The Ledger, every show

“I don't think that they were disrupted very much by the shift from web to mobile, and I don't think they're going to be disrupted very much by the adoption of AI power software.”

“Total economic value that will be unlocked with the software revolution should be at least one, maybe two, maybe three orders of magnitude bigger than what we saw with manufacturing, automotive, you know, for the reasons you describe.”

“I think crypto is, is the one innovation out there that feels highly disruptive because it's a real change in business model. It's not just a technological change. It's a fundamental change in business model. You're not monetizing with ads. You're not monetizi…”

“Right, but that ultimately caused them to have to sell to Google. Because they concluded that they couldn't continue to play the game that way, which was the right way to play the game. As an independent company. They needed somebody who could fight the conten…”

“But I think it could be like Amazon has 60% of the market, Google has 30% of the market, and Microsoft has 10% of the market. I think it's gonna be a three player game in that business, and that's good.”

“I reject that idea, and I think what's powerful about crypto is that they're the same thing, that using and investing are the same thing that they, and you don't have to be a user to be an investor, and you don't have to be an investor to be a user, but if you…”

“It's just not right, particularly for a lot of these businesses where the user is the product. Right? Facebook users made Facebook. Twitter users made Twitter. You know, YouTube users made YouTube, right? It's just not right that the people who make the produc…”

“If Bitcoin and tokens had existed in 2005 instead of 2009, I think it's very possible that Twitter could have adopted a token-based business model Left the protocol open.”

“Once my money gets into the crypto ecosystem, it's gonna stay in the crypto ecosystem. It might, you know, move like, I'm definitely gonna be playing around in all these networks and, you know, using them and staking and doing all this incredibly cool shit tha…”

“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…”

“That's why largely we're not investing in a lot of dApps. I mean, we are playing around with NFTs and games for all the reasons you raised.”

“The only defensibility that you can get with data is defensibility around your own data. If you're getting data from somebody else, it's not defensible, because they can give it to somebody else as well.”

“I would even argue that Google benefits from network effects and the data that they have that, in their search business, I think, almost an insurmountable advantage because of the data asset that they have. And the network effects around that.”

“Shows the problem of thinking that software is any kind of defensible advantage. I don't think it is. But if there was something about The data, ah, and the network around that software that made it so that it wouldn't be easy to leave the first company and go…”

“I don't think selling the data is the right thing to do. I think the right thing to do is to build services on your platform that take advantage of the data that let the people who might buy the data from you instead come and build businesses And transact on y…”

“In consumer internet, even if big data and machine learning is going to be the thing that ultimately locks in your value proposition for the long haul, I don't think you get into the market and get the scale position that allows you to access that data with da…”

“I won't invest in porn. I won't invest in spying. I won't invest in gambling. Those would be three things I wouldn't do.”

“When entrepreneurs come in and say, We're gonna bootstrap you know, one side of our market, the demand side or the supply side, by going to institutions or going, you know, kind of bypassing the little guy and going to large chunks of supply or demand. That al…”

“So that's what's interesting to me right now in payments and it's not like mobile payments or micropayments. Like, to my mind, all that should be running on, on bitcoin.”

“I don't care about the business model because we can tweak the business model. We can get the business model right. What I care about are do you have users and are they getting value out of your product and how much value they're getting out of your product an…”

“When we first started investing in the internet in 94, 95, 96, what we were doing was dumb. We were just basically investing in things that had existed in the offline world that were getting moved onto the internet. Like, ok, so let's, let's invest in a, Let's…”

“I think that we're gonna see a lot of really innovative things being done with staking, because I think crypto tokens make staking super easy to do, and there are, like, I think Richard's idea is that if I can get data scientists to stake their models, to put …”

“I think that machine learning is, has hit an inflection point in the past few years artificial intelligence, machine learning, whatever we want to call it To the point where, ah, we're starting to see, ah, these, ah, dreams that we've had for 30 plus years in …”

“And I think what will work for us in healthcare is to service the doctors and the patients and ignore the hospitals and the, Insurance companies and all the big honkin' bureaucratic institutions in healthcare.”

“Many of them last for kind of a century, right? Like automotive, or more broadly speaking, industrial or manufacturing based businesses were kind of the technological revolution of the 20th century, and even though internet and tech kind of emerged very powerf…”

“If you look at the top hundred mobile apps, And you look at what the top hundred websites were before the iPhone came out, it's not a very different list, right?”

“Everything changes when you change the business model. It's like all of a sudden, you know, your strengths become your weaknesses and that's what allows A lot of new entrants to come in.”

“I think the two big moves that That made YouTube successful, whereas all the people who tried YouTube before YouTube were broadband, that's like, 80 to 90% of it, and also social sharing.”

“90% of the companies Maybe 95% of the companies we back are built on AWS.”

“They're also not winner take all markets, right? So the, it probably still a power law distribution in the outcomes, but maybe it's not as severe. Maybe it's not, maybe the winner's not 10 times bigger than number two, who's then 10 times bigger than number th…”

“We put two and a half million dollars into the company. That's all the money that they ever needed and They sold for a 1,000,000,004, you know, so you know, that's as good as it gets, really, in the venture business.”

“So today, four years later, five million teachers, seventy million students are using it in the K through 12 system here in the United States.”

“The most important data which is the, Transactional and conversational messaging that goes on inside the platform is created natively for the platform and stays inside the platform. And I think that's the glue that keeps everybody on Bloomberg.”

“We are not investors in companies that are providing the pitchforks and shovels for the big data business.”

“I think the important ones are default public versus default private follower versus friending. One-way follow model versus a two-way following model. And open fire hose versus closed fire hose. I think those three things tell you everything you need to know a…”

“Lending Club can do that at Maybe a third of the cost of what a traditional lender can do it at.”

“We're invested in a company, Coinbase, that does that stuff, and they're great, and I love it”

“We have started to have a thesis around platforms that developers build on top of. Twilio SIF Science Firebase, and MongoDB. So we do like to invest in platforms for developers.”

“We looked at education for about three years before we made our first education investment, and then we quickly made about five or six. So we have Edmodo, Duolingo, Codecademy, Skillshare, Stack Exchange, if you want to call that education.”