1/ Have been thinking about the evolution of VC investing in crypto, if we believe it to be as big or bigger than the internet shift of the late 90s and mobile of the 00s. Today, there are no more “internet” or “mobile” tech investors. To not be is to be irrelevant.

2/ In the last 5 years, early in the cycle, crypto-focused VC funds, mostly early-stage, achieved 5-100x returns with both index and concentrated strategies, with significant gains from those early in DeFi. Mean returns 7-8x. Notable funds all 10x+.
3/ This yr, generalist VCs and HFs have entered, while crypto-native funds have raised or grown larger from asset value growth. Crypto funding is on track to more than 10x this year vs 2020. Valuations grew commensurately.
4/ And still it feels so early. Current total mkt cap of all tokens is similar to that of just MSFT ($2.5T). There is still under 10M unique participants in DeFi. There is ~same daily txns on Eth as there are on Nasdaq in seconds.
5/ How will crypto investing evolve? Some predictions: (1) In the next 12-24 months, VCs with focused crypto expertise and a flexible mandate to fully participate in token investment and governance will continue to dominate, especially in early stage.
6/ (2) But as crypto expands, the majority of consumer tech (gaming, social etc) may become synonymous with web3, while other sectors like infra, security, iot, fintech++ will also touch blockchain. Every VC partner may need to become crypto fluent.
7/ (3) In the next 2 yrs, infra/dev ops/security will be a big category after DeFi, web3, and NFTs. Blockchain congestion will continue, developer experiences will transform, as it has in web2. Barriers of entry are higher than in consumer in both product and ideology.
8/ A “crypto investor” may eventually sound as redundant as a “internet investor”. Specialization by sector will occur, and is already (DeFi, web3, NFT, infra, etc). This is a world where the next generation of $100B and $1T companies may well be web3 / blockchain ones.
9/ Just as many funds dominant in the 90s are irrelevant today, crypto may cause another restacking. Crypto-native funds will need to adapt. General funds have faced paradigm shifts - internet, mobile, cloud, Tiger, now crypto.
10/ It will be interesting to see how investing evolves in web3. One thing is clear, it’s never been a better time to be a builder. Would love your thoughts.

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I just finished Eric Adler's The Battle of the Classics, and wanted to say something about Joel Christiansen's review linked below. I am not sure what motivates the review (I speculate a bit below), but it gives a very misleading impression of the book. 1/x


The meat of the criticism is that the history Adler gives is insufficiently critical. Adler describes a few figures who had a great influence on how the modern US university was formed. It's certainly critical: it focuses on the social Darwinism of these figures. 2/x

Other insinuations and suggestions in the review seem wildly off the mark, distorted, or inappropriate-- for example, that the book is clickbaity (it is scholarly) or conservative (hardly) or connected to the events at the Capitol (give me a break). 3/x

The core question: in what sense is classics inherently racist? Classics is old. On Adler's account, it begins in ancient Rome and is revived in the Renaissance. Slavery (Christiansen's primary concern) is also very old. Let's say classics is an education for slaveowners. 4/x

It's worth remembering that literacy itself is elite throughout most of this history. Literacy is, then, also the education of slaveowners. We can honor oral and musical traditions without denying that literacy is, generally, good. 5/x
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Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W


Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela


The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.


One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.


Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"
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