0/ One simple mental model for the Internet is that the the Internet made information flow bidirectional
Whereas previously it was uni-directional
1/ Pre-internet, the mechanisms for one-to-many communication were
Stand in a public square, hooked up to a microphone, and get everyone to show up
Record a CD
National TV
Be in a movie
Write a book / magazine article
Newspaper editorial / ads
etc
2/ One of the amazing things about the Internet is that information flows in both directions
The first examples of this were email and lightweight HTML pages
But this didn't really pick up until the iPhone, because the thing that people really wanted to share was pictures
3/ Once we gained the ability for bi-directional information flow, that completely reshaped the nature of attention, content production, advertising, creator monetization, and more all over the internet
4/ It's 2021. Go to a website
Value transfer is almost exclusively one direction
Paying merchants with a credit card is not amazing, but it's not horrible (especially with Apple pay layered on top)
But try going to a website, and receiving financial value
Almost impossible
5/ I think this is one of the largest design spaces that is totally un-explored, and that crypto uniquely enables
Making value flow bi-directional across the internet
6/ As an increasing number of people have wallets on a scalable chain like Solana that can support 100M+ DAUs, we are going to see entirely new classes of apps that allow users to receive value 30 seconds after arrival
7/ You can see the beginning of this trend just now starting with P2E and Axie:
go to website, click some buttons, get paid
There is about to be a tidal wave of these applications
8/ But P2E will not be the only type of application that capitalizes on bi-directional value flow across the internet. It is the first of many
We are looking to make more bets here.
DMs open!
{fin}
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(Before getting into crypto, I started a company that built software for Google Glass (GG)in healthcare... I’ve been thinking about this stuff for a while!)
Only tangentially relevant to crypto
1/ What are FB’s long term goals?
Pretty obvious actually: build the metaverse
They have been investing in VR (Oculus) and AR for many years, with powering the Metaverse being the overarching goal
2/ FB stated that this will be the first of a series of products
The primary purpose of this launch is to get real world feedback
How do people use it?
What do they like / not like?
How do social norms evolve when someone wears camera glasses?
Sushi just turned 1. I think Sushi is little bit lost, and doesn’t know what it wants to be when it grows up
Multicoin owns some SUSHI
1/ Super apps used to be a mostly an Eastern phenomenon. The canonical example is WeChat
Fintech in the US has traditionally been siloed
Bank at Wells Fargo
Buy stocks on Robinhood
CC from Chase
Crypto from Coinbase
Etc
2/ Over the last 10 years, as all of the big fintech unicorns - Revolut, Robinhood, Chime, SoFi, etc - have started to reach saturation points for the markets they started serving
They all started naturally expanding into other financial services