richardchen39
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Who's going to Permissionless 🇺🇸 and EthCC 🇫🇷? Would love to meet up!
DMs open
DMs open
When building in a super obvious crowded space (e.g. anything stablecoins right now), there's two types of answers I like to hear from founders:
1) Unique perspective/secret that everyone else is overlooking, or
2) Nothing unique. We're just better executors than everyone else
1) Unique perspective/secret that everyone else is overlooking, or
2) Nothing unique. We're just better executors than everyone else
When building in a super obvious crowded space (e.g. anything stablecoins right now), there's two types of answers I like to hear from founders:
1) Unique perspective or secret that everyone else is overlooking
2) Nothing unique. We're just better executors than everyone else
1) Unique perspective or secret that everyone else is overlooking
2) Nothing unique. We're just better executors than everyone else
When you go through the exercise of calculating return multiples from seed valuation to post-TGE FDV, you realize there's a big discrepancy between what's talked about the most on CT and what makes the most money for VCs.
People complain about the crypto industry being a casino, but isn't Bitcoin PoW the original sin?
The cynical view is that Bitcoin mining is like pulling the slot machine – you got a 0.000001% chance of hitting jackpot and winning the next block reward.
The cynical view is that Bitcoin mining is like pulling the slot machine – you got a 0.000001% chance of hitting jackpot and winning the next block reward.
Unlike in the past, there's a good chance the biggest outcomes the next few years will not be crypto-native but rather crypto-adjacent companies that use crypto as a feature rather than a product.
Examples:
- Fintech company that uses stablecoins for intermediate leg of payments
- AI company that uses DePIN incentives for data collection
- Consumer company that uses zkTLS to unlock new data sources about their users
What does this mean for crypto investors?
- Trad VC metrics matter now such as ARR, CAC/LTV, TAM. You can't rely on speculative bids on a token to mask fundamentals.
- Success of these projects has very little to do with crypto but more with deeply understanding the industry and market they're in. Crypto VCs need to quickly get up to speed learning a new industry. Areas I've spent a lot of time lately are robotics and emerging market fintechs.
- It's important not to be adversely selected to founders that domain expert VCs all passed on but crypto VCs picked up because they don't understand the industry well.
Examples:
- Fintech company that uses stablecoins for intermediate leg of payments
- AI company that uses DePIN incentives for data collection
- Consumer company that uses zkTLS to unlock new data sources about their users
What does this mean for crypto investors?
- Trad VC metrics matter now such as ARR, CAC/LTV, TAM. You can't rely on speculative bids on a token to mask fundamentals.
- Success of these projects has very little to do with crypto but more with deeply understanding the industry and market they're in. Crypto VCs need to quickly get up to speed learning a new industry. Areas I've spent a lot of time lately are robotics and emerging market fintechs.
- It's important not to be adversely selected to founders that domain expert VCs all passed on but crypto VCs picked up because they don't understand the industry well.
Been seeing lots of stablecoin + emerging markets projects lately. My main question is TAM.
US/Europe/East Asia GDP is far bigger than the GDP of EM countries combined. You quickly hit a ceiling on growth in an EM, and expansion is difficult given each country's economy, laws, etc. are idiosyncratic.
Plus every successful crypto project is extremely power law whale heavy in usage, unlike going after low LTV users in EMs.
What am I missing here?
US/Europe/East Asia GDP is far bigger than the GDP of EM countries combined. You quickly hit a ceiling on growth in an EM, and expansion is difficult given each country's economy, laws, etc. are idiosyncratic.
Plus every successful crypto project is extremely power law whale heavy in usage, unlike going after low LTV users in EMs.
What am I missing here?
Been seeing lots of stablecoin + emerging markets projects lately. The main question I have is TAM.
US/Europe/East Asia GDP is far bigger than the GDP of EM countries combined. You quickly hit a ceiling on growth in an EM, and expansion is difficult given each country's economy, laws, etc. are idiosyncratic.
Plus every successful crypto project is extremely power law whale heavy in usage, unlike going after low LTV users in EMs.
What am I missing here?
US/Europe/East Asia GDP is far bigger than the GDP of EM countries combined. You quickly hit a ceiling on growth in an EM, and expansion is difficult given each country's economy, laws, etc. are idiosyncratic.
Plus every successful crypto project is extremely power law whale heavy in usage, unlike going after low LTV users in EMs.
What am I missing here?
Don't think I've seen this many big crypto announcements on the same day in a while.
- Bridge USDB @Stablecoin
- @tryramp stablecoin-backed cards
- @Meta bringing back Libra
- @RobinhoodApp and @superstatefunds tokenized equities
- @Mashinsky 12 years prison sentence
- Bridge USDB @Stablecoin
- @tryramp stablecoin-backed cards
- @Meta bringing back Libra
- @RobinhoodApp and @superstatefunds tokenized equities
- @Mashinsky 12 years prison sentence
Most obvious crowded ideas right now:
- Stablecoin neobank
- AI agents launchpad
- DeFi super app
What else?
- Stablecoin neobank
- AI agents launchpad
- DeFi super app
What else?
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