token

“We see cases where actually, yes, today there's a company, but the real value clearly will be in the token. And actually you want the company to dissolve and not exist. So effectively you're going to invest in some equity over time. You'll get some tokens, whi…”

“In almost all cases, there should not be value accrual to tokens and equity. There are a couple of exceptions to that. But as a general rule, that is true. For teams that try and pitch you value accrual to both, it is almost certain that those two things are i…”

“Mechanically speaking, with a lot of the private round market deals that get done these days they're legally structured as SAFs, excuse me, as SAFs with token warrants or equity rounds with token warrants, but the primary asset that we believe will have value …”

“Without question, tokens help distribute wealth.”

“Tokens only make sense if you need to incentivize behavior in a permissionless fashion among the public at large. To have them all coordinate on, on some sort of broader shared objective.”

“In the last 18 months the price of a token has gone down by 200 X”

“So, will it go down to the next two years? I don't know, but it will probably go down by 10 X or 20 X”

“And so what's happened is every time we've seen the cost of tokens for a particular level of quality of models come down, we've actually seen the demand grow significantly.”

“But the truth is, Antropic probably grew tokens, 15 X in Q one, right?”

“In a year from now, we're not gonna be wasting tokens on mediocre web developers playing with stuff, and we're gonna clamp down on it because it's a huge waste.”

“Right now, we're spending more on tokens for our internal agents than we are on employee headcount.”

“The vast majority of tokens that are used in coding are in QA anyway. It's not in production.”

“We see all these optimizations that happening that changes the price of the tokens in order of magnitude.”

“We have a used judiciously model for tokens. It's not a free-for-all. Free-for-all sounds like you can go token max the hell out of it. We have to use it judiciously, and we keep track of it to see what people are doing. And if we find somebody who's using it …”

“You can consume any top tier developer can assume an order of magnitude more tokens than they are now. The ideas are limitless.”

“When you're thinking about price, you should not be thinking about the inputs to the price. You should be thinking about the outputs. So I think about the price of the outcome.”

“We will let people go if they just go Bananas with something for no reason.”

“It's a dangerous way to think about it, because if you think about it as like, they use more tokens every month that's successful. What if they're using the tokens in a way where the ROI is less clear to them? Meaning they don't realize that they're using toke…”