저자: Only Wealthy · 외국인
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unrealistic look we have two almost three trillion dollars of market cap in crypto it's unrealistic for folks to expect people to be able to be living in discord channels and doing all of this work i think what that means is that the sec is going to be asked increasingly more often to approve simpler on-ramps for this stuff and now in the last week by the way we had a pretty important two things happen both jerome powell and gary ginzer basically said crypto's here to stay and you know we're not going to ban this stuff and so hopefully what it means is that you get some etfs passed in the united states you know grayscale is one there could be more and i think that stuff makes it much easier for folks to own this stuff well clear regulation would be a great thing for the industry for people to buy into it and removing some of the let's call them i don't want to say bad actors but people who are maybe questionable i think you have to put things in a bucket of like is it an investment or is it something that represents an idea that you love so much if it's the latter you should never sell if it's the former yeah you gotta manage risking or rather you know is it a trade or is it something you want to own by the way let me just clean this up because um solano was not a direct investment for us what we did is we invested in um a in a crypto uh venture firm called multi-coin capital this is back in 2017 we realized like crypto was becoming like a full-time job for us it was a total rabbit hole and we were like we don't have time to figure out this like 24 7 training stuff but we met kyle and tushar who were these two young guys uh we met him through vinnie lingam actually and they were creating multi-coin capital and we actually invested we gave them a million bucks at a 20 cap to help set up their firm and then we invested in their they had both a venture fund and a hedge fund and they were like the first money into solana so that fund i mean it's like a 100x fund it's just like bonkers crazy and so as a result of that we are um indirect beneficiaries of this huge increase in solana it will end up being about you know a billion dollars of i think solana for us in terms of returns but um but it's the multi-coin guys determine the trading decisions on that yeah and so people who don't know solana is a programmable you know ethereum uh competitor i guess and it's at 50 billion dollars or so market cap it was trading at a dollar not long ago and now it's at 164.
it's an ethereum competitor basically for you know smart contract platform and there's a lot of people i'd say smart money in silicon valley who are betting on a flipping where solana could ultimately overtake ethereum as the preferred platform but even if it doesn't overtake ethereum it you know it's the number eight cryptocurrency right now you know it could go there's a lot of people betting it'll go to number three or you know what have you additionally it is a fraction of a penny for a transaction uh and it can do many more traction actions than ethereum there's so much to know about the crypto world it's a hard thing to invest in unless you're like totally focused on it i've struggled with that like i've tried to go deep on a couple topics and like i realized holy i've been in this for like four to six hours just trying to learn this stuff and i'm not like there and then i feel uncertain about making any decisions i i totally get it i mean you got to have folks like working on this and the the pace is changing um so rapidly uh you really need to kind of be up to date on what's next you know what the other issue is when you look at crypto people use the word crypto as if it's like that's all there is totally crypto is like that's like computing yeah right ecash cryptography uh you know financial modeling or building new economic systems chamoth there's business model innovation there's technology innovation there's economic innovation it's distributed computing innovation yeah infrastructure infrastructure hardware i mean there's there's quite a lot of uh layers of activity to math are you spending time in crypto yourself or do you have people doing it for you or how are you kind of yeah we have look we have we have a lot of it um a lot of a lot of everything so yeah we have things but you go deep yourself to mock like how do you spend enough time to really get up to speed on all the goings on i cherry pick and i snipe and uh opportunities where i get intellectually curious and jump in but a lot of the credit goes to my team there's a couple folks that spend a lot of their time in it and you know we've we've had a couple people um do extremely well for us uh you know similar similar to david's story back in the day you know i invested uh in barry silbert and uh decent market barry silver yeah and uh you know dcg is now i don't know i'm guessing a 20 billion dollar company maybe more i don't know so how does it mechanically work with your team they they are investigating opportunities and then they come to you and bring you you know hey we'll do a meeting and i'm going to share four with you and then you say hey let me go on the phone with that do you basically go deep go deep when something shows up no so so basically what happens is they have carte blanche to do whatever they want and what they're typically doing is they're working with entrepreneurs to seed projects and you know to to to get projects off the ground and then at some point when those when those projects become large enough then they'll issue tokens and you know we'll get a certain allocation of those tokens and so we've done that for you know call it i don't know some number of projects that we think are valuable then along the way you know they'll have certain views on bitcoin they'll have certain views on ethereum they'll have certain views on solana and we'll make capital allocation decisions they tend to have the ability to do whatever they want and then what i tend to do is just think about when it gets above like it to me i need to see the chance to make at least you know in the rough justice around you know 500 to a billion dollars and then i'll get involved but otherwise they just kind of run the whole thing let me ask you guys um a question here you know when you look at the market caps of these projects it seems like things are changing uh cardona or cordana is number three now and uh tether still remains number five xrp still number six but so i would encourage people to not look at it like that i think looking at it as a rank list betrays what it is so you know i'll give you a simple example let's like compare the the fate of two projects or actually right now there's a distributed form of um discord that's being built discord the chat app yeah and it distributed way with an integrated crypto wallet because if you look at discord it's really two cohorts of people there's gaming and there's crypto right so those are the two big ones yeah so you know that's an example of a really interesting product that has some real potential then if you look at something like diesel diesel is a decentralized social programming framework then if you look at something like helium that's completely about building a large distributed you know connection of um of on-ramps to the internet so internet connectivity so those are three completely different ideas with three completely different paths to success if to invest in those tokens you you have to believe in three totally different sets of things yeah so to look at it on a rank list and just buy something because it's cheap it's stupid don't worry no no that wasn't really my question my question was you know we we have an extraordinary number of the public who've invested in bitcoin and ethereum as number one and number two and those projects feel may be stagnant when compared to the dynamism of what i'll call you know the projects launched in the last three or four years because they're at a different no no but you're talking about confusing again that's what i mean those are layer one protocols right meaning they are at the core substrate of how all of crypto is going to work then you have these other projects that build on top of these things in different ways or build around them so my point is if you don't have if you don't want to take the time to understand which layer twos you want to own and which layer ones you want to own and why i think you're much better off i i understand your point my my etf or something else because there are there are ways to own these things so for example david david solana is does not need ethereum to exist so my point is do we do we see a day when this you know the past decade has been about bitcoin and ethereum do we see a day when maybe people stop buying those and start buying these new ones anything's possible but here's here's the evolution of our thinking i mean the first step was realizing okay we need to own bitcoin why because you know there's now enough evidence where what like a decade we're more than a decade into this nobody has been able to essentially counterfeit a bitcoin it is you know new money it is it is better money so if you it so i'm not going to convince people right now of the argument for bitcoin but if you believe in it that's sort of the first step is you realize you really need to have one to two percent of your portfolio in bitcoin in the event that fiat money sort of becomes debased and eventually moved to crypto then you realize well wait a second bitcoin is just one application of blockchains there's a bunch of applications of blockchains so maybe we need to own not just sort of you know digital money but we also need to own the underlying blockchain platform and that leads you to ethereum then you realize that there's a bunch of competitors to ethereum and it's still very early days and one of those guys might ultimately displace ethereum as a blockchain platform then you realize that there's all these applications on top of all these blockchains and so you know the conclusion i come to after all of that is i can't figure all this out and well maybe i could if i was willing to go back to school and like make this a full-time job which i just don't want to do i mean i'm lazy and that's why i focus on sass like that's what i know you're a killer investor yeah like i'm not going to reinvent myself it's like you playing hold'em versus pll right right right exactly so but this is why we partner with multi-coin capital so what i would just say is like the idea that you as an individual investor are going to like you know pick off the one cryptocurrency here or there to invest in i mean that's going to be a lottery i would i would find a manager basically who is really good who has a track record who understands this stuff our approach is to hire very young extremely technical computer scientists and mathematicians to basically do the work that's that's working yeah and you know one of the things that i think these guys do and the reason why it is very helpful for them to be computer scientists is these are all open source projects so they go look at the repos just go look at it go look at it and actually see the changes being made and this is like do you realize there's only 12 people who are actively working on solana in the but you need to you need to look at all seven of them work for solana you need to look at all the code check-ins you need to look at the velocity of the code check-in so you can see like how many projects are being created on these platforms the white papers are also really exceptional like if you if you read these white papers they are they're they're they're really incredibly thoughtful and and well-written and you can really understand what their goals are and you can make some informed decisions there but again if you're not going to be in the business of being in this ecosystem because i think david's right everything is moving so fast what's successful today could be just a dog tomorrow and vice versa that i think speculating in this market will um not only will it be super volatile but more than likely you're going to lose all your money so i would encourage people to not speculate in crypto i would encourage you to figure out an elegant way of having an abstracted bet if to the extent you care about it you
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