Multicoin Capital

“I find that network effects, the term on the internet is like way overused. And even when it is used, the implications of how it's being used are mostly incorrect.”

“I have a kind of a rule with anything we invest in that the time horizon, again, it should be able to compound indefinitely. Not that it necessarily has to, but at the time of entry, we need to believe that 10 to 20 years from now, there are still broad based …”

“We have gone through that process and that experience, 30, 40, 50 times.”

“What we saw was the ability to use code to create a new type of human economic coordination, like a new type of firm. And we thought, oh, this is what internet native businesses Will look like this is going to be the next big type of organization.”

“It's much less common to see that, I'd say, among investors. It's certainly been very helpful for us in just making sure we move fast, keeping the pace of the firm moving, as people who work here will tell you. A lot of things are going on when it kind of feel…”

“We are not afraid to be wrong in public. We will share our thoughts in public Even if there's a chance that we're wrong, and we don't mind at all, and actually, that I think is probably our biggest edge, is that we are not afraid to be wrong, and then people c…”

“Kyle leads on more of the thesis formation, and I lead on more of the portfolio construction.”

“Gave us a conviction to size it up aggressively, buy out other investors and secondary transactions, and we led every single round that Sloan ever did, and we expressed that conviction in significant portfolio concentration.”

“A lot of our meetings, especially like investment committee meetings, start silently, where everyone is reading memos and commenting back and forth in those memos to each other. We find that that works a lot better than having spoken meetings, because the prob…”

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

“Arguably the hardest thing to do in the space over the last five years and probably over the next five is just general education.”

“I don't think you have to catch them all. If you didn't have the thesis, if you didn't have conviction, it is okay. We're investors. We're not Pokemon trainers. You know, we don't have to catch them all.”

“While a lot of people get worried about exit liquidity, honestly, given our level of conviction in these assets, I'm more worried about entry liquidity. Will we be able to buy this at scale again?”

“We underwrote the investment assuming that Helium Inc. Goes away. Not to say that they will, but the entire system is open source. The hardware, the software, the antennas, the specs for integrating the SDK into Third-party hardware, the blockchain, everything…”

“The way we look at this in the hedge fund is we have eight to 12 positions that drive the vast majority of returns, and it's really a best ideas fund, and it's quite concentrated.”

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

“Because we knew what we didn't want to do is go and start trying to trade Bitcoin up and down. That's not what we do. That's not our edge. Our edge is in thinking about these assets, thinking about how the technology is going to be applied.”