Web3 Breakdowns

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Description

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

Episode Date
Solana: Faster, Cheaper, More Scalable [Business Breakdowns, Replay]
01:14:26

Today we are re-sharing our September Breakdown on Solana with Kyle Samani.

 

Founded in 2017 by an ex-wireless engineer from Qualcomm, Solana is a layer one blockchain like Bitcoin and Ethereum that has been built to process transactions as quickly and cheaply as possible. Where Bitcoin can process about ten transactions per second and Ethereum around 30, Solana can handle over 60,000 transactions per second, and it can do so at a fraction of the cost. Unsurprisingly, Solana’s network has attracted huge interest from developers, users, and investors alike over the last year.

 

In this breakdown, we cover the killer app for decentralized ledgers, the history of on-chain transaction speeds, and the fundamental difference between software and blockchain technology. We then delve into the architecture that has enabled Solana’s speed unlock and look at the platform’s potential to become a huge piece of the world’s financial infrastructure. To help me break down Solana, I’m joined by Kyle Samani, co-founder and managing partner at Multicoin Capital.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.


Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

 

Show Notes

[00:02:49] - [First question] - How Kyle views the opportunity set of blockchain technology  

[00:06:37] - The evolution of transactions-per-second from Bitcoin to new cryptocurrencies

[00:13:43] - Why does decentralized finance matter versus centralized finance

[00:18:34] - What is Solana and the scope and scale of it today

[00:20:31] - Reintroducing costs with DeFi software compared to prior zero marginal costs

[00:24:13] - How to go from 30 transactions a second to 30,000 and make the system work

[00:31:03] - What about Solana’s design code allows it to take advantage of parallelism

[00:33:05] - Differences between proof of history and proof of work

[00:39:05] - The tokenomics of Solana, their distribution setup, and what owning SOL offers

[00:46:24] - What Solana’s blockchain will enable for application development

[00:55:15] - The emerging adoption and creation of social tokens  

[00:57:40] - Thoughts on regulation and security in regards to Solana

[00:59:41] - Competition that Solana may face and layer one blockchains in general

[01:04:54] - What has him most excited about Solana and the landscape writ large

[01:08:11] - Lessons for builders and investors when studying the Solana story

[01:11:23] - Leaning into your differences and the team behind the project 

Nov 26, 2021
Sky Mavis: The Builders Behind Axie Infinity - [Business Breakdowns, Replay]
01:11:32

Today we are re-sharing our Business Breakdown from September 2021 on Axie Infinity and its creator, Sky Mavis.

 

Sky Mavis is the company behind the NFT-based game, Axie Infinity. Built by a team with a long history in gaming, Axie Infinity was launched in 2018 with the idea that a blockchain-based “play-to-earn” model could create more aligned incentives between game creators and game players long-term.

 

Axie is one of the most incredible examples of speed-to-scale I’ve seen, with the game reporting $100,000 of revenue in January, over $190,000,000 of revenue in July, and over $360,000,000 in August.

 

In this breakdown, we cover the basics of Axie and how gameplay is similar to classics such as Pokemon. We dive into the economic model, how Sky Mavis generates revenue, how players earn money, and how this is all enabled by the blockchain. We discuss the importance of gameplay vs. the economic ecosystem and examine the sustainability of Axie from various angles.

 

To help break down Sky Mavis, Patrick O’Shaughnessy is joined by Aleksander Larsen, co-founder of Sky Mavis, and Stephen McKeon, Partner at Collab+Currency, an early investor in Sky Mavis.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.



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This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.


Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

 

Show Notes

[00:03:00] - [First question] - How many people are playing Axie and how quickly it’s grown

[00:04:03] - What play-to-earn means and how money flows through a digital ecosystem

[00:05:03] - A basic overview of the user experience of playing Axie Infinity 

[00:07:23] - What an Axie is, its features, how they’re generated, and how many exist

[00:09:32] - Monster NFTs and the fungible SLP in-game currency

[00:15:00] - Converting the SLP to fiat currency and how low-friction the process is

[00:16:40] - Are people actually playing the game or just speculating on the game’s assets

[00:23:14] - The AXS governance token, how to earn it, and what it enables for token holders

[00:27:08] - What the opportunity set looks like for Axie from an investor standpoint

[00:29:39] - Finding a balance between offering digital work and creating a player incentive 

[00:33:29] - Mystic Axie and what they are generally worth today

[00:34:42] - How much the community will have to expand and build on top of the game

[00:38:48] - Overview of the plots of land in the Axie metaverse and what they might unlock 

[00:41:57] - What a sidechain is and how the Ronin wallet works 

[00:46:41] - Why what’s good for Ronin is also good for Ethereum

[00:48:53] - Defining a bridge and how it differs from an exchange

[00:50:24] - Lessons learned about good tokenomics and token design 

[00:55:04] - The biggest potential risks to the future of Axie Infinity and its growing popularity 

[00:57:13] - What an ideal future looks like for the metaverse and Axie infinity

[01:01:09] - How the world is changing and why that unlocks value for play-to-earn games

[01:04:03] - Asset ownership inversion and how big this could become in the future

[01:05:24] - The most surprising things that have happened since joining Axie Infinity

[01:06:55] - How he thinks about assessing new opportunities in crypto and the metaverse

[01:09:19] - Where you can go to learn more about Axie and dabble in the game

Nov 25, 2021
Ethereum: Into the Ether - [Business Breakdowns, Replay]
01:12:34

Today we are re-sharing our Business Breakdown on Ethereum. This episode was originally released in May 2021 and became the inspiration for Web3 Breakdowns.

 

Launched in 2015, Ethereum is an open-source, blockchain-based platform with a native cryptocurrency, Ether. Today, ETH stands as the second most valuable cryptocurrency to Bitcoin, and Ethereum is the preferred platform for blockchain projects.

 

To help me break down Ethereum, I am joined by Justin Drake. Justin is a researcher at the Ethereum Foundation. During our conversation, we cover what differentiates Ethereum from Bitcoin, the increasing number of projects being built on the Ethereum platform, and what a shift from proof of concept to proof of stake means for Ethereum. I particularly enjoy Justin’s framework for defining money and various analogies to better conceptualize the blockchain. I hope you enjoy this breakdown of Ethereum.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform. 

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.

 

-----

 

Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.


Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

 

Show Notes

[00:03:02] - [First question] - What a blockchain is on a fundamental level

[00:04:36] - A core overview of Bitcoin and the Bitcoin blockchain

[00:06:40] - Proof of work and why security is so important

[00:08:38] - How much miners spend to secure the network

[00:10:20] - Early days of Ethereum and what separates it from Bitcoin

[00:12:02] - Vitalik’s role in the rise of Ethereum

[00:13:14] - What can currently be built on top of the Ethereum blockchain

[00:16:28] - Gas fees and an overview of ETH as a triple point asset

[00:19:42] - What generates ETH and decides its value

[00:22:36] - Defining proof of stake, how it works, and staking incentives

[00:25:10] - Yields from staking ETH in the form of newly minted tokens and tips

[00:29:15] - Load to power ratio of the Ethereum network

[00:33:38] - Terms for staking your ETH and how much is expected to be staked

[00:39:19] - Sequence of events when using ETH to buy an NFT

[00:43:13] - Transaction fees how they’re calculated when buying and selling ETH

[00:46:11] - Pros and cons of high network demand while trying to scale the Ethereum blockchain

[00:50:41] - Defining money and why Ethereum’s design makes it optimized to become an economic engine

[00:55:11] - Defi Pulse - The Decentralized Finance Leaderboard

[00:55:47] - Ethereum’s rigorous decentralization standards and best in class proof of stake

[00:58:57] - Overview of Bitcoin Wrapped and ETH as the native currency writ large

[01:01:16] - A further in-depth analogy to better understand the Ethereum network

[01:05:19] - Potential competitors and new DeFi blockchain innovation

[01:08:27] - Key lessons for builders when studying Ethereum and decentralized finance

[01:11:03] - Bankless, Epicenter.tv, Zeroknowledge.fm, Into The Ether

Nov 24, 2021
A Primer on NFTs - Jesse Walden - [Invest Like the Best, Replay]
47:07

Today we are re-sharing my Invest Like the Best conversation with Jesse Walden from March 2021. 

Jesse is the founder of Variant, an early-stage venture firm investing in crypto networks and platforms building the ownership economy.

With all the hype surrounding NFTs, I wanted to talk to Jesse about them, given his background in the music industry and his focus on the creator and ownership economy. The conversation did not disappoint. We discuss the basics of what an NFT is, what new creative paradigms they might unlock, and where we are in the NFT hype cycle. I hope you enjoy this discussion with Jesse Walden.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

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To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.


Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

 

Show Notes

[00:04:19] - [First question] - Simple definition of an NFT

[00:05:22] - What distinguishes NFTs from each other

[00:06:24] - The value chain of a song, and who owns it

[00:12:07] - Monetization and royalties on traded tokens

[00:15:02] - Consumer incentives for purchasing NFTs

[00:19:19] - Long-term passive income and media legos

[00:22:23] - Technical breakdown of minting, hosting, and storing tokens

[00:24:28] - Verification of token ownership on the blockchain

[00:25:58] - NFT marketplaces and aggregators

[00:27:06] - Opensea.io 

[00:27:21] - Foundation.app 

[00:29:46] - Innovations inspired by the NFT explosion

[00:31:01] - Mirror.xyz 

[00:32:26] - NBA Topshot

[00:32:57] - Crypto Punks

[00:23:24] - Nifty Gateway

[00:34:30] - Physical cultural assets in the digital landscape

[00:36:02] - Legacy brands exploring digital goods and tokenized ownership

[00:38:37] - NFTs becoming the port of entry of all media

[00:39:39] - An ownership economy in second generation internet platforms

[00:41:02] - Uniswap

[00:42:41] - The “hype cycle” of NFTs and incoming market correction

[00:44:18] - Lessons for investors in the NFT space

[00:45:15] - Lessons for buildings in the NFT space

[00:45:54] - Resources to continue learning about NFTs

[00:45:54] - NFTs make the internet ownable by Jesse Walden

[00:46:20] - NFTs and a thousand true fans by Chris Dixon

[00:46:13] - A beginner’s guide to NFTs by Linda Xie

Nov 23, 2021
The Potential of Blockchain Technology - Chris Dixon - [Invest Like the Best, Replay]
01:13:00

Today we are re-sharing our Invest Like the Best episode with Chris Dixon from April 2021. Chris is one of the leading minds in Web3 and a must-follow for anyone in the space.

 

Chris is a general partner at Andreessen Horowitz, and a prolific investor and thinker, having been both an entrepreneur and angel investor. He is now focused on investing in the crypto and blockchain space for Andreessen. Our conversation focuses on Chris's overall thesis for investing in the cryptocurrency space, the opportunities and limitations of blockchain applications, and why this is the most interesting area for investing and building over the next ten years. What's exciting to me is blockchain technology's ability to help us re-imagine old business models and catapult them into the 21st century – and we cover a lot of them. I hope you enjoy my conversation with Chris Dixon.

 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

 

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This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Coinbase, Roblox, Qualtrics and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

 

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

 

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

 

------

 

Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.


Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

 

Show Notes

[00:03:56] - [First question] - His overall crypto investing philosophy

[00:06:37] - New opportunities presented by blockchain technology

[00:15:31] - Permanent limitations and shortcomings of blockchains

[00:18:32] - Evolution of DeFi and crypto currencies

[00:21:11] - Whitepapers: Bitcoin, Ethereum, MakerDAO 

[00:22:08] - How to take out a loan using the Maker protocol

[00:23:22] - Utility of Dai and stablecoins

[00:29:14] - How the DeFi network will reinvent the future

[00:39:53] - Uniswap, tokens, and fundamentally redefining leverage

[00:36:29] - The Company: A Short History of a Revolutionary Idea

[00:38:00] - Developer and entrepreneurial incentives for building blockchain technology

[00:39:46] - BitClout, Rally and the early days of social tokens

[00:46:38] - Demand curve and value creation efficiency in a digital creator economy

[00:47:24] - NFTs and a Thousand True Fans

[00:54:49] - Polkadot, Solana, Cosmos and programmable blockchains

[00:58:03] - The most exciting moment for him in the last year

[01:00:19] - Decentralized autonomous organizations

[01:02:46] - The single thing that has him most excited about the future of this space

[01:05:18] - The Next Big Thing Will Start Out Looking Like a Toy

Nov 22, 2021
Bitwise - [Web3 Breakdowns, EP.02]
38:18

Today, we’re breaking down Bitwise. Founded in 2017, Bitwise is known for managing the world’s largest crypto index funds with over $1.2bn in assets under management. In this breakdown, we cover the value proposition of Bitwise, how the business compares to traditional asset managers, and why there is a lack of competition today for crypto indexing. 

 

To help break down Bitwise, I am joined by co-founder Hunter Horsley. Hunter shares his journey with the business, key lessons launching a business within the crypto space, and some interesting data points around investor adoption of crypto. I hope you enjoy this breakdown of Bitwise.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.



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This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used their comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:14] - [First question] - The history of Bitwise and what they do 

[00:04:29] - Some of the structures of their available funds

[00:05:47] - Why use a fund oriented structure compared to something like Coinbase

[00:07:09] - The governing investment and management philosophy of Bitwise

[00:09:07] - Are the yields distributed back to the customer?

[00:10:33] - Keys steps in a transaction chain of $1 invested in the Bitwise 10 fund

[00:12:43] - Overview of the OTC system and their trading volume currently

[00:14:12] - Cold storage, security, and his thoughts on self-custody

[00:16:12] - His thoughts on valuation and what makes a particular project worth holding

[00:19:13] - Managing the business below the topline and whether it’s similar to other asset management companies

[00:20:52] - Their sales, core customers, and go-to-market strategy

[00:22:43] - Ways advisors are using crypto and working in exposure for their clients

[00:25:25] - Lessons learned about selling to and acquiring RIAs

[00:28:40] - Being an educational company with index funds attached

[00:29:54] - Why are there seemingly no Bitwise competitors

[00:31:59] - Some crypto assets that might become index worthy in the future

[00:35:19] - Driving forces behind who will win and lose in this space

[00:36:54] - A major lesson learned while being an operator in the crypto market  

Nov 19, 2021
Hash Power Ep.3 - Funding, Forking, and a Creative Future [Invest Like the Best, Replay]
59:54

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction into the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. 

 

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Original Intro (10.10.17)

 

In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and potential future states of the crypto world. We cover new forms of cooperation, regulation, security and storage, and why blockchains allow systems to evolve at such a rapid pace. 

 

Be sure to listen until the end, where we close with some advice about conducting ourselves in a new world where creativity reigns and repetitive jobs disappear—a trend that may only accelerate thanks to blockchain technology and cryptocurrencies.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes:

[00:00:05] – Intro to episode 3 and what to expect

[00:04:00] – Olaf Carlson-Wee, founder of Polychain, on how the funding and investing in cryptocurrencies could easily get out of hand

[00:05:00] – How people are creating holding companies to fund cryptocurrencies protocols

[00:06:45] – Decentralized Autonomous Organization (DAO) and how they will replace the aforementioned holding companies

[00:08:32] – Could fully decentralized organizations replace other more traditional organizational structures, even outside of cryptocurrency

[00:09:59] – How can DAO’s impact everyday lives

[00:12:39] – Why your skills and accomplishments will become more important than who you are or where you are from

[00:16:09] – Naval Ravikant, CEO of Angellist, on the way humans cooperate and build new entities

[00:17:51] – When people will demand oversight and regulation over cryptocurrency

[00:20:42] – Peter Van Valkenburg, Director of Research at Coincenter on the current state of regulation

[00:26:06] – Jameson Lopp on security needed to protect your cryptocurrency

[00:27:51] – Ari Paul, co-founder of Blocktower, on how nail polish is used to protect their crypto wallet

[00:30:03] – Juan Benet explains the Filecoin Protocol

[00:35:52] – Muneeb Ali, co-founder of Blockstack, on how his team is planning to provide basic tools that will allow the broader developer community to build apps that the cryptocurrency population will use

[00:38:01] – Comparing blockstack to the analogy of creating a city

[00:40:17] – How the blockstack token fits into everything

[00:43:15] – Fred Ehrsam, co-founder of Coinbase, on forking in blockchains

[00:47:52] – Naval Ravikant on how the idea of work will change in the future, and how that change helped to produce the idea of a blockchain in the first place

[00:49:31] – Why curiosity should govern what you do in life

[00:53:22] – Naval’s framework for making money

Nov 18, 2021
Hash Power Ep.2 - Investing in Cryptocurrencies [Invest Like the Best, Replay]
01:16:00

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction to the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. 

 

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Original Intro (10.03.17)

 

In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.

 

As I speak, the total market cap of all cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.

 

In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes:

[00:00:05] – Recap of part 1 and introduction to part 2 of Hash Power

[00:02:58] – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies

[00:05:23] – Why do we need bitcoin

[00:07:23] – Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue

[00:09:23] – How mainstream money is getting into this space

[00:12:26] – Useful comparisons when talking about ICOs when compared to IPOs

[00:15:01] – Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb

[00:17:43] – Naval’s interest in investing in cryptocurrencies

[00:18:42] – Why average folks should avoid it before they dive thoroughly into the topic

[00:20:25] – What are the most compelling counter-arguments to using cryptocurrencies

[00:23:07] – Olaf Carlson Wee on the lifecycle of a token

[00:25:31] – What is the earliest stage that edge is most present for investors in cryptocurrency protocols

[00:28:12] – How do you mitigate the volatility that is present in blockchain

[00:31:18] – Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies

[00:34:19] – Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies

[00:37:02] – How Jordan would value a single cryptocurrency

[00:43:52] – Josh Seims, of Metastable, the value investor in blockchain?

[00:51:15] – Ari Paul on the equivalent of listed stocks in the cryptocurrency world

[00:52:33] – Understanding the concept of a coin in blockchain and how people are getting access to them

[00:55:07] – The fairground analogy to understand cryptocurrencies

[00:57:57] – What lessons from traditional markets can you apply to investing in cryptocurrencies

[01:02:48] – Where do family offices stand when it comes to jumping into this space

[01:06:51] – Ari is asked to discuss some of the alternative cryptocurrencies

Nov 18, 2021
Hash Power Ep.1 - Understanding Blockchains [Invest Like the Best, Replay]
01:10:11

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction into the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy.

 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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Original Intro (09.26.17)

 

Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own. 

 

We will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes:

[00:03:25] – CHAPTER 1 – Understanding the Concept of Blockchain

[00:04:30] – Jeremiah Lowin explains how blockchain is like a database

[00:05:46] – Owning a digital asset

[00:07:14] – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans

[00:11:01] – How blockchains represent a way to coordinate global activity through tokens

[00:13:33] – New coins popping up around data storage and utility needs like solar panels

[00:14:57] – Permission vs permissionless networks

[00:16:37] – Protocols and the introduction of scarcity

[00:18:13] – Keeping track of scarcity and the introduction of tokens

[00:18:49] – Societal structures and how blockchains will change them again

[00:21:55] – The role of blockchains in the informational age and the rise of more individual sovereignty

[00:23:29] – Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures

[00:27:48] – CHAPTER 2 – Blockchain Technology

[00:31:53] – Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what makes it so special

[00:35:48] – How miners create new blocks and the incentives to do so

[00:40:22] – The nonce field

[00:43:48] – The incentives that exist for miners and the arms race to build more powerful systems to mine

[00:45:20] – The development of mining pools

[00:46:54] – Ethereum, the “spiritual successor” to bitcoin

[00:48:36] – How the Ether network is an ecosystem in which other tokens can sit

[00:50:51] – Naval Ravikant on alternative coins or tokens

[00:51:37] – How the protocol creators are the ones getting wealthy

[00:52:43] – Blockchain as an experiment in distributed government

[00:54:10] – How cryptocurrency is more than just technology, it’s a movement

[01:00:07] – Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game

[01:03:34] – The notion of cooperation in an open-source project or protocol

[01:04:39] – Olaf Carlson-Wee, the first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency

Nov 18, 2021
Bored Ape Yacht Club -  [Web3 Breakdowns, EP. 1]
51:28

Welcome to our new show, Web3 Breakdowns. We want to be your on ramp into this new decentralized world, and through conversations with builders, creators, and investors, we will do our best to help you understand and navigate this emerging ecosystem.

First up, we are breaking down the NFT project and cultural phenomenon, Bored Ape Yacht Club. To help break down Bored Apes, I am joined by Eric Golden, former Portfolio Manager at Fidelity and current Bored Ape owner. Eric and I start with an overview of the Bored Ape Yacht Club and his path to owning an NFT in the collection. We then use Bored Apes as a lens to understand how NFT projects are not just creating rare art but strong membership communities too. Beyond the cultural differences between NFT communities, it was fascinating to hear how projects are differentiating themselves with IP ownership, roadmaps, and DAOs. Please enjoy this breakdown of the Bored Ape Yacht Club.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

 

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This episode is brought to you by Coinbase Prime, an integrated solution that provides an advanced trading platform, secure custody, and prime services so you can manage all your crypto assets in one place.

 

Coinbase Prime fully integrates crypto trading and custody on a single platform while giving clients the market's best all-in pricing through their proprietary Smart Order Router and algorithmic execution. Coinbase Prime extends beyond individuals - with companies like Tesla and Microstrategy using the investing platform to execute some of the largest trades in the industry. 

 

Coinbase is the only publicly-traded company with experience trading and custodying crypto assets at scale - build a unified investment portfolio with the most trusted name in crypto. Learn more by visiting coinbase.com/prime to get started.

 

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Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.

 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

 

Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus

 

Show Notes

[00:02:30] - [First question] - What the Bored Ape Yacht Club is

[00:03:39] - Motivations for owning a Bored Ape compared to traditional art 

[00:07:46] - The scope of prices, hierarchy, turnover, and trading overview of these NFTs

[00:09:51] - Distribution of rarity and why it matters 

[00:11:29] - How the project roadmap is managed by the member community

[00:16:23] - Who are the members and the key stewards of steering the ship

[00:18:08] - An example of a project where the owners don’t own the IP of their NFT

[00:20:56] - Underlying fundamentals and utility behind owning a Bored Ape 

[00:26:36] - Thoughts on fungible tokens inside of non-fungible projects

[00:29:06] - Ways to think about the value proposition of owning an Ape and an Ape token 

[00:30:36] - Different options for minting NFTs and their pros and cons

[00:34:36] - Literal mechanics of the minting process

[00:36:59] - Smart contract mediating of combining NFTs to generate rare ones

[00:39:20] - Building a bottom up brand and other examples of this trend

[00:41:50] - Are NFTs just gambling, or will they become investable assets like physical art

[00:46:09] - Blockchain infrastructure of the NFT space and whether it’ll stay on Ethereum

[00:48:48] - What makes the Bored Ape Yacht Club so innovative compared to other projects

Nov 12, 2021
Welcome to Web3 Breakdowns
53

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

Nov 07, 2021