Andy Bromberg (CoinList CEO) lectures on the history of early-stage venture capital at Y Combinator's Startup Investor School.
Insight
Bromberg: In Well-Built Token Networks, No Value Accrues to the Company
“If the network's built well, we would argue that no value actually accrues to the company itself. The purpose of the token is to remove the centralized party. And so the company itself, the LLC or the corporation shouldn't get transaction fees. They shouldn't …”
Prediction Not checkable as stated
Bromberg: Massive Number of Token Companies Will Fail Running Out of Money
“The reality of the situation is that a massive number of token companies are going to crash and burn because they run out of money and their network will never really reach its potential.”
Prediction Held up
Bromberg: Regulators Will Classify Almost All Token Sales as Securities
“I think that what will happen is that the regulators are going to say, these are almost all securities. You can't just sell these tokens to anyone on the public markets.”
Insight
Bromberg: The venture market consistently trends toward faster liquidity
“The arc of the market bends towards liquidity. And we'll see this over time starting early and going all the way to now that liquidity and faster liquidity, ah, is something the market's always pushing towards.”
Prediction Didn’t hold up
Bromberg: Startup liquidity timelines will revert to moving faster again
“Certainly in the last few years we've seen, ah, the speed to liquidity go down, ah, we think that's gonna revert back and we're gonna see that, that come faster again.”
Assertion Not checkable as stated
Bromberg: Early VC required founders to self-fund hundreds of thousands
“We saw that for basically the first 40 years of venture, you had to invest hundreds of thousands of dollars of your own money or scrounge it up from someone. Before a venture fund would invest in you.”