The Ledger, every show

“So yes, these systems are tightly coupled to Ethereum today, but once they get substantial use and substantial capital inside them and all sorts of app developers deploying straight to them, at some point they're going to say, wow, why don't we integrate to a …”

“I really do view it as where every financial transaction in the world will take place.”

“With ICOs, I think that it's probably the fastest and most efficient capital coordination we've ever seen in capitalism, like, since money was invented.”

“The second thing is that if you are launching a token and you're a private company, you should be ready to stop extracting any revenue from your network. So however you were extracting revenue from the network, whether this was advertising or paid subscription…”

“I think that the only means to solve the deepest problems that humanity faces is actually to alter the human brain itself.”

“And I do think that this emergent stuff in crypto that allows artists and other types of creators to basically monetize separate from their platform that they distribute through is very important to pay attention to. Because if you can disintermediate all thos…”

“I think that every blockchain in the long term needs to have a tightly coupled mechanistic value accrual mechanism between use of the system And the price of the asset.”

“And now it's just which chain does USDC and Tether go to? Because they can't duplicate the offline reserves. When the chain forks, they really are going to determine the real chain.”

“I think that this is an economic and technological renaissance dressed up as a get rich quick scheme.”

“Ethereum has this weird problem where there's probably a hundred X the number of developers building apps on top as there are building core protocol stuff for Ethereum.”

“The second thing is that if you attack a proof of stake network, mitigation of the attack after it happens is significantly easier. So if you, come in with, you know, 51% of the coins, and in, in most proof of stake, it's actually 34% of the coins is enough to…”

“Decentralization is not an ideological thing. It's an architecture to support that permissionless building.”

“If we do have these sort of decentralized, autonomous corporations or something, they're going to be using the internet money in order to communicate among each other and create financial contracts and things like that.”

“Now I do think it almost starts to create systemic risk at around, say, five percent of all ether.”

“Many of the major Web two point O companies that have seen a substantial growth in the last 15 years, this is Twitter, Tumblr, Etsy, eBay, Uber, every single one of these companies could someday see competition from a peer peer-to-peer protocol.”

“I think that despite ICOs right now being very noisy, sort of scammy and all these things, it has created an inflection point where when you have a brilliant idea, the capital is much more readily available from a large group of people that actually conceptual…”

“I think in this space, disproportionate value accrues to that protocol level.”

“What the maker system is attempting to do, and I view it as hugely ambitious with, you know, likely a high chance of failure, but if they can pull it off, it's massive”

“So all of the wealth that's been generated by venture capitalists and entrepreneurs of centralized companies, I think will get pushback to everyday investors who have access to all of these things, and that all the value that accrues will go to the early adopt…”

“I'd look for people that have been in this ecosystem for a long time. I'd look for people that have deep technical expertise in this subject matter. I'd look for people that have solid networks among relevant people in this ecosystem. I would avoid Folks that …”

“So internally, we do have a benevolent dictator, which is me. I do obviously seek help from our research team extensively, as well as other partners at the firm. I, in general, though, I have kind of full veto rights over any investment.”

“So I think that a good rule of thumb, though, is that these companies must have network effects, period. If your business is not based on building network effects, then it doesn't make sense for you to create a token. I think this rule is the one I see broken …”

“I do think that we will see M&As of token networks.”

“So I do think that this is an inflection point for the entire ecosystem, and that this concept of a crowd sale or so-called ICO is really a case of the genie being out of the bottle, and it will irreversibly change the pace of software development in this ecos…”

“I believe that cognition enhancing technologies are massively underinvested and underdeveloped right now.”

“You sort of have this alternative to the state issued money. That's sort of a better product for the end user.”

“But I think that that type of design mechanism can be applied to more and more types of basically labor done on computers. So if your job is on a computer, I think that there's some chance that you can replace a lot of those hierarchical, centrally managed, al…”

“I think that if you can pull that off, you can get the engineers to be paid significantly more because there's basically not this middle management business layer that's extremely inefficient relative to just running it all on software.”

“These mechanism designers that are just building these open source mechanisms without knowing it are sort of going to become the designers of the new future economy. All of their designs are going to be used in ways they could never have perceived.”

“I just think that there's, on just the level of cost versus security, a very wide spectrum that you can't easily fit inside a single chain.”

“I think there is space for a bunch of different layer one chains. I don't mean hundreds, but I do mean a half a dozen to a dozen.”

“So I think the future of bridges is bridge protocols based on economic security instead of basically multi-sig or server security, rather than this bespoke one-to-one style of bridge that is more popular today.”

“The thing about NFTs that makes them interesting is that they are open and cross-platform. So you can't lock in your user to your proprietary system.”

“If we can couple offline collateral and assets with DeFi, it's at least a 10 X, probably closer to a hundred X unlock from where DeFi is today.”

“It's just terribly inefficient to have any doubt, like zoom in and make these microscopic decisions about who to hire or like an individual person's salary or stuff like that. It's just crazy to me. Instead, they need to allocate to basically an entrepreneur, …”

“I think he's a hundred or 200 years from now going to be remembered as way ahead of his time, but today almost thought crime from a cultural perspective.”

“It means that for the first time you can have digital scarcity on the internet, And of course you could move to a global unified financial and monetary system that's outside the scope of any sort of sovereign state political control and is really opt in by all…”

“For me, I started seeing a big, like, breakthrough in my head was when I realized that Ethereum wallets were actually more like browsers than bank accounts.”

“I'm very skeptical that we can't achieve very secure on-chain governance. I think we can. And to me, it's a very big deal because if you get governance right, in theory, everything else should be a sort of waterfall down from that.”

“People are talking about daily active users, but of like financial products. It's just odd thing. So like, are you a daily active user of your mortgage, right? It's like the wrong framework. It's just the wrong question, right?”

“And Cosmos is a great example, launched just about a month ago. And it's sort of the first system we've ever seen that will allow cross blockchain interaction.”

“One interesting intersection is homomorphic encryption, which allows you to train a machine learning system based on data that you actually don't know the plain text, so you only see the encrypted version. It allows people to say, okay, I'm going to share the …”

“Today, yes, Facebook loves its users, but also it wants to put as many ads in front of the users as it possibly can, which actually disrupt the user experience. So it's yeah, it's an odd relationship, I think, that these web two platforms have with their user …”

“I think it's early, but the consumer apps will come in, you know, call it three years or something like that.”

“People in Bitcoin are fanatics, and it's because they not only gain value in a more traditional sense of network effects when the user base grows, they also actually gain wealth from that user base growing.”

“So you can build all sorts of more advanced features in Ethereum that are simply not possible with Bitcoin.”

“When we wanted to do a deal with Maker and purchase some of these tokens, there was no legal entity. Behind them. It's a pure open source project, and there was no bank account they had, so there was no way we could send them money. So we actually had to send …”

“This is uncorrelated with Oil, gold, emerging market currencies, the equity markets, bonds, it's really just uncorrelated with everything else, and it's because it's a totally new phenomena.”