I've been thinking a lot about what is actually happening in these markets since getting to NY.

Some new things have clicked and become really undeniable with being here, it has just been fas...

How do you spot a fake in culture, in tech, and in markets of all kinds?

A great place to start is corporate simpdom and the symptoms of central control.

Before the hea...

Tech Bros suck.

There is just no other way around it. Sorry to be so blunt.

But seriously, it seems that for the past 10-20 years, give or take, complaining about ...

From scavengers to prospectors, is web2 rehab possible?

TLDR; probably not. You can go home now.

But, for those still here, let’s see what the prospects are.

From seed, to crop, to harvest, to market, to plate.

High yield arbitrage is so much cooler and tastier than just swapping seeds for other seeds forever.

If you think seed 2 s...

Exit strategy.

Who benefits most from timing the right moment, right from the start, to race for the exits?

The hint is in the title of this Letters to a Young VC series. Of course, i...

I just watched Rounders for the first time, catching up to the insider linguistic tricks feels long overdue. Like how loan shark copycat financiers saving so much fictional wealth for the s...

…You seem to have confused the value of liquidity in an artificially scarce market with the work founders, creators, engineers and others who take on the majority of the risk do to actua...

What happens to VC when founders and projects have alternative sources of capital that out-scale traditional debt & equity agreements?

With real web3 in full effect, founders no longer ...

Why do VCs do VC?

Get bags, have fun, be savvy.

So, why does being a gardener of CC0 ecosystems give VCs a better path out of VC?

Better bags, mo...

From Vc to Ac.

Amplifying the delta between load and effort for more savvy cash.

At some point on every journey towards the hope of more savvy bags, one has to put aside the theatrics...

The insecurity inherent in the way that we think about securities.

What are we talking about when we talk about security?

A family of four walks alone along what they are told is ...

Is a cow a security because it makes milk which can then be used to make derivative goods like cheese, yoghurt, and butter?

Is pizza a security because it is made from multiple component p...

Money is a self perpetuating social convention.

It's no more than a token that we trust will hold value in future exchanges. If buyers and sellers, ports and authorities accept textil...

This letter zeroes in on cryptography and economics.

It all began as a dream.

In the late 80s to early 90s a group of hacktivists, hobbyists, mathematicians, computer scientists and m...

For 3000 years, up until the 1970s, cryptography had been based on symmetric keys, meaning the same keys were used to both encrypt and decrypt messages.

In order to communicate securely the...

As any good money making adventurer setting off to discover new bags knows, risk is everything.

From how much appetite you have for uncovering unique opportunities that others don’t d...

Imagine an alternative to the data surveillance economy.

It’s actually quite hard to do, given our experiences over the past two decades, where we’ve become conditioned to assum...

We’re now on letter nineteen, and it’s about time that we talked about what actually differentiates assets built for and in web3.

The thing is, we have to be honest with ourse...

Wow. Twenty letters in the bag.

Fresh off all the drama and clearly intentionally engineered gas wastage of the behemoth Otherside drop, continued inflation anxiety, Fed basis point jum...

A different medium for this message. Go to chromadin.xyz....

Dear YC Founders,

This letter is a special edition, just for you.

You may not all be VCs yet, but you are certainly in training— conditioned to look for the exits at all times...

There’s three days left until the end of the year, 30 blocks left in this walk, and I’m still getting these damn messages.