The Ledger
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Jain: Ethereum 2.0 requires unsolved computer science; Solana only required engineering
“Whether we're talking about Ethereum, two point O near Polkadot, those are sharded blockchains and they require some meaningful Computer science breakthroughs to happen in order to actually function and deliver what they needed. Solana did not need that. Solan…”
Jain: Solana is high-speed broadband compared to Ethereum's dial-up infrastructure
“And now we have Solana, which is like broadband, To Ethereum's dial-up.”
Jain: Multicoin worries more about entry liquidity than exit liquidity
“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?”
Jain: Layer-one blockchains will eventually consolidate into an operating system duopoly
“So if I had to guess what the long-term outcome of layer one blockchains will be, I would expect it to be a similar duopoly as what we see in older operating systems.”
Jain: Helium will have more access points than any telecom by 2022
“We are expecting The Helium network to really be the biggest wireless network in the world by the end of next year, have more access points than any other centralized telecom provider by the end of next year, and have potentially even more users.”
Jain: Developers could not build functional applications on Ethereum in 2016
“In 2016, you really couldn't build anything on Ethereum. It didn't work, and like, you could never really build anything on Bitcoin.”
Jain: Managing for crypto volatility prevents achieving maximum absolute returns
“It's impossible if you're trying to do that in crypto to manage for volatility and also manage for highest absolute returns.”
Jain: Nestle and Lime use the Helium network for tracking
“Now there are a number of high profile customers that use a helium network, such as Nestle is using the network in order to track vending machine inventory. Lime uses a network to track location of scooters.”
Jain: Ethereum enables code-based economic coordination and internet-native firms
“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.”
Jain: Multicoin's biggest edge is publishing and getting corrected publicly
“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…”
Jain: Silent memo reading prevents senior partners from dominating investment decisions
“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…”
Jain: Multicoin Capital's hedge fund holds only eight to twelve core positions
“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.”
Jain: Crypto investors must practice network-level governance, not team-level governance
“So what we find is you cannot execute team-level governance in crypto. You need to do network-level governance, and that requires more active participation by investors into the community in order to have the legitimacy to change the protocol.”
Jain: Multicoin Capital led every single funding round for Solana
“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.”
Jain: Investors do not need to catch every winning deal
“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.”
Jain: Multicoin splits thesis formation and portfolio construction roles
“Kyle leads on more of the thesis formation, and I lead on more of the portfolio construction.”
Jain: Multicoin Capital does not trade Bitcoin short-term
“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.”