Author: Multicoin Capital

Binance is Blitzscaling

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Multicoin Capital

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Disclosure: Multicoin has established, maintains and enforces written policies and procedures reasonably designed to identify and effectively manage conflicts of interest related to its investment activities. Multicoin Capital abides by a “No Trade Policy” for the assets listed in this report for 3 days (“No Trade Period”) following its public release. At the time of publication, […]

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Privacy Is a Feature Not a Product

Editor’s Note: This essay was co-authored by Ryan Gentry and Matt Shapiro. Disclosure: Multicoin has established, maintains and enforces written policies and procedures reasonably designed to identify and effectively manage conflicts of interest related to its investment activities. Multicoin Capital abides by a “No Trade Policy” for the assets listed in this report for 3 days (“No Trade Period”) following […]

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The World Computer Should Be Logically Centralized

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Multicoin Capital

Vitalik conceived Ethereum as the world computer: a single, composable, open, permissionless state machine that could run trust-minimized code. And while Ethereum was a breakthrough on many fronts—P2P layer, deterministic state machines, composable smart contracts and more—it was lacking in many others. These limitations—most notably, the lack of throughput, high latency, expensive transactions, and the use of […]

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Unbundling Vectors of Centralization in Web3

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Multicoin Capital

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A year ago I illustrated the Web3 stack as I understood it at the time. More recently, I published Multicoin’s crypto mega theses, detailing the investment thesis for Web3. As I highlighted, one of the key implications of Web3 is that data ownership and application logic will be unbundled. In this essay, I’ll explain the specific problems inherent […]

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The Unbundling Of Ethereum

Software is the encoding of human thought, and as such software is limited only by our collective imagination. Ethereum embraced this as the first computer that allowed anyone to program arbitrary logic on a trust-minimized, global, permissionless, censorship-resistant computer. This unlocked an incredible wave of experimentation. How could anyone have forecast the massive opportunities for Open […]

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Crypto Mega Theses

Open, distributed ledgers and permissionless, censorship-resistant, trust-minimized computation are going to reshape massive sectors of the global economy. This belief led us to found Multicoin Capital in 2017, and after spending two years with entrepreneurs, business leaders, and investors in this space, we’ve developed more conviction in this thesis than ever before. Over the last […]

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On Value Capture at Layers 1 and 2

Among the crypto development and investor communities, the most popular term is “protocol,” and for good reason. Everyone is building a protocol (and presumably these protocols offer investors and employees some way to generate returns). A protocol is not a thing; it’s an abstract concept, a set of rules. It is by definition impossible to […]

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Binance Coin ($BNB) Analysis and Valuation

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Multicoin Capital

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Disclosure: Multicoin Capital owns BNB tokens. For ethical reasons, Multicoin Capital abides by a “No Trade Policy” for the assets listed in this report for 3 days (“No Trade Period”) following its public release. Your margin is my opportunity. -Jeff Bezos, Founder and CEO, Amazon Binance is the crypto exchange that best exemplifies Bezos’s famous […]

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What P2P Markets Are Better Decentralized?

This post originally appeared as a contributed article on Coindesk on December 27, 2018. Click here to read the post.   Over the last 20 years, a lot of companies have built large online marketplaces to connect buyers and sellers. Amazon, eBay, Uber, and AirBnb typically come to mind as the most obvious examples. But there are […]

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Questions from the Crypto Idea Maze

As 2018 comes to a close, we’ve been thinking about some of the big questions that crypto still needs to answer. Although there is some clarity on the mega theses for crypto —1) global, state-free money 2) decentralized/open/composable finance 3) web3—it’s still unclear how society is going to get there. Or in other words, the idea […]

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