Travis Scher
@TravisScher
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Co-Founder @NorthIslandVC
New York, NY
Joined September 2015
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We can't build a sustainable alternative financial system on memecoins, airdrops, and infrastructure optimized for speculation.
While others chase hot fads,
@NorthIslandVC
will continue to fund companies building real use cases, and the infrastructure designed to support them.
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@MattWalshInBos
In an alternate universe, you'd have been a legendary investigative journalist
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Can an expert on white collar and/or international law please explain why SBF hasn't been arrested?
And can anybody explain why
@yaffebellany
@nytimes
would fail to mention the backdoor accounting software, the Bahamian withdrawals sham, or the $500M "hack" on Friday?
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Gary Gensler is right. Crypto is a bit like the Wild West right now.
But the US didn't round up the settlers and force them back east - it encouraged them to explore and develop.
The "Wild West" turned into 10+ American states, including California.
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While mainstream interest in crypto has cooled substantially, there's so much competition brewing behind the scenes right now - tons of brilliant, well-capitalized teams are diligently creating better protocols, exchanges, and other innovative products. 2019 is going to be great.
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Excited to talk about what we've been building for the past year
@NorthIslandVC
- a new $72M crypto-focused VC co-founded by me,
@James_Hutchins1
, and Glenn Hutchins
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Over the past week, SBF has admitted to each of the WSJ and NYTimes that he, Caroline, and others stole billions in user funds.
Yet he is still free to chat up his buddies at the NYTimes, tweet nonsense, and devise other ways to keep stealing and destroying evidence
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The most expensive parcel in
@decentraland
(coordinates: -12,-2) is available for 8 million MANA ($725k) or $708 per square foot.
The average price of Manhattan real estate is $1773 per square foot.
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We are thrilled to announce that
@NorthIslandVC
has raised $125M for our second early-stage venture fund. This new fund empowers us to continue backing the smartest, most ambitious founders in crypto.
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fwiw I am a hyper-rationalist, anti-conspiracy theorist - my default is to be extremely skeptical of non-consensus narratives that lack hard evidence
But this is all so, so bizarre
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@DCGco
@decentraland
Slide 9: "One big company should not own the most popular virtual world"
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#Consensus2019
was a huge success, because the right people showed up - the industry has grown to the point where most attendees are full-time crypto, not clueless blockchain tourists!
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We just spent a two days in Washington talking to lawmakers and regulators. It was a tremendous learning experience, and I left more optimistic that the US will eventually get crypto policy right. I highly encourage everybody who cares about crypto in the US to engage.
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These DCG companies are working hard to protect individual privacy on the internet:
@BigchainDB
(
@oceanprotocol
)
@blockstack
@brave
@madhivetech
(
@madnetwork_
)
@openbazaar
@zcashco
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Our monetary system is too arbitrary, our politicians are wildly irresponsible, and our banking system is highly opaque. I've never had so much conviction that an on-chain financial system could be a much better one.
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Very well said. Crypto needs regulation - smart, tailored regulation - to achieve mainstream adoption and maximum success.
Erik is inspiring and principled, and many his criticisms of the state are directionally valid. But when emotionally persuasive theoretical ideologies fail…
With respect, I found
@ErikVoorhees
' keynote to be jejune, anti-democratic, and disingenuous. It may be effective as a rallying cry for libertarians, but as a strategic framework for the global adoption of crypto, it is so divorced from reality as to be worthy of ignoring.
The…
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@blockstack
is making 80% of funds raised in token sale subject to specific and ambitious milestones. Smart and fair. Others should copy.
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@DavidSacks
Why give Putin, an evil dictator with a long history of murdering dissenters, the benefit of the doubt?
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"On December 10, 2008, Madoff revealed to his brother and two sons, who worked for the legitimate arm of his firm, that his investment-advisory business was a fraud and nearly bankrupt. Madoff’s sons turned in their father to federal authorities, who arrested him the next day."
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Many people recognized that the latest Aptos and Sui rounds, both led by FTX Ventures, sniffed all wrong
It seems FTX used customer deposits to fund these investments, planned to pump the tokens, and build out predatory trading systems in both ecosystems
So gross
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People keep asking why we don't have more real blockchain use cases and killer apps
Its not because the blockchain is a "solution in search of a problem" - its because its nearly impossible to launch a token that accrues value
With smart market structure regulation, all the…
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just heard about a crypto startup that has a term sheet from a highly reputable crypto vc, but doesn't have a team yet. yep.
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NIV has invested in seven Israeli startups over the past few years, and I traveled to Tel Aviv last year to spend time with our founders and co-investors there.
It was a "business trip," but it felt like something much more profound. I experienced extraordinary warmth,…
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So excited to take the wraps off of this...
@decentraland
remains my favorite crypto project, with a devoted community, a superb team, and a use case for blockchain that actually makes sense. While most projects flounder, this one keeps getting stronger!
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Wow, eight
@DCGco
companies in the Forbes Fintech 50 For 2018. Proud to support
@blockchain
@chain
@chainalysis
@coinbase
@Ripple
@ShapeShift_io
@GoVeem
@xapo
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FTX had elements of:
Theranos (MSM lionized the founder)
Enron (MSM celebrated the company)
MF Global (used customer deposits to plug a trading loss)
Madoff (affinity fraud - Madoff mostly robbed other Jews, SBF other crypto traders)
1MDB (celebrities)
Lehman (contagion)
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@alpackaP
I had similar experience in 2019 - he basically described to me how he was trying to screw over these earlier investors, while simultaneously trying to get us to invest in FTX / buy FTT. Back in those days, he wasn't even good at hiding his sliminess
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@ether_fi
is now the
#1
liquid restaking protocol AND the
#1
yield aggregator on DeFiLlama
@MikeSilagadze
is building a DeFi behemoth
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I just published The Tide is Out: What the 2018 Crash Has Revealed and Why the Future of Crypto is Bright
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Memecoins are frivolous and juvenile, I don't find them entertaining, and I do not think they are going to push this industry forward
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If crypto is going to become a real asset class, the next wave must be driven by use cases and metrics, not narratives and memes.
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Huge congrats to
@BarrySilbert
and all my rockstar ex-colleagues at
@DCGco
@Grayscale
@GenesisTrading
@DCGFoundry
@LunoGlobal
With all these pieces in place, DCG is cementing itself as a generational company
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Hello my name is TDog. I've created my Avatar in
@decentraland
. Build your own avatar and claim your unique name!
#avatars
#virtualworld
#gaming
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The blockchain space sometimes feels like just drama and noise, but when I move large amounts crypto across the room or across the world for <$0.10, and it gets there basically instantly with no middleman or gatekeeper, I'm reminded that this technology is pretty damn cool.
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Congrats to
@nivaura
! Many enterprise blockchain startups have made more noise, but few are having more success bringing the benefits of DLT (tokenization, clearing, settlement) to institutional finance.
@avtarsehra
@VicArulchandran
@Gav_gritNgrind
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Thank you to all of our amazing founders, speakers, and partners for making this so past week so special!
What a magical three days! Beyond grateful to the sponsors, speakers, and 125+ founders who joined us in AZ for the 5th Annual
#DCGSummit
. Here’s to many more shared adventures!
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I have proposed making a full-time hire to count and categorize our portfolio - it's a big job. Thanks
@Dogetoshi
!
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I've been impressed in recent weeks that most of the
@NorthIslandVC
portco founders I've spoken with are not even distracted by the FTX fiasco and fallout (a claim I myself cannot make) - they are bored by it all, and laser focused on realizing their vision
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RFK Jr., in jeans and sandals, arrived at a downtown equinox at open on this Saturday AM, and went from machine to machine amrap’ing every set
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crypto is a complete clusterfuck but the number of extremely talented people building all sorts of cool stuff is still remarkable
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Crypto has made major inroads into the mainstream over just the past 90 days -
@tferriss
has millions of listeners
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No disrespect at all to crypto people who showed up in Miami to learn, make new connections, see old friends, and have fun.
But mad respect to the founders who stayed home to build.
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@BillAckman
@FTX_Official
@SBF_FTX
I met SBF in 2019 when he first pitched FTX/FTT. Guy was a sketchball from the start - there were big, obvious red flags. Most early crypto folks avoided him. From 2020 he got better at hiding his sleaze behind EA, celebrity associations, etc. But he was likely always a sociopath
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@roshunpatel
90% of the time I try to send a wire, my bank pauses it for fraud review.
This week I am trying to send a wire to complete an investment, and they are telling me I need to visit a branch to show ID.
I am on an island, and there is no branch.
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A big piece of our
@decentraland
thesis is that an open, community-owned virtual world > a Facebook owned virtual world - greater autonomy and privacy for users, and more economic and creative freedom for developers
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This feels like a "buy when others are fearful" moment...but only for the *handful* of coins with deeply committed teams and a path to real utility. The overwhelming majority of tokens have almost no chance at ever being used and will be zombies within the next 12 months.
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I’m more interested in how crypto can make the world more free, fair, and efficient, than in how it can create a weird subculture that only insiders can access and understand
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I love reading things that validate my pre-existing beliefs. Very satisfying experience.
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Congrats to my fantastic teammate
@casatay
on being promoted to VP! Your hard work has made the DCG community even stronger💪🏼 🙏🏼🚀
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Everybody on CT is talking about trading JPEGs when we should be talking about PACs and Super PACs
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Over the past few years, many “elite” VC firms, which used to be extremely thoughtful and selective, turned into drunken sailors who would fund anything with a great narrative, and thereby tarnished their brands, and perhaps even the industry as a whole.
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So sick of people talking about prices and money. Let's get back to talking about big ideas! Fantastic piece
@stevenbjohnson
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Huge day for the
@dcgco
team at our annual summit, with 120 portco execs and 180 investors. Proud!
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Memecoins don't entertain me, but the responses to this did.
To be clear, everybody should be free to use their money and time as they see fit. We all have different values, priorities, and interests. My aversion to memecoins is not rooted jealousy, or even about money at all.…
Memecoins are frivolous and juvenile, I don't find them entertaining, and I do not think they are going to push this industry forward
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True experts use qualifying language, concede tradeoffs, and say “I don’t know”
Social media selects for charlatans who do the opposite
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Its incredible how much more you learn by living through a crisis than reading about one
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As an investor, I'm looking for under-hyped niches in which super smart, passionate entrepreneurs are building - and there's great talent flowing into blockchain gaming right now. Definitely a space to make some bets
@decentraland
@dapper_labs
@0xHorizonGames
@LucidsightInc
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3/4 of my family is Ashkenazi. They fled pogroms in Eastern Europe to come to US in late 1800s.
1/4 of my family is Iraqi-Jewish. They fled Iraq in 1948, on the last flight to America, because there was an outbreak of violence (not the first) against the Jews. Some of who…
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@jerrybrito
The best explanation is he was out of his damn mind and had lost touch with reality
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Many crypto deals getting done at high prices right now.
And lots of founders are benchmarking off the hottest deals, and asking for way too much money at absurd valuations.
But there is not nearly enough capital to satisfy these expectations - I have spoken to lots of…
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We're bringing on a new VC Investment Analyst
@NorthIslandVC
Somebody who can help us identify and support the best founders working at the bleeding edge of crypto, out of our $125M seed fund
Please read and the role and apply here:
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The irreversibility of crypto transactions is a double-edged sword, and the challenges it creates cannot be fully solved with better seed phrase management tools. I believe there should be more experimentation to address this directly.
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Crypto is a mind virus
It has barely made a dent in society, yet it is attracting the world's top talent and its market cap is in the trillions - because its potential captures the imagination and its big ideas spread like a virus
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The McHenry-Thompson bill is about more than just regulatory clarity - it would lay the groundwork for a new wave of decentralized businesses and projects to create tremendous economic value that will be shared with their users.
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Whats the next big trend in crypto?
I believe it may be interoperability
One year ago, all the action was on base layer Ethereum
Over the past year, there’s been an explosion of development and usage across many layer-1’s and layer-2’s
Now we have to tie it all together
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Great discussion on the future of crypto led by
@cburniske
and
@jmonegro
, thanks for hosting
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The newest DCG company is
@LedgerHQ
- fantastic hardware wallets, but the vision is much bigger
@ericlarch
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The great thing about this downturn isn’t that it has washed out “weak hands,” but that it has rapidly washed out most of the opportunists and bad actors. And it has started washing out the companies with weak foundations.
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No longer a question that the cryptocurrency space is in the midst of a speculative mania. All the classic hallmarks present. Crash coming.
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The McHenry-Thompson bill is a reasonable framework that would allow crypto to thrive in the US, while preventing the sort of frauds that emerged in 2022.
Exchanges would have to register and stay compliant, issuers would be prevented from engaging in scammy pump and dumps, the…
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Over the past decade, through various interesting experiences, I have learned that those who most loudly profess their desire to do the most "global good" are often the most narcissistic, selfish, and neglectful to those around them.
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There are many BS narratives in crypto, but we believe that DePIN is the real deal.
Early DePIN projects demonstrated that one can use crypto incentives to bootstrap massive supply.
In the next wave, projects solving real world problems will match that supply with demand, and…
We are so pleased to announce new seed funding of $3.5M !!
GEODNET will improve
#GNSS
at scale, and we are thrilled to have these world-class backers to help accelerate our journey together.
@NorthIslandVC
@borderless_cap
@Modular_Capital
@RoadCapMgmt
@tangent_xyz
@santiagoroel
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Its that time in the cycle again
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@primalpoly
You know we already mandate that kids take like 12 vaccines to go to school?
Ask yourself honestly: would you be ok with a mandate instituted by a President you liked?
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Short-term greed is causing lots of growing pains in crypto these days.
Work with talented people who are mission-driven and long-term oriented, and in the end you will succeed.
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Love
@fundstrat
because he is solid, grounded financial analyst and also a creative, independent thinker - super rare combo of skills
My problem with Bitcoin $BTC today vs Nasdaq '99 bubble chart in 3 pictures... chart 1: This is the chart that has been circulating and given negative headlines, scare people...
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@MetaLawMan
@CoinDesk
Is it possible that prosecutors agreed to this in exchange for Sam agreeing to be extradited and stand trial?
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I just published The State of Blockchain Infrastructure
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Our portfolio company
@playbigtime
has quietly generated an astounding $100M+ in revenue since launching in pre-season last October - with an in-game economy that features a fair-launched token (no team/investor allocation).
@arimeilich
just executes.
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It's a hard time to be bullish, with most of "Big Crypto" looking shaky
But there's stronger talent working on early-stage crypto than running mature firms and protocols, and this industry could use a fresh crop of leaders and ideas
The little guys are keeping me optimistic
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SBF believes the story he is telling.
The ego cannot accept that one's actions are only consistent with a total lack of moral character.
Never underestimate the capacity of humans to rationalize and delude themselves when they have done wrong.
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Legendary tech entrepreneur Jack Dorsey goes on a 10-day silent meditation retreat in a beautiful town in Myanmar, returns with perfect clarity of mind, and goes ALL-IN on BTC...
Twitter CEO
@jack
is going all in on Bitcoin. Here's what it could mean for the cryptocurrency $BTC
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Pay attention to the little decisions that crypto teams make.
Renzo does not allow withdrawals, even though this is technically trivial.
Obviously a bad faith move, increasing the risk to their users so they could grow faster.
@ether_fi
had withdrawals from the outset.
With the successful upgrade to
@EigenLayer
M2 contracts, the Renzo team has prioritized working with multiple audit firms to prepare the protocol for Mainnet withdrawals:
1⃣
@HalbornSecurity
a trusted partner from Day 1 is doing a full re-audit of the protocol to be complete…
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The state of crypto cybersecurity is terrible. But companies like
@hexagate_
@immunefi
@FortaNetwork
will change the game over coming years, and we'll look back on these days and laugh.
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We believe that crypto offers solutions to some of the world's most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life
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Crypto was about decentralizing power and creating better systems for the masses, not building new shady behemoths, and gambling on bullshit
We have a cleaner slate now
Lets not lose the plot again
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