Virtuals: Not a Ponzi, But a Culture of Conviction

TL;DR;

The author argues that Virtuals is not a Ponzi scheme, differentiating it from such schemes by emphasizing the encouragement of holding rather than preventing selling. They aim to reward patient, long-term believers in building teams, fostering a culture of conviction. The value of Genesis launches comes from the hard work of brilliant teams and their products, contrasting with the 'air of retardio' in Ponzi schemes. Virgens participate in Genesis launches at favorable terms, and the author advises considering the long-term potential, as even private investors pay similar prices with illiquidity. Power laws suggest that a small percentage of teams will drive the majority of returns, and the author believes that holding a small percentage of all Genesis launches could lead to significant profits if the cumulative FDV reaches $1 billion. The ultimate question is whether one is willing to wait and see the potential of on-chain Silicon Valley and Wall Street, coupled with agent commerce replacing Amazon, leading to a robotics-embodied agentic society.