Words matter. These are the best Olaf Carlson-Wee Quotes, and they’re great for sharing with your friends.
VCs are used to being the gatekeepers of capital. There’s this old narrative of entrepreneurs going hat in hand begging VCs for money. That absolutely is not the world we’re in anymore.
It’s like the American democratic system. When you vote, even if your candidate doesn’t win, you accept that democracy was in action. When people participate in a Tezos network, they’re accepting that the democratic vote of the other coin holders will govern the way the protocol moves.
For the first time, open source, peer-to-peer protocol developers can monetize their project on a protocol level.
I think the technology will get bigger and the price of Bitcoin will go up, so I’m speculating to increase my purchasing power. But I don’t intend to sell the Bitcoin. I intend to hold it until there’s a day where I can just use Bitcoin completely.
I’ve been through a lot of moments when other people thought Bitcoin was going to implode, and in those instances, I generally have seen through inaccurate coverage of it.
I view Bitcoin as the more democratic version of money and value transfer because no one controls it… I expect the Internet to be around longer than any nation-state, so a nation-state-backed currency is actually less safe than an Internet currency in my mind.
This is unproven technology, and if you don’t know what you’re doing, you shouldn’t interact with tokens – from an investor and security perspective.
We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?
We are seeing entrepreneurs issuing their own blockchain-based tokens to raise money for their networks, sidestepping the traditional, exclusive world of venture capital altogether. The importance of this cannot be overstated – in this new world, there are no companies, just protocols.
Application-specific tokens, or app-tokens, are built on top of existing general-purpose blockchains like Bitcoin and Ethereum. For the first time, open-source project creators can directly monetize their open-source network.
If you want to buy $10 of Ethereum and poke around with smart contracts, I encourage that. But use it as a technology, not as an investment, unless you know what you’re doing.
Taxes have been complicated. Every single time I spend a Bitcoin, it’s a taxable event. It’s like I bought and sold an asset. It counts as an investment, with a short- or long-term capital gain or loss.
For the first time, entrepreneurs can monetize their own open-source and peer-to-peer network. They can crowdfund and raise money from people across the world on the Internet in crypto-currency.
Polychain is investing in blockchain assets. We do not invest in private companies or hold shares in private companies. We invest purely in tokens or digital assets, and those include assets that people are familiar with, like bitcoin and ethereum, as well as very early-stage projects.
Polychain manages a hedge fund that invests exclusively in digital assets. We invest exclusively in protocols, not companies, and we do this by investing in things made scarce through the blockchain.
