The Ledger, every show

“I believe that governance is where most of the value is going to accrue in crypto at the end of the day, precisely because of what Kyle pointed out, features, functionality can be copied, and the thing that you can't copy is a community, and the thing that Kee…”

“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.”

“The value of combining the two, if you have a single token that is both a supply side token and a payment token, in order for the supply side to provide its service, it has to take payment in that token. So the token has to be in the user's hands in order for …”

“But I also don't think we're heading to a world where you buy your coffee with Bitcoin.”

“Value will accrue to where there is the highest cost. And it doesn't really matter where in the layer that is. It matters more what is the kind of service that's being provided and what is the cost of that service.”

“I calculated how much better or worse an investment it would have been to just buy Bitcoin and buy the same amount of dollars worth of Bitcoin, and found that Bitcoin would have been a much better investment”

“And so now the value in crypto is no longer in the data itself, and ultimately that's for the long term, that's what's going to commoditize the web incumbents that we have today.”

“A frenzy where there will be massive rises and massive falls, and when you have a more liquid fund structure, that can end up screwing you in interesting ways. If you're now bound by the whips of the market, if your investors can pull out of the fund because i…”

“Features can be copied, and you can't win in this market solely on the basis of features.”

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

“And my take on it is rough consensus works well when you're small and when the number of stakeholders is fairly small.”

“I think a lot of arguments against on-chain governance are kind of primitive in their thinking around how is that governance applied. One common element of a lot of the counter arguments is the assumption that governance power is linear and one token equals on…”

“We bonded over our shared belief that the most interesting place to invest in was in the assets themselves and the crypto assets that were being created with blockchains as opposed to companies.”

“And so for existing VCs that are moving into a space, they either have to recruit people that are going to spend all of their time in this market learning about this market, or they're going to have a tough time catching up.”

“I think we've seen ICOs or ICO fever really diminish as the year has gone by. I think we're getting to a healthier place, and largely due to the increased interest from regulators in the space. I think that's been very positive.”

“Layer one is more machine work and layer two is more human work.”

“Right on schedule we get the arrival of a new open technology, which are blockchains that directly challenge The proprietary data business model, just as the internet and Linux challenged the proprietary software and distribution business model.”

“So the companies that I mentioned, Google, Apple, Facebook, Amazon, they're incredible. And will continue to be for quite some time. It's not like they're going to be affected by the rise of crypto in the short term.”

“I think we're going to see more of those this year, but ultimately, I think that before Before institutional capital can really rush in, we're going to need more clarity from the regulatory side.”

“We focus on our thesis, so we believe that we're at a stage now where infrastructure is particularly important because there's a lot of building blocks for Crypto applications that don't exist yet, and so things like file storage and networking and things like…”

“When they started out, they had an economic model that created a bit of a bubble and then that crashed pretty quickly because they had an inflation rate that was way too high.”