The Ledger, every show

“The process of actually recognizing the truth fundamentally requires active disagreements. Because the human brain is subject to everyone has their own biases and whatever heuristics they're using. And they're, as they write a memo are, some of which are inher…”

“Step one of our hiring process is write an essay better than what's on our blog. I actually, I don't read your name. I don't read your background. I don't read your resume. I don't care. I just start reading the first words of your document.”

“I think most folks at the earliest stages of investments are not nearly rigorous enough in discussing where the returns to scale come from.”

“Almost all network effects are sublinear.”

“The customer of a blockchain is, is not retail. The customer of a blockchain is developers.”

“Risk tolerance specifically for early stage software things among the global retail populace is much higher than I think traditional capital markets investors acknowledge or recognize because everyone wants to be a VC, especially for consumer products.”

“There's at a minimum two explicit costs and secondary and tertiary costs as well, but the two explicit costs are you are increasing the total amount of computation to be done because you're having to verify signatures on at least two chains or two places as op…”

“I find that network effects, the term on the internet is like way overused. And even when it is used, the implications of how it's being used are mostly incorrect.”

“By betting on a game, it makes it way more entertaining and engaging, and putting finance as that second screen experience alongside the sports is gonna drive all new engagement in sports TV.”

“Millions of people actually already trade crypto assets using Telegram bots that are not too dissimilar from this illustrative example I'm showing here on the screen”

“Being able to chat with your friends and make bets on sports in a group chat is going to go viral.”

“I believe consensus is he will be less than 18 months.”

“If a Republican is elected, it's safe to assume that the new chair of the SEC that the president will appoint is much more likely to be closer to Chair Clayton in ethos than Chair Gensler.”

“We cannot be the best at everything. We tried to for our first. 36 months, 24 to 36 months trade the market and do fundamental research and do venture. And we realized you cannot, you just cannot do all of the above.”

“One thing I've discovered is there's a lot more demand for venture scale return, or I should say venture skew of returns among retail than you would previously think.”

“Once, you know, we are talking about a new asset in investment committee, the subsequent six or seven minutes are silent. It's everyone having a bunch of Google doc comment conversations concurrently.”

“We are stage agnostic. We will write one million dollar tickets. We will write three hundred million dollar tickets and we will do everything in between.”

“But we can happily T WAP over, over six months. We have one position we've been T WAPing for a year.”

“It's much less common to see that, I'd say, among investors. It's certainly been very helpful for us in just making sure we move fast, keeping the pace of the firm moving, as people who work here will tell you. A lot of things are going on when it kind of feel…”

“The one that I would say we consistently struggle with the most, and I think most other VCs also probably struggle with the most is timing. Being too early is always painful. It sucks being too late. It's usually easier to tell if you're too late than it is to…”

“The other really amazing benefit of that is that it's also the most tax efficient way to invest because you don't incur taxable hits. And we also then, at least in our venture funds can make in-kind distributions as well. And so that passes through all the way…”

“Arguably the hardest thing to do in the space over the last five years and probably over the next five is just general education.”

“I have a kind of a rule with anything we invest in that the time horizon, again, it should be able to compound indefinitely. Not that it necessarily has to, but at the time of entry, we need to believe that 10 to 20 years from now, there are still broad based …”

“If you look at capital markets in the last 10 years, excluding crypto, probably the most important Thing, or one of the most important things has been the private companies are staying private a lot longer before going public. And all of that wealth creation i…”

“Stuff in crypto Has over the last 10 years gone down 50 to 85%. It's happened many times. I think it will happen again.”

“Almost no one has launched a second token. The number of people who have already launched a single token and gone through that cycle is extremely low. And therefore the vast majority of people who launch tokens, it's their first time to launch one.”

“We underwrote the investment assuming that Helium Inc. Goes away. Not to say that they will, but the entire system is open source. The hardware, the software, the antennas, the specs for integrating the SDK into Third-party hardware, the blockchain, everything…”

“It's trading about a hundred and fifty million on a fully diluted basis.”

“And interestingly, most of these rules have come not from Congress, but from the administrative state.”

“Actually, no, I think it was the Gnosis ICO, which was in like May fifth or May 10th or something of 2017, but it was in early May. And that was at that point, probably a 10th legit ICO. At that point, I remember I was tagging with Tushar, and they brought twe…”

“We have gone through that process and that experience, 30, 40, 50 times.”

“I was way over indexing on the iPhone and the iPad, which were the two most recent ones and what turned out to be two of the most exceptional ones. And not appreciating how difficult it is to do new form factors and not looking at the Newton and a bunch of oth…”

“I don't read books anymore. But my daily reading time, although it is not on my calendar is probably on the order of three to four hours.”