Crypto shortens the time from entrepreneur to investor by 10x.

This is amazing for entrepreneurs and bad for traditional investors.

Quick thoughts on why this matters.

2/ In traditional tech, a founder builds a company for 10+ years then exits and makes money.

Then they start angel investing and many launch their own funds.

These founders create VC funds that entrepreneurs love having on the cap table

(ex: @foundersfund & @khoslaventures)
3/ But now we have 100s of VCs run by non-entrepreneurs.

These are the MBAs who create funds bc it’s the cool thing to do.

They only make safe bets and can’t empathize w/ the entrepreneur bc they haven’t done it themselves.

They don’t add much value outside their capital.
4/ In crypto, founders are liquid from day one and have most of their money in BTC/ETH.

This means founders can start investing personal capital into the new wave of companies much earlier in the founders’ career.
5/ This has a huge impact on the new wave of startups.

Instead of raising from a bunch of VCs who will negotiate terms until you’re sick and won’t add much value, now you can strictly raise from entrepreneurs who feel your pain… who know the grind of building.
6/ Some of the best crypto investors today are also builders.

They build alongside the companies they invest in.

Examples include @rleshner, @StaniKulechov, @_pgauthier, @anildelphi, @bobbyong, and more.

Founder led cap tables are the future.

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More from @JasonYanowitz

13 Oct
Just hit 60,000 followers.

To celebrate 60k, I wanted to highlight my 60 favorite crypto follows.

Thank you for sharing your knowledge everyday with this community.

2/ Bitcoin frens

1. @AlyseKilleen – bitcoin VC

2. @LynAldenContact – macro wizard

3. @harry_sudock – mining extraordinaire

4. @WClementeIII – on-chain data

5. @PrestonPysh – bitcoin wisdom
3/ Bitcoin frens continued

6. @muneeb – building on bitcoin

7. @starkness – lightning network

8. @woonomic – king of on-chain

9. @nic__carter – environmental activist

10. @Travis_Kling – bitcoin for global macro
Read 12 tweets
28 Sep
1/ CryptoPunks will eventually trade for $10 million each

Here’s why 🧵
2/ For nearly a decade, crypto was a tool for financial innovation.

NFTs created a tool for cultural innovation.

CryptoPunks symbolize this evolution from the financialization of crypto to the cultural revolution of crypto.
3/ The value of a collector’s item boils down to 4 traits.

- Community
- Story & passion
- Ability to show off
- Personal joy

Vinyl records, comic books, classic cars, trading cards, fine art… it’s all the same.

The stronger the sum of the traits, the more valuable the item.
Read 16 tweets
20 Jul

Permissionless: the world's largest DeFi conference.

DeFi is the single most exciting thing in crypto right now.

But, DeFi is lacking one conference that brings everyone together.

So we decided to build it.

2/ We've partnered with the smartest minds in the entire industry to bring DeFi to the world.

a) @ElectricCapital
b) @Delphi_Digital
c) @multicoincap
d) @dragonfly_cap
e) @BitwiseInvest
f) @BanklessHQ

Follow all of our partners for the best DeFi content.
3/ The first 100 tickets are $15.59

After the first 100 tickets, they'll go up to $49.

On September 1st, tickets will go up to $99.

Register today to secure a discounted ticket.
Read 6 tweets
17 Jun
The simplest explanation of inflation I've ever read comes from a story about cigarettes and prisoners.

It's written by @yanisvaroufakis and it perfectly describes why inflation hurts savers.

Here's a story about a prisoner-of-war camp...
1/ Periodically, the Red Cross would place a few more cigarettes in the prisoners’ packages but keep the quantity of chocolate, tea, and coffee the same.

When extra cigarettes arrived, each cigarette now bought less coffee, less chocolate, and less tea.

2/ Since a larger number of cigs now corresponded to the same amount of coffee/tea, each individual cigarette corresponded to less coffee/less tea.

The opposite also held true:

The fewer cigs the Red Cross placed, the greater the exchange value (purchasing power) of each cig.
Read 12 tweets
6 Jun
Back in New York after an incredible week at Bitcoin 2021.

Some thoughts on the conference, the industry, the money, and Bitcoin.

1/ First, the conference was incredible.

If you followed it on Twitter, you saw a Dogecoiner bombard the stage and other shenanigans.

You missed the amazing panels and thousands of side conversations.

Hosting 12k people is VERY hard.

@BitcoinMagazine did a phenomenal job.
2/ Bitcoin’s price.

Literally no one discussed it. And not because it’s down off its high.

People just didn’t care.

30k… 40k… 60k… 100k….

Everyone wanted to discuss real projects being built on top of Bitcoin.
Read 13 tweets
4 Apr
Most industries have 5 big headlines per month.

Bitcoin had 28 in March – that's insanity!

@Travis_Kling and @Ikigai_fund summarized all 28 headlines for us.

More below 👇
1) $4tn AUM Morgan Stanley Private Wealth Management to Offer NYDIG and Galaxy BTC Funds to Clients

2) NYDIG Raises $200mm From Morgan Stanley, New York Life, MassMutual, Soros

3) Visa to Enable Bitcoin Purchases at 70mm Merchants

4) One River Adds Jay Clayton as Advisor
5) Fireblocks Raises $133mm Series C

6) MicroStrategy Purchases $15mm BTC at $45,710, $10mm BTC at $48,888 and $15mm BTC at $57,146

7) Meitu Purchases $50mm ETH and $39mm BTC on Balance Sheet

8) Beeple Sells NFT for $69mm, Third Highest Sale from Living Artist Ever
Read 9 tweets

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