Thread by @masonnystrom

There are very few – if any technologies – where being directionally correct was more important than being precisely correct.

Crypto is unlocking entrepreneurs and investors from the burden of precision. 🧵

messari.io/article/direct…

1/ In crypto, founders can generate immense wealth outside of the equity value of their company (i.e. Coinbase, ConsenSys, etc) while they are building and the speed at which they are “exiting” those companies through community governance (i.e. Comp, Synthetix, Balancer).

2/ Much of the value created by the Internet was captured by startups like Facebook and Google. Equity owners of these companies profited massively, and rightfully so. However, there were thousands of entrepreneurs that also saw the value of the web, built companies, and failed.

3/ To become the most successful entrepreneur or investor required being more than “directionally right” (e.g. The internet will succeed) – it required being “precisely right” (e.g. This specific search algorithm will win).

4/ Crypto flips this model. Thousands of individuals were directionally correct about Bitcoin, Ethereum, and crypto while being incorrect about the exact mechanism of value accrual.

5/ Bitcoin retail payments companies have failed to take off. At least 95% of Ethereum ICOs/projects failed. However, individuals and entrepreneurs who were invested in the underlying assets prospered immensely.

6/ Read the full piece to find out how crypto is:

1. Reducing the risk for entrepreneurs by allowing them to be directionally correct

2. Allowing founders to exit earlier + enables new leadership

3. Creating a world with more geographic meritocracy

messari.io/article/direct…