"Maximizing profits" and "maximizing value" is absolutely a distinction with a difference. If a company owns 50% of the supply of an asset, and it engages in behavior that increases the value of that asset, that is NOT profit, that is balance sheet appreciation. But you are dancing around the point
The author argues that a company owning 50% of an asset's supply and increasing its value results in balance sheet appreciation, not profit, and questions fiduciary obligations regarding token sales.
"Maximizing profits" and "maximizing value" is absolutely a distinction with a difference. If a company owns 50% of the supply of an asset, and it engages in behavior that increases the value of that asset, that is NOT profit, that is balance sheet appreciation. But you are dancing around the point
Why is the balance sheet valuable? Because you can sell those assets for a profit. I’m not dancing around anything. I’ve written articles about this. Scenario A: If $ABC is a network token that accrues value programmatically from a functioning protocol, then if a16z sells its tokens and forces t