coinbase, Research Hub), Chris Dixon (a16z), and Naval Ravikant reinvest in foundational infrastructure, research, and education—"feeding the cathedral"—many Chinese OGs, constrained by policy and cultural narratives, exit after initial success rather than building long-term value. This creates a vicious cycle: lacking visionary support, talent flees to AI or other sectors, speculation dominates, and genuine innovation stalls. Jocy urges Chinese investors and builders to support early-stage teams, foster communities, and prioritize value creation over zero-sum gambling. Quoting Warren Buffett, she warns that without nourishing the "cathedral" of real innovation, the "casino" of speculation will eventually collapse the entire ecosystem. IOSG commits to leading this shift through sustained investment, research, and founder support—arguing that enlightened self-interest, not just idealism, demands it.
marsbit01/23 04:09
