Crypto Networks

“In a distributed system, in a distributed network, if you own 20% of the network, you're a liability to the resilience of the network.”

“At some point in a crypto network so far, at least what we've seen, maybe other than Bitcoin and Ethereum and a few others, is you see a plateau where once you have that asset reach a certain value, future participants don't perceive as much upside as the earl…”

“You couldn't do this with a credit card or something like this. It just wouldn't, it wouldn't work operationally. It wouldn't work financially. This is a new thing that didn't exist until recently.”

“And the risk of separating the access token or the work token from the currency token is that the people who accumulated the access tokens early on, that group becomes increasingly concentrated over time. As the economy grows or as the crypto network grows.”

“And my belief is that as the game becomes more valuable, then the power to change the rules becomes more valuable as well.”

“Today's governance systems and sort of blockchains and crypto networks, the way that they exist today will likely devolve into plutocracy simply because the mechanisms for vote buying are so effective as you've described.”

“That's why I don't love when entrepreneurs, founders come to us, And they're like, we're going to take mortgage-backed securities and put them on the blockchain, or we're going to take like, they're really interested, a lot of people are interested in taking t…”

“And my sense is that crypto networks are actually much, much more like cities, which could be Considered a specific kind of organism than they are like individual organisms or firms or coral reefs.”

“Cities, like crypto networks, may have this property in common. They tend to live for a very long time because of their bottom-up nature. That makes them sort of more robust and more resilient. They have fewer central single points of failure.”

“If you have a network that has strong kind of rights for the users and developers, people are more likely to invest in it. And they're more likely to trust it and build on top of it, and the users are more likely to adopt it”

“So let's just say, like, the rule of thumb is 10 to 20% of the currency is kind of held back for funding the operations of the company, and it's kind of the business model of the company, right?”

“There will still be competition, but it'll be competition between networks, and much more, like, substitutes.”

“We see this as the foundation for another golden wave of innovation on the internet that may be even larger than the current startup ecosystem on the internet today.”

“This is a fundamentally new paradigm for computing. We've gone from mainframes, to the personal computer, to the smartphone era, and now onto crypto networks.”

“There are all these issues that we hear about it, and the important thing to understand here is that we are still in the dial-up days of cryptocurrency and crypto networks.”

“Some of these groups could potentially start to take on some of the big, huge giants if they build better products and services. And users would be incentivized because of the tokens. Developers would be incentivized because of the tokens.”

“Crypto networks are actually much, much more like cities, which could be Considered a specific kind of organism than they are than they are like individual organisms or firms or coral reefs.”

“Cities like crypto networks may have this property in common. They tend to live for a very long time because of their bottom up nature. That makes them sort of more robust and more resilient. They have fewer central single points of failure.”

“You know, being kind of, being technology focused, we kind of, we like to look at it or one way we like to look at it is as a, as you can think of a crypto network like Ethereum or Bitcoin or one of the many other new innovative, you know, networks out there a…”

“As more and more networks are built and grow and become more important in our lives, those assets will become more important and more valuable.”

“If it were a crypto network, they'd be able to capture it.”

“The way I think of crypto networks, as I call them, is, is they are digital services, and that's, I mean, in the broadest sense of any kind of digital service that are owned and operated by communities as opposed to being owned and operated by companies.”

“So you can now have networks that replace entire corporations, which is fascinating.”

“The company is fading away, or not fading away, but rather a new thing has come in, which is the network or a market that, that is not a company, but it functions kind of like a company. And so you can think of Ethereum not as a company, but rather as a, as th…”