Managing Partner @multicoincap. Telegram: https://t.co/r1Njz1utJX. Opinions are my own; not a solicitation; not an offer for investment advisory services
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Sep 3 • 10 tweets • 2 min read
0/ A thought experiment on centralization and forking and BTC purity
h/t @kankanivishal for the convo last week
in 2019, @hosseeb wrote a fantastic piece that basically said that circle and tether dictate which fork wins
if there is ever a fork, the fork that circle and tether don't endorse (what i'll call the minority fork) basically implodes bc all the contracts implode in a matter of hours
Jul 26 • 16 tweets • 3 min read
0/ Thoughts on predictions markets (PM)
TLDR - what matters is regularity
1/ draft kings and fan duel spend massively on CAC. so much so that they tried to merge in 2016 because they recognized that they were just bleeding each other to death (FTC blocked merger)
Jul 11 • 15 tweets • 3 min read
0/ I used to believe in owning your own data
I don't anymore
1/ Ownership is about *exclusion*. This is most clear when thinking about assets:
a) I have a $5 bill, and you do not. Therefore I can spend $5, and you cannot
b) I own a $1M piece of art. I don't lend it to the museum so that others can appreciate it. I keep it on the wall in my house so that only I can appreciate its beauty
Jun 19 • 8 tweets • 2 min read
0/ There's an old saying that fundraising is weird, bc the skills required to be good at fundraising are not the skills required to accel as CEO
I used to believe that
I no longer do
The entirety of the challenge of fundraising can be distilled to a single skill: communication
1/ There are two major facets of communication that are particularly important:
a) distilling information to the right level of abstraction
b) understanding context of VC and adjusting accordingly
i'll provide examples of both
Sep 26, 2023 • 6 tweets • 1 min read
0/ Multicoin has led a $7.5M seed round in @FhenixIO , which is pioneering on-chain FHE to enable compliant, on-chain confidentiality
This market will have many winners, and we are looking to invest in more teams in this sector
Mar 15, 2023 • 4 tweets • 1 min read
0/ A theory on DAO coordination
There is an inverse relationship between surface area of social coordination, and need for hierarchy
1/ Helium and Hivemapper work because surface area for social coordination is limited, and as such, require little hierarchy. Same generally holds for other DePIN / POPW protocols
Oct 5, 2022 • 18 tweets • 3 min read
0/ A thread on (web3) identity
1/ What is identity?
Outside of the context of legally mandated ID (eg DL/passport), I think the actually important thing about identity is that its a *socially emergent phenomenon*
What does this mean?
Oct 3, 2022 • 9 tweets • 2 min read
0/ Discord is a social product, but not a social network
1/ for a huge % of intellectual capital on the internet, twitter is the primary identity in the context of whatever intellectual capital they posses and demonstrate to the world
Both personally, and in the context of investment decisions at Multicoin
1/ As a general statement about life, simple > complex
Concise > verbose
etc
This is particularly important in the context of DM. But how do you embody simplicity in the context of DM?
Feb 24, 2022 • 5 tweets • 2 min read
0/ We co-led a $3M round in Marginfi
Marginfi is a defi-native prime brokerage
Marginfi is *the* quintessential example of composability on Solana. I highlighted Marginfi extensively in my composability presentation at the Multicoin Summit
The most common way to do this is by using data, and extrapolating from the past
This works ok when things are changing in a predictable-ish way
But sometimes things change unpredictability
2022 will be a year of unpredictable changes
2/ whenever there is a breakthrough technology, it usually starts off looking like a toy, and slowly compounds
And then one day - when the tech and the market are ready- the growth curve turns vertical
