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Author: Multicoin Capital

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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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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$100 Trillion

Last Friday, Yale, the iconic long-term investor that other endowments look to for guidance, made a historic investment in two funds dedicated to crypto, signaling to many that institutional floodgates are officially open. As the manager of one of the more established cryptofunds, we often get asked, “How big can crypto really get?” The short answer is: […]

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Debunking Market Narratives: Litecoin ($LTC) Edition

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Disclosure: Multicoin Capital is short LTC.   Narratives are an immensely powerful tool, so much so, that experts generally attribute civilization’s rapid development to humans’ ability to efficiently tell stories. Due to their impact on human behavior, narratives can significantly affect our perception of value. In the current crypto market climate, reality is often overlooked […]

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The Web3 Stack

This article was originally published by Kyle Samani at Multicoin Capital. Multicoin Capital’s mission is to accelerate the transition from the centralized institutions of the Industrial Age to the decentralized institutions of the Internet Age.   I have yet to see an actual illustration of the Web3 stack. So this is an attempt. Given how […]

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