There's a famous line from @pmarca when he moved to Silicon Valley in 1994. The Internet boom was already under way. He came from a small town in Iowa, and seeing these growing giants like AOL and Cisco, he was worried that he was already too late. That by 1994, he worried the whole Internet thing was basically done.
I felt the same when I first got into crypto VC in 2018. Polychain, Pantera, a16z, DCG, and others were already legendary. Was there really space for another crypto VC? Seemed like maybe it was already too late, and the industry had consolidated.
Don't worry. Barely anything has happened yet.
BTC is still 1/10 of gold. Less than 1% of the world is on-chain. There hasn't been a single law passed in the US about crypto. And there's not a single major central bank in the world owning any of this stuff.
You're not late. Crypto is still tiny compared to what it's going to be in 20 years. So welcome to the crypto—a lot is going to change from here. Come make your mark.
Sat down with @perkinscr97 at the @avax summit to break down the stablecoin bill, what the rise of RWAs means for on-chain risk, whether REV is a useful metric, and why the US should allow privateers to "hack back" the Lazarus Group.
Just reading today about $PI. Very strange protocol.
You mine it on your phone by solving Captchas once a day. There's a protocol-level "referral fee," so it has baked in on-chain MLM dynamics. And most interestingly of all, to move your mobile-mined coins to mainnet, you have to KYC your wallet, so presumably all mainnet accounts are KYC'd?
Lastly, you can get "boosts" to your mining rate by locking up your tokens for longer. 2x the tokens for a 3-year lock.
This is fascinating. It's now apparently a top 20 token, and I've never heard anyone talk about it.