Alok Vasudev
@AlokVasudev
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vc at @standardcrypto // @alok on farcaster
California
Joined May 2010
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Love seeing smart people new to Bitcoin presenting their investment thesis in elegantly simple terms — it's easy to get lost in the weeds.
Here are some great lines from Paul Tudor Jones' memo:
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Contrarian things to do in crypto:
1/ Join a post-ICO project
2/ Academic research
3/ Build a token-less protocol
4/ Launch without a raise
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We love Bitcoin. But the Bitcoin we see today is nothing like it once was. We think Ordinals have a chance to make Bitcoin, once again, a technology ecosystem to take pride in and learn from.
I elaborate on this topic in my latest post:
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On Bitcoin's scarcity premium:
"It is literally the only large tradeable asset in the world that has a known fixed maximum supply." - PTJ
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Kelly Johnson, original head of Lockheed's Skunk Works division, on running a company
http://t.co/jvSIxOAUKi
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On Bitcoin's liquidity:
"Interestingly, Bitcoin is the only store of value that actually trades 24/7 in the entire world." - PTJ
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Incredible finding:
Place a sheet of graphene, rotated 1.1 degrees, on top of another and you get a superconductor.
But my heart goes out to the poor grad students futzing with micropositioning stages trying to nail the angle 🤣
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To put crypto in perspective, I've found it useful to map protocols against startup stages we're more familiar with. Some examples:
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Post: Uber S-1
Top comment: "... I simply can't imagine how Uber is worth anything at the moment."
Never change, Hacker News.
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Interesting inversion of a startup failure mode: MBA’s used to look for ‘code monkeys’ to build their product; now crypto projects look for ‘biz monkeys’ for go-to-market/ops.
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"A great store of value can be seamlessly moved from one jurisdiction to another with little or no transaction costs. Cash is obviously good for that; gold is ok but clunky; but, of course, nothing beats Bitcoin, which can be stored on a smartphone among other options." - PTJ
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On Bitcoin as a macro hedge:
"Owning Bitcoin is a great way to defend oneself against the [Great Monetary Inflation], given the current fact set." - PTJ
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Startup idea: an internet webpage for giving the people free NFTs. you’d want a trendy xyz domain on it for sure.
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Challenge I’ve been having lately with crypto projects: they lack soul
Tech is needed of course, but the truly special ones have the right mix of aesthetics, community values, contributor personalities, etc
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On COVID-19 accelerating Bitcoin and crypto:
"The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by COVID-19" - PTJ
On Bitcoin's portability: ...
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Game "economies" had a good run. Time for game economies. Thrilled to partner with
@AxieInfinity
!
We've raised a $152 M Series B led by
@a16z
for
@SkyMavisHQ
!
✨The funds will be used to fuel the expansion of Axie Infinity and Ronin, our scaling solution for digital nations.
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1/ An investment in Telegram’s TON token is a bet against Ethereum and, more broadly, the existing crypto power structure
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Everyone loves hating on crypto UX — and I get why that is. But it is a magical experience to roll up to an app like Instadapp, Zapper, Zerion, etc. with nothing but your keys and have it fully populate with your data. (1/2)
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Proud to back
@SashaMackinnon
and team Mino. They built amazing collectibles games *before* NFTs existed — imagine what they’ll do now… 👾
🚀🚀 ANNOUNCING OUR $15M SERIES B
We’re building the next HUGE gaming franchise. Honoured to be supported by the TITANS of Gaming and Web 3:
@standardcrypto
, Bing Gordon, Don Mattrick,
@AdamDraper
and more.
TY
@deantak
@VentureBeat
for sharing our story
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2000: Stanford appoints a computer scientist president
2016: Stanford appoints a biologist president
Hopefully this is equally prescient!
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Amazing to me that Jim Clark (founder of SGI, one of the hottest tech companies in the 80s/90s) at age 50 co-founded Netscape with a 23 yr old
@pmarca
. Have we seen any founding teams recently that compare?
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4/ By the end of 2018 we’ll learn a lot about the strength of early-mover advantages in crypto
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It’s true that ETH people have underestimated SOL, just like BTC people underestimated ETH.
But the reverse is also true. ETH people simultaneously underestimated BTC. And SOL people are likely underestimating ETH.
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A DeFi / liquidity mining analogy:
eBay but you get a little eBay stock when you buy/sell stuff. And stockholders get to vote on things like adding new product categories. And if enough people use eBay then eBay can’t fuck over its users later because the users are the owners.
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Early indicators show that the quick-flip ICO is dead. The crypto market self-regulates almost as fast as it irrationally expands.
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If I were a PhD student again, I'd work on simulation/modeling tools for cryptocurrencies (token economies, network behavior, etc.)
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My new favorite term for technical analysis of cryptocurrency prices: "quant astrology"
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3/ Smart crypto-focused investors tend to hate TON, while smart general purpose tech investors tend to love it
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This is probably the strongest political mobilization of the crypto industry that we've ever had. We should keep pushing hard on this bill, but I can't help but feel optimistic about crypto's voice in DC going forward.
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How to gauge crypto PMF? Ask a founder what they think of their community.
No PMF: "Our community is amazing! They're so engaged and give us amazing feedback!"
PMF: "I want to go door-to-door and literally stab everyone in our Discord."
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I'm starting a cryptocurrency newsletter focused on investing and key technologies. Sign up here:
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Today we are announcing our investment in
@TaprootWizards
!
@udiWertheimer
and
@ercwl
are building something truly exceptional and we're thrilled to be a partner to them.
HOLD ON TO YOUR WIZARD HATS!
Today we are announcing a $7.5M seed round, led by
@standardcrypto
, to Make Bitcoin Magical Again
We broke the chain, we danced on stage, we took showers
We heard about bitcoin 10 years ago. And WE’RE HERE TO FIX IT
More in the thread below 🧙♂️
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Highest conviction I’ve ever felt about an investment:
1. BTC in 2015
2. ETH in 2016
3. 🤐 in 2022
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Congrats to
@SkyMavisHQ
on the launch of
@Ronin_Network
! The next evolution of crypto-powered games will include composable elements, with substrates like Ronin critical to that future.
Time’s up let’s do this...
RON IS LIVE!
Full announcement 👇🏻
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Good episode of crypto today. Solid plot development. Bit of a cliff hanger though.
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Challenge for VC in crypto: sometimes the best risk-adjusted entry point into a project is once it's already publicly traded. Most good VC firms are dabbling with pre-sale securities but a different will required to buy tokens off an exchange (i.e. without opt-in from a founder)
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Cryptocurrencies are blank canvas, a chance to correct past mistakes, and a means to generate wealth for individuals but, perhaps more importantly, for nation states too.
"Your ban is my opportunity"
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Blockchains provide a financial substrate for an AI to bootstrap itself into existence.
A halfway decent AI can run its own ICO:
1/ Auto-generate marketing site and whitepaper
2/ Twitter botnet to solicit ICO
3/ Telegram botnet to build social proof & scarcity
Happy Tuesday!
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Huge congrats to
@balajis
and Team Earn on their deal with Coinbase! Hard to overstate Balaji’s impact in legitimizing Bitcoin/crypto (visibly and behind the scenes). I’m excited to see his vision amplified by the strongest brand in the space.
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Not using Farcaster to find talent is negligence if you’re in crypto
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There are some insanely talented individuals - with an abundance of opportunity - choosing crypto as their next chapter. 2013 Alok wouldn’t have believed it.
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I'm skeptical that a company can retrofit an existing network with tokens. Networks are highly path-dependent and tokens need to be an initial condition for sustainability. Best case - use existing distro to market a new network to users.
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PSA: Don't get phished on Twitter and send cryptocurrency to a random address
Here's a scam in action...
1.
@elonmusk
posts a normal tweet
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Seeing lots of VCs looking to invest in climate change startups. I don’t know about you but the sector reminds me of cleantech.
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Mamba's dunking on VCs now
BREAKING:
@kobebryant
’s $6 million investment in
@DrinkBODYARMOR
is now worth approximately $200 million
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🚨 Announcing Standard Crypto's latest investment:
Sommelier (
@sommfinance
), a new project led by the incredible
@zmanian
We are thrilled to lead Sommelier's seed round and to share why...
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I wrote up some thoughts on “Free to Own” and why we (
@standardcrypto
) are excited about it. Once again, it looks like
@gabrielleydon
is onto something big (before the rest of the market gets it).
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Especially compared with the slog of signing up for a new personal finance management app (even with Plaid).
BYO data (via keys) is a step-function UX improvement IMO. (2/2)
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Good take. Olaf is a winner and it's easy to throw rocks at the throne, especially in a bear market.
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This is now my permanent facial expression after being in crypto for a decade
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Love seeing the Ethereum community transition from “peacetime” to “wartime”. 2018 will be awesome.
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2/ Can early market positioning and mindshare withstand competitive pressures from projects built by crypto outsiders with a proven track record of execution?
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Whenever someone tells you crypto has no use cases, you can just send them this
🚀🚀🚀
You can now create your own prediction markets on
@veil
using
@AugurProject
and
@0xProject
.
Create markets, collect bets, get paid. And repeat.
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Killing the messenger goes far more viral than debating the message
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Cross-chain DeFi! You can now move your debt positions between chains in one step. First of its kind! Big ups to the wizards at
@Instadapp
Introducing Interop—the first ever cross-chain refinancing bridge is live for Aave positions 🌉
Polygon => Avalanche:
Avalanche => Polygon:
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I'm a simple man. When
@cdixon
does an interview, I listen to it.
My conversation with
@cdixon
on all things blockchain and crypto.
- core protocols
- challenger protocols
- DeFi
- Social coins
- NFTs
- the future of computing and the internet
Chris is one of the finest thinkers in this area (and overall).
Enjoy!
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Bitcoin NFTs, we think, are underestimated as assets. They are fully onchain, occupy secure and legitimate blockspace, and are priced in BTC – all of which are powerful potential value drivers.
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Good science fiction beats any business book for facilitating deep thinking about early-stage technology
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Wow this protocol is growing nicely! Did they find PMF?
Aaaaand it's farming. Money's PMF confirmed, yet again.
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I’d love to see a list of regulations temporarily suspended over the past several weeks
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Huge. Uber is building an AWS for on-demand services/labor.
The UberRUSH API is helping businesses put their ideas and products in motion. Learn more:
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And now 300M+ users have an Ethereum wallet :)
Wow.
@reddit
mobile app now has an integrated Ethereum wallet and they've launched community currencies!
r/FortniteBR & r/Cryptocurrency will distribute tokens to contributors, the value of which derives from paid memberships, tipping & badges!
Amazing onboarding story too!
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"Cryptocurrencies are not just ‘money’ — they are part money, part asset and part political organization — and these other dimensions must impact the way we see ‘stability’"
HT
@jessewldn
@Iiterature
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Thanks to Ordinals, Bitcoin is fun again. We can't wait to see where this newfound energy takes our old orange friend.
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Long internet/crypto culture going mainstream (vs mainstream culture being recycled via crypto/NFTs)
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Read the Ovitz book (super contrarian, I know..) and came away asking why talent agents aren’t more of a thing in Silicon Valley. Does comp structure (equity vs cash) kill the agency biz model? Cultural norm opposing it? What say you?
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Trying something new -- I'll be doing a short AMA tomorrow at 10:30am PST on
@tokendaily
to talk crypto investing, building, and who knows what else. Ask your questions here (softball q's encouraged!):
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@nathanielpopper
Neither the startup nor the VCs expected CryptoKitties in its current form to sustain — it had clear structural flaws. But future collectibles products from a team who produced the most viral dApp to date can be worth the bet.
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Did Twitter stamp out the crypto scam bots or did the bots lose faith in crypto and bail? 🤔
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The
@LiquityProtocol
community just submitted the first ever community integration proposal to
@Instadapp
!
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Newer entrants to crypto often don't realize that ideas like smart contracts, sidechains, L2's, NFTs, tokens, DAOs, etc. were all developed by Bitcoiners in the early 2010s.
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Congrats to team
@veil
on getting ready for mainnet launch!! Also thrilled to have a great group of investors around the table. Markets for all the things!
🚨 It's announcement time! 🚨
We are thrilled to say that
@veil
will be live on Mainnet on January 15, 2019.
And we're proud to share that we've raised a seed round from
@paradigm
,
@sequoia
, and
@1confirmation
.
Let's bring
@AugurProject
mainstream.
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Bitcoin has a chance to become innovative, once again. And that's really exciting to us. There's strength in being choosy and opinionated in core protocol evolution, but not if the cost of doing so means losing the capacity to innovate at all.
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Decentralized social networks are going to work. An underrated reason why is that the crypto community has the makings of a terrific early-adopter cohort.
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Well-deserved recognition for
@matthuang
,
@FEhrsam
and
@paradigm
— our friends, collaborators, and a source of inspiration to keep upping our game!
When Matt Huang and Fred Ehrsam raised $400M for their new fund Paradigm in 2018, they did something bold: put it all into Bitcoin.
The trade is already up 3x. But the ex-Sequoia partner and Coinbase cofounder have a bigger goal: bring crypto mainstream.
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I'm all in on the "religion" narrative. In fact, if an existing religion or cult launched a new cryptocurrency I bet it would work surprisingly well.
To bootstrap a new money, create a religion around it. The core teaching is to hodl at all costs, no matter the temptation, until all unbelievers capitulate.
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Loving all the well-deserved congrats / victory laps on HashiCorp's IPO. But since he won't do one himself - shoutout to
@adaugelli
who led the seed round. Great investor, better dude.
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Prediction: Cloudflare will be the web2 company that best adapts to web3
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Your smart contract can now trustlessly access historical Ethereum state. Heck of an achievement. Check out the demos/docs and see if inspiration strikes!
We're excited to announce the Axiom mainnet alpha release:
Axiom is the first ZK coprocessor scaling data-rich applications on Ethereum. Try on mainnet today.
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Worst day I’ve seen for altcoins in 50 years
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This is leading to ultra crowded pre-sale rounds not because it's the best time to get in but because it's the only time to get in that looks/feels like traditional startup investing.
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It's still amazing to me that you can just publish a string of characters and receive money. Also, donate to Sci-Hub!
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Which VC's invest in blockchain projects using a SAFT etc or by buying tokens directly? Putting together a master list to share w founders
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And Ordinals have inspired much more than NFTs. They've catalyzed Bitcoin developers to experiment with adjacencies including tokens, DeFi and even L2's (e.g. ZK Rollups on Bitcoin).
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Crypto is often compared to cleantech by people who understand neither crypto nor cleantech
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Imagine building
@hqtrivia
pre-AWS. 500K concurrent sessions for ~10 mins 2X/day. Perfect cloud use-case.
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I’m on a hot streak with life-changing product purchases:
1/ 2nd gen
@BoostedBoards
2/ AirPods
3/ iPad Pro + Pencil + keyboard
What next?
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My largest crypto position is in lightning network tokens. I'm a big believer.
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