A good rundown of why Kickstarter (or anyone else) getting involved in crypto blockchain bullshit is a enormously bad idea, written in a clear readable style that doesn't require any technical understanding (though it makes clear, Kickstarter management doesn't have any technical understanding either):

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@nickwedig @ifixcoinops so are KS going crypto? Is it 100% confirmed? If so I am finished with them.

@cpi @nickwedig I vaguely recall they started bollocking on about it some time last year and a bunch of people went "Welp" and binned them; most other companies who start to get into crypto but are still able to pull out do so within, like, 48 hours of their first crypto tweet going down in flames, so on that basis it's looking likely they're in too deep to pull out and they're gonna ride it right into the ground in a glorious shitty fireball

@cpi @nickwedig Like that bloke in Doctor Strangelove, except instead of nuclear it's full of manure. "WHOOOOOO!" kaboomsplatttt

@ifixcoinops @nickwedig such a bonfire of goodwill on the day it is inaugurated

@cpi @nickwedig Bring marshmallows and the Drama Diary, this is gonna want written down for future generations to not learn from

@ifixcoinops @cpi @nickwedig Yeah, I think they'll stick with it. Unlike other conpany's flirtations with cryρto, this one appears to be driven by major cryρto investors (like Jack Dorsey) who have investments in both Kickstarter and Celo, the company building their blocκchain infrastructure. It seems entirely likely that the shift is driven by their ambitions for CeloCoin more than any interest or concern for the health of Kickstarter.

@cpi Kickstarter announced they would be implementing Blockchain stuff but have been extremely vague on details. All signs suggest it's a crypto scheme, but KS is remarkably unwilling to give any meaningful details. Their announcements and their one interview are linked to at the start of the article I linked to.

@cpi @nickwedig @ifixcoinops They've made announcements to that effect, and several of Kickstarter's biggest investors are also investors in Celo, the blocκchain company they've named as their infrastructure provider for the change. There's every reason to suppose that those investors will continue to push for the shift.

That was one of the factors that led to the launch of Zine Month as an indie alternative to Zine Quest.

@nickwedig I think there are three points that help explain the KS/cryρto decision:

1. KS and Celo share a number of investors

2. Celo is a proof-of-stake coin — the biggest stakeholder has the most say over governance

3. KS is an escrow service — huge amounts of money get parked there for months at a time

So converting all KS transactions into and out of CeloCoin would allow the investors to keep Celo liquid while concentrating a majority stake in an institution they control.

@SymbolicCity @nickwedig I tried to read this article the other day, but it seemed to be so infused with contempt that I found it unreadable.

I think the point about KS functionally being an escrow service is the key one, especially if you add the observation that in the current non-crypto implementation they derive no benefit from that because the payment processors handle all the money.

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