The Ledger, every show

“No. Bitcoin is nonsense. It does not, there are so many ways to, you can choose to have a productive asset or a nonproductive asset. And then there are many assets that are naturally good hedges against inflation. The obvious of which is like Walmart and Amazo…”

“Bitcoin is a strictly financial construct. Bitcoin has no economic value. It has, it is no, it's not productive. Excuse me. Bitcoin is no productive value because it doesn't do anything. It's an asset. There are some interesting properties of that asset, but i…”

“I mean, look, there's a lot of assets in the top 10 that most people who are sophisticated retail market participants view as, you know, garbage, XRP, Cardano, Litecoin, Bitcoin Cash, etc. I cannot explain to you how those assets are trading nine, 10 figures a…”

“The distributed training stuff, there's a whole bunch of people trying it. I, I'm pretty skeptical. I don't think any of it's going to work.”

“Solana is a credible threat to Ethereum and people, they don't like it when they think that they're, you know, their investments they hold have faced a credible threat.”

“My assumption is he will be in jail before the election, so I don't know if you can.”

“Mechanically speaking, with a lot of the private round market deals that get done these days they're legally structured as SAFs, excuse me, as SAFs with token warrants or equity rounds with token warrants, but the primary asset that we believe will have value …”

“Without question, tokens help distribute wealth.”

“I believe that the core unit of an investment firm is the investment team. And I am of the view that if investment team is larger than 10, you are now net value destructive to the overall investment team process and culture.”

“Ethereum does not have a scaling plan seven years later. It still does not have one today. I do not think they will have one in the next 12 months.”

“I reject kind of the notion of mean reversion as a point of principle, given our mandate to be long-term fundamental investors.”

“Given both the explicit technical costs and then the softer, squishier social developer experience costs, I think gravity trends towards one chain.”

“There's no chance they can compete on cost, because just sending things to space, satellites, that's so, I mean, these GeoNet base stations are a few hundred bucks. Like, you're just not gonna compete on cost with GeoNet.”

“Modern blockchains like Solana can actually process now more than a billion transactions in a day at an average cost of less than a penny per transaction.”

“And in the next few months, we expect Congress is going to pass the Clarity Act, which is going to answer a number of open questions about how crypto market structure should be regulated.”

“Soon, you're going to be able to access crypto-native protocols, such as JITO, Drift, Kamino, and a lot of others, directly from these regulated financial super apps.”

“As this kind of a behavior proliferates, we expect that the nature of media itself is going to change because a lot of media is now going to be derived from the prediction markets.”

“There are today tens of thousands of streamers all over the world streaming content and trading with their fans and their audience members, and this is happening every day on Solana.”

“Just as software has eaten the world over the last 20 years, internet capital markets are going to absorb every function of capital formation, trading, settlement, and risk.”

“When we look back in 20 years, the year 20 25 is gonna be remembered as the year that the dam broke. It's gonna be akin to how the Telecommunications Act of 1996 unleashed the power of the Internet.”

“Hive Mapper has mapped over 10% of the world's roads in one year, and Hive Mapper is now, they have signed multiple customers who are buying this mapping data. They have not publicly disclosed who those customers are, but like, Hive Mapper has built a mapping …”

“There, we know now there were four people who knew. Sam, Caroline, Nishad, and Gary. No one else knew. When you keep the circle small, like, you can keep information hidden, and explicitly, in this case, the information was, go make arbitrary changes in the da…”

“I definitely don't believe in diversification. I absolutely believe in concentration”

“In almost all cases, there should not be value accrual to tokens and equity. There are a couple of exceptions to that. But as a general rule, that is true. For teams that try and pitch you value accrual to both, it is almost certain that those two things are i…”

“Tokens only make sense if you need to incentivize behavior in a permissionless fashion among the public at large. To have them all coordinate on, on some sort of broader shared objective.”

“And the goal of this model is, or what's great about this model is you physically remove 99% of the cost from the system. So labor cost goes to zero. Land cost goes to zero. Backhaul cost goes to zero. You just physically remove like all of the costs.”

“The fact that norms today around business are those parties typically have no equity ownership. I think we'll be looked upon, I think in 20 years we'll be looked back as a bug of capital markets regulation, not as a feature.”

“It doesn't for us and the reason it doesn't is we have some basic thresholds for making investments, and one of those thresholds is we will only make an investment if our intended hold horizon at the time of investment is forever. That doesn't mean we can't se…”

“We have basically no formal rules of any form of portfolio construction nature. We don't do any notion of reserves and multi coin. We just deploy and raise our next fund.”

“I think it's extremely value destructive to do so because you can't know ahead of time what you, like, we could not forecast helium. It would not, if we had any constraints on what is in strike zone or not, then helium would have been out of strike zone.”

“Multicoin prioritizes I'd say 93% of our discussion time is on market. I would like glance at a couple screenshots of the product, but I don't really care. And founders, I only care that the founder market fit is like, makes sense.”

“We basically don't do SaaS businesses for this reason. Not like, and I say this as someone who used to be very enthralled by SaaS. But very few SaaS businesses have meaningful network effects.”

“This three AC blow up is like bad, but like, again, there, the total cost of blow up here is two, three billion. I don't know, against the total market cap of whatever Eight hundred billion. It's still not, like, a huge number. So yeah, not, not that bad in th…”

“That's not what creates the bull markets. What's created the bull markets is, yeah, I think actually I should say the last two bull markets has been novel formations, novel breakthroughs in capital formation.”

“No, they're much lower.”

“In terms of where the business at, the business just crossed about eleven million dollars in annualized run rate a few days ago. And it's growing more than three X year over year. I think it's gonna probably more than triple over the next 12 months.”

“So today the GeoNet network is taking, of that eleven million in revenue, roughly excuse me, 80% of it is being used to make open market purchases of Geo tokens. And this is all visible on the Solana blockchain. They have all the addresses are published and st…”

“The speculation can be channeled productively, and I think that's underappreciated. D-PIN is really the kind of torchbearer, I think, on that front, where you can use the collective hive mind of people doing stuff in the real world and funding that collectivel…”

“DeFi payment rails are Objectively better than traditional rails. And you will see economic activity move off of traditional regulated rails to defy rails over time. That will take a while but it will happen.”

“And I would actually argue probably on an absolute dollars basis, crypto has shown that the demand for speculation globally is much larger than people previously thought. And the manifestations and forms in which people want it are broader and more varied than…”

“Ethereum is very focused on public goods funding, Very focused on kind of general welfare. And Solana is like very directly capitalist in kind of the more traditional sense of the word.”

“The original reason we passed on the FTT seed round in March, April, 2019 was because we were like, Hey man, no separation of church and state. You can't run Alameda and FTX. People are not going to trade here. And we were like, okay, pass. And then we passed.…”

“Our first bet we made was EOS. That was absolutely wrong. There were a lot of valid technical criticisms that we ignored and all of those technical criticisms turned out to be correct.”

“I want everyone in the world to have a private key built into their phone that is secure and that they can use for arbitrary financial movements, whether those are payments or investments and that they can do so across any application. And I have a high degree…”

“I had played around with Stripes APIs maybe a week or two prior. And I was quite frankly, not terribly impressed. I was like, you can take a credit card payment. Like, why is this the most hyped up company in the world?”

“We scrapped the trading, the market, and I no longer look at the prices of anything. We now are 100% focused on thesis formation with our holding period is indefinite.”

“The largest assets by market cap, notably Bitcoin, Ethereum, Solana, et cetera are assets that don't really have an obvious DCF.”

“This is, I think like the textbook example of using token incentives to bootstrapping network. Where you actually are both able to assign risk and reward and couple those things in, in a real meaningful way. And in which the participants of the network, in thi…”