1/ crypto VC is going through an explosive ЁЯзи phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

iтАЩve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... ЁЯСЗЁЯП╛

2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there arenтАЩt enough companies raising series B / C / D rounds!!!

every deal iтАЩve done lately is under $50M valuation
3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, itтАЩs highly competitive
4/ most projects and coтАЩs donтАЩt need money tho - why would a founder take 20-40% dilution when theyтАЩre banking cash and crypto? so they do 5-10%

so the valuations go up, but available allocations go down, resulting in an even bigger squeeze on allocators who *need* to deploy
5/ add in the onslaught of non-crypto M&A thatтАЩs coming, which is culling the herd of investable unicorns

add in the wave of SPACs and direct listings taking later stage opportunities out

there just arenтАЩt enough places to put capital in size rn

whatтАЩs a fund to do?
6/ seed / series A is ultra competitive - iтАЩm trying to deploy as fast as i can across a wide range of coтАЩs, because many will not raise again or raise small rounds at crazy valuations

but your pedigree and reputation matter - founders can be choosy since thereтАЩs so much $$$
7/ funds are rushing to add platform + services - something i built at @DCGco and continue to build @CoinSharesCo - itтАЩs a big differentiator!

perks include code audits, marketing, hiring support, research, etc

expect to see this grow exponentially (it already has in trad VC)
8/ companies are becoming more selective in how they raise and have more pools of capital available to them - many rounds now never hit the fundraising trail

and once @coinbase IPO goes out at $50B+, even more capital is going to come hunting for ROI in crypto
9/ itтАЩs a founderтАЩs market and thereтАЩs TONS of capital chasing too few deals

the crunch is going to get intense

for investors, be careful and DYOR - always down to trade deal notes

for founders, be choosy. raise less. demand more value! your investors work for YOU ЁЯдй
10/ for those thinking about starting a co - if you want to chat, donтАЩt hesitate to reach out! there is a great network of folks who have been funding this industry for years тЭдя╕П use them!

we are about to enter a brand new era of crypto VC and i couldnтАЩt be more excited ЁЯТеЁЯзиЁЯТе
disclosure: our equity investments @CoinSharesCo can be found at https://t.co/kHiDYlNRdH

my personal portfolio including companies and protocols can be found at https://t.co/K3fVxXPq0v (overdue for an update tho!)

More from Crypto

So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
1/ Welcome to #DeFi Wednesday.

Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.

Enter the thread

ЁЯСЗЁЯСЗЁЯСЗ


2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.

Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.


3/ Less chad and more things that actually matter:

My incomplete theory of interest-bearing cash is also available also as a blog post:

https://t.co/uiG0fZiVyu

It is 15 pages. Pick your slow poison or die fast by continue reading here.

4/ First time in the history we have an ability to create interest-bearing cash-like instruments.

Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.

Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp


5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)

You May Also Like

рдкреНрд░рд╛рдЪреАрди рдХрд╛рд▓ рдореЗрдВ рдЧрд╛рдзрд┐ рдирд╛рдордХ рдПрдХ рд░рд╛рдЬрд╛ рдереЗредрдЙрдирдХреА рд╕рддреНрдпрд╡рддреА рдирд╛рдо рдХреА рдПрдХ рдкреБрддреНрд░реА рдереАредрд░рд╛рдЬрд╛ рдЧрд╛рдзрд┐ рдиреЗ рдЕрдкрдиреА рдкреБрддреНрд░реА рдХрд╛ рд╡рд┐рд╡рд╛рд╣ рдорд╣рд░реНрд╖рд┐ рднреГрдЧреБ рдХреЗ рдкреБрддреНрд░ рд╕реЗ рдХрд░рд╡рд╛ рджрд┐рдпрд╛редрдорд╣рд░реНрд╖рд┐ рднреГрдЧреБ рдЗрд╕ рд╡рд┐рд╡рд╛рд╣ рд╕реЗ рдмрд╣реБрдд рдкреНрд░рд╕рдиреНрди рд╣реБрдП рдФрд░ рдЙрдиреНрд╣реЛрдиреЗ рдЕрдкрдиреА рдкреБрддреНрд░рд╡рдзреБ рдХреЛ рдЖрд╢реАрд░реНрд╡рд╛рдж рджреЗрдХрд░ рдЙрд╕реЗ рдХреЛрдИ рднреА рд╡рд░ рдорд╛рдВрдЧрдиреЗ рдХреЛ рдХрд╣рд╛ред


рд╕рддреНрдпрд╡рддреА рдиреЗ рдорд╣рд░реНрд╖рд┐ рднреГрдЧреБ рд╕реЗ рдЕрдкрдиреЗ рддрдерд╛ рдЕрдкрдиреА рдорд╛рддрд╛ рдХреЗ рд▓рд┐рдП рдкреБрддреНрд░ рдХрд╛ рд╡рд░рджрд╛рди рдорд╛рдВрдЧрд╛редрдпреЗ рдЬрд╛рдирдХрд░ рдорд╣рд░реНрд╖рд┐ рднреГрдЧреБ рдиреЗ рдпрдЬреНрдЮ рдХрд┐рдпрд╛ рдФрд░ рддрддреНрдкрд╢реНрдЪрд╛рдд рд╕рддреНрдпрд╡рддреА рдФрд░ рдЙрд╕рдХреА рдорд╛рддрд╛ рдХреЛ рдЕрд▓рдЧ-рдЕрд▓рдЧ рдкреНрд░рдХрд╛рд░ рдХреЗ рджреЛ рдЪрд░реВ (рдпрдЬреНрдЮ рдХреЗ рд▓рд┐рдП рдкрдХрд╛рдпрд╛ рд╣реБрдЖ рдЕрдиреНрди) рджрд┐рдП рдФрд░ рдХрд╣рд╛ рдХрд┐ рдЛрддреБ рд╕реНрдирд╛рди рдХреЗ рдмрд╛рдж рддреБрдореНрд╣рд╛рд░реА рдорд╛рддрд╛ рдкреБрддреНрд░ рдХреА рдЗрдЪреНрдЫрд╛ рд▓реЗрдХрд░ рдкреАрдкрд▓ рдХрд╛ рдЖрд▓рд┐рдВрдЧрди...

...рдХрд░реЗрдВ рдФрд░ рддреБрдо рднреА рдкреБрддреНрд░ рдХреА рдЗрдЪреНрдЫрд╛ рд▓реЗрдХрд░ рдЧреВрд▓рд░ рд╡реГрдХреНрд╖ рдХрд╛ рдЖрд▓рд┐рдВрдЧрди рдХрд░рдирд╛ред рдЖрд▓рд┐рдВрдЧрди рдХрд░рдиреЗ рдХреЗ рдмрд╛рдж рдЪрд░реВ рдХрд╛ рд╕реЗрд╡рди рдХрд░рдирд╛, рдЗрд╕рд╕реЗ рддреБрдо рджреЛрдиреЛ рдХреЛ рдкреБрддреНрд░ рдкреНрд░рд╛рдкреНрддрд┐ рд╣реЛрдЧреАредрдкрд░рдВрддреБ рдорд╛рдВ рдмреЗрдЯреА рдХреЗ рдЪрд░реВ рдЖрдкрд╕ рдореЗрдВ рдмрджрд▓ рдЬрд╛рддреЗ рд╣реИрдВ рдФрд░ рдпреЗ рдорд╣рд░реНрд╖рд┐ рднреГрдЧреБ рдЕрдкрдиреА рджрд┐рд╡реНрдп рджреГрд╖реНрдЯрд┐ рд╕реЗ рджреЗрдЦ рд▓реЗрддреЗ рд╣реИрдВред

рднреГрдЧреБ рдЛрд╖рд┐ рд╕рддреНрдпрд╡рддреА рд╕реЗ рдХрд╣рддреЗ рд╣реИрдВ,"рдкреБрддреНрд░реА рддреБрдореНрд╣рд╛рд░рд╛ рдФрд░ рддреБрдореНрд╣рд╛рд░реА рдорд╛рддрд╛ рдиреЗ рдПрдХ рджреБрд╕рд░реЗ рдХреЗ рдЪрд░реВ рдЦрд╛ рд▓рд┐рдП рд╣реИрдВредрдЗрд╕ рдХрд╛рд░рдг рддреБрдореНрд╣рд╛рд░рд╛ рдкреБрддреНрд░ рдмреНрд░рд╛рд╣реНрдордг рд╣реЛрддреЗ рд╣реБрдП рднреА рдХреНрд╖рддреНрд░рд┐рдп рд╕рд╛ рдЖрдЪрд░рдг рдХрд░реЗрдЧрд╛ рдФрд░ рддреБрдореНрд╣рд╛рд░реА рдорд╛рддрд╛ рдХрд╛ рдкреБрддреНрд░ рдХреНрд╖рддреНрд░рд┐рдп рд╣реЛрдХрд░ рднреА рдмреНрд░рд╛рд╣реНрдордг рд╕рд╛ рдЖрдЪрд░рдг рдХрд░реЗрдЧрд╛ред"
рдЗрд╕ рдкрд░ рд╕рддреНрдпрд╡рддреА рдиреЗ рднреГрдЧреБ рдЛрд╖рд┐ рд╕реЗ рдмрдбрд╝реА рд╡рд┐рдирддреА рдХреАред


рд╕рддреНрдпрд╡рддреА рдиреЗ рдХрд╣рд╛,"рдореБрдЭреЗ рдЖрд╢реАрд░реНрд╡рд╛рдж рджреЗрдВ рдХрд┐ рдореЗрд░рд╛ рдкреБрддреНрд░ рдмреНрд░рд╛рд╣реНрдордг рд╕рд╛ рд╣реА рдЖрдЪрд░рдг рдХрд░реЗред"рддрдм рдорд╣рд░реНрд╖рд┐ рдиреЗ рдЙрд╕реЗ рдпреЗ рдЖрд╢реАрд░реНрд╡рд╛рдж рджреЗ рджрд┐рдпрд╛ рдХрд┐ рдЙрд╕рдХрд╛ рдкреБрддреНрд░ рдмреНрд░рд╛рд╣реНрдордг рд╕рд╛ рд╣реА рдЖрдЪрд░рдг рдХрд░реЗрдЧрд╛ рдХрд┐рдиреНрддреБ рдЙрд╕рдХрд╛ рдкреМрддреНрд░ рдХреНрд╖рддреНрд░рд┐рдпреЛрдВ рд╕рд╛ рд╡реНрдпрд╡рд╣рд╛рд░ рдХрд░реЗрдЧрд╛ред рд╕рддреНрдпрд╡рддреА рдХрд╛ рдПрдХ рдкреБрддреНрд░ рд╣реБрдЖ рдЬрд┐рд╕рдХрд╛ рдирд╛рдо рдЬрдореНрджрд╛рдЧреНрдирд┐ рдерд╛ рдЬреЛ рд╕рдкреНрдд рдЛрд╖рд┐рдпреЛрдВ рдореЗрдВ рд╕реЗ рдПрдХ рд╣реИрдВред
Department List of UCAS-China PROFESSORs for ANSO, CSC and UCAS (fully or partial) Scholarship Acceptance
1) UCAS School of physical sciences Professor
https://t.co/9X8OheIvRw
2) UCAS School of mathematical sciences Professor

3) UCAS School of nuclear sciences and technology
https://t.co/nQH8JnewcJ
4) UCAS School of astronomy and space sciences
https://t.co/7Ikc6CuKHZ
5) UCAS School of engineering

6) Geotechnical Engineering Teaching and Research Office
https://t.co/jBCJW7UKlQ
7) Multi-scale Mechanics Teaching and Research Section
https://t.co/eqfQnX1LEQ
ЁЯШО Microgravity Science Teaching and Research

9) High temperature gas dynamics teaching and research section
https://t.co/tVIdKgTPl3
10) Department of Biomechanics and Medical Engineering
https://t.co/ubW4xhZY2R
11) Ocean Engineering Teaching and Research

12) Department of Dynamics and Advanced Manufacturing
https://t.co/42BKXEugGv
13) Refrigeration and Cryogenic Engineering Teaching and Research Office
https://t.co/pZdUXFTvw3
14) Power Machinery and Engineering Teaching and Research
The entire discussion around FacebookтАЩs disclosures of what happened in 2016 is very frustrating. No exec stopped any investigations, but there were a lot of heated discussions about what to publish and when.


In the spring and summer of 2016, as reported by the Times, activity we traced to GRU was reported to the FBI. This was the standard model of interaction companies used for nation-state attacks against likely US targeted.

In the Spring of 2017, after a deep dive into the Fake News phenomena, the security team wanted to publish an update that covered what we had learned. At this point, we didnтАЩt have any advertising content or the big IRA cluster, but we did know about the GRU model.

This report when through dozens of edits as different equities were represented. I did not have any meetings with Sheryl on the paper, but I canтАЩt speak to whether she was in the loop with my higher-ups.

In the end, the difficult question of attribution was settled by us pointing to the DNI report instead of saying Russia or GRU directly. In my pre-briefs with members of Congress, I made it clear that we believed this action was GRU.