The Ledger, every show

“Throughout the lifetime of the crypto funds, we could, we today hold 94% of our investments.”

“They said this was for safety reasons. I think it just happened to be very good for their defensibility. I don't believe the safety thing”

“People talk about interest rates. I don't think it's relevant to early stage venture capital, because again, it's like any exit would be 10 years away. And fundamentally to get there, it's just so much more Driven by the quality of the team and the ideas than …”

“I think, for example, on the crypto blockchain stuff, like most mainstream news coverage is just factually incorrect.”

“I think the interesting question to me is not whether something like crypto blockchain will work. I don't think it's a question. I think it's a question of, the timing is a question as it is, as it was with AI and other things”

“Google has 300,000 employees or something. The vast majority are doing customer service, product management. They're maintaining old products. They're doing bureaucratic, you know, PowerPoints, arguing over politics. I don't know what they do, but like, I bet …”

“You know, meme coin is just an utterly stupid Token. It has no purpose by design.”

“The obvious thing that's gonna happen if they do put regulations around this is just further entrench the power of the big five companies.”

“I think they're very likely going to become like IBM and HP and just chugging along and not really doing much new innovative stuff. They'll still be around and they'll still have their services, but I think that their relevance and growth are limited.”

“Generally what we own, contrary to Jack Dorsey and others saying that we own web three, we generally own sub five percent of most of these networks.”

“I believe we'll see in the next couple of years, web three payouts past web two payouts.”

“A lot of the thesis we have with crypto blockchain is that a similar thing will happen with internet services in the same way that almost all software today is made by a group, a community of people who get together and build something. We think the same thing…”

“I think Bitcoin's important, but I think a little too eccentric for the billions of people kind of scale.”

“I think we're in this hockey stick right now with eSports. Like video games, it's just gonna be obvious that like, it's gonna seem, I mean, I think it's always great that people play physical sports, I'm not anti, but you know, it'll be like horseback riding, …”

“And we've now discovered this great business model, which I think will be the dominant business model of the internet and is the true kind of native business model of networks.”

“From the inside, I think it's the most social computing medium that's ever existed.”

“And thus far, they haven't released really much of anything that's worked since the iPhone. So I guess we'll see how they do in VR.”

“Sugar is the new smoking. It's going to you know, kill, it's going to be by far the biggest killer of this generation.”

“That we put between 40 and seventy million. There's a bar there because it's, we have to get rid of bots and other things, but It's definitely been growing. And that's like monthly active users of apps.”

“Chase, I think Jamie, Jamie Dimon talks trash, but I believe they have 1500 people on blockchain projects.”

“I've always suspected in tech, we, in Silicon Valley, kind of, we underestimate the power of just kind of brands and consumer inertia, and I think you're sort of seeing that today with ChatGPT of just like such a Household name, like overnight almost that even…”

“Maybe a lot of the network effect has been externalized to the internet, right? And so the idea being, you know, your cursor, and then suddenly all of the, you know, it becomes popular or, you know, mid journey, let's say, right? And then you get all of these,…”

“The capital effects in AI, right? You do well, you raise the most money. I, you know, I assume the people raising a billion have already, you know, proven a bunch of things, and at some point the capital becomes a moat, right?”

“I think my sense is AI is in that kind of, you know, semiconductor like place where you have this meta process that's very likely to continue scaling exponentially for a very long time.”

“California had a bill that would have created unlimited downstream liability for software developers, which would have effectively killed open source.”

“You know, the next best model in five years will probably be good enough. For most startups, it will probably be good enough.”

“So like last month, it was something like two trillion in stable coin volume, which is more than trillion with a T, which is more than Visa.”

“You imagine a world, which I think we're headed to pretty soon, in a couple of years, we have all these different AI agents running around... And then you sort of imagine other agents coming along and negotiating and, you know, pennies getting transferred back…”

“I think that the crypto space right now, the real shortage we have is startup talent in that there's a lot of obvious good ideas where there just aren't many people pursuing it. So I think it's actually the opposite problem than most, like, than you might have…”

“There's a lot of interest from the banks to think about ways to use blockchains to create essentially marketplaces there, you know, maybe permissioned marketplaces where only kind of certain participants can participate. For them, the benefit is, you know, why…”

“If AI, you know, is solving all the problems in the world that, that they need more intelligence, right? Blockchains try to solve the problems in the world that need more coordination or more, you know, kind of collective collective action, getting a bunch of,…”

“For those tracking it, like, stablecoins have grown dramatically in usage. It's now in the trillions of dollars, you know, higher than Visa per month.”

“In two years, you'll have people making feature-length films.”

“In that framework, you can think of AI, like ChatGPT, as sort of one-boxing the whole internet, right? It's just like, it gives you the answer. You don't need to click through, right?”

“It's better to miss the category than to get the steak knives in my view. Just don't, just miss it.”

“So like last month, it was something like two trillion in stable coin volume, which is more than trillion with a T, which is more than Visa.”

“So like watch MCP I would expect would have down the road a payment standard, right? And AI agents. So you imagine a world, which I think we're headed to pretty soon in a couple of years, we have all these different AI agents running around... And pennies gett…”

“I think that the crypto space right now, the real shortage we have is startup talent in that there's a lot of obvious good ideas where there just aren't many people pursuing it. So I think it's actually the opposite problem than most, like, then you might have…”

“I think blockchains, I think we no longer have infrastructure as an excuse anymore. Like now it's about building applications, about getting regulatory clarity. And I think we're pretty far along there. I think we have a long way to go fully exploring kind of …”

“That's probably where we're headed is a world where you have sort of Five big systems, let's call it, you know, three to five big AI systems, you go to their websites, they give you an answer, and you don't, and so what happens to the billion other websites if…”

“One way to think, one sort of simple heuristic is anywhere where there's a, where you want to build a network, and it's a challenge to sort of build the early phases of the network, crypto can be a really useful way to help, ah, bootstrap that.”

“So in consumer, right now at least, I don't think you see a lot of network effect businesses, right? So, like as successful as these you know, these, the clods and chat GPTs are, I don't think they have a network effect.”

“Bitcoin is something that couldn't have existed before social networking”

“I wrote my book. I wanted to have my own voice use AI to read the book, using my own voice. Both the publisher and the, and Audible, the podcasting platform, ban AI completely.”

“Go look at the top apps in the app store. And none of those services were created in the last 10 years.”

“These networks have a set of shifting incentives where when they start off, They're solicitous to software developers, creators. They have to be their startup. But over time, as they gain power and the network effects kick in, they start to extract.”

“So blockchain is the best of both worlds. So you get the societal benefits of protocol networks where users and software developers and creators have rights and agency and economic benefits, but you also can do a lot of the advanced things that led corporate n…”

“Social networks made last year, one hundred and fifty billion dollars. Had RSS won, and you had an architecture with no gatekeeper, I think it's credible to think that hundred and fifty billion dollars would instead flow to the edges of the network.”