Foresight Ventures: Crypto Visions (1997–2022)

1997: Before The Beginning

The Sovereign Individual — — James Dale Davidson / William Rees-Mogg

2008: Bitcoin Birth

Bitcoin: A Peer-to-Peer Electronic Cash System — — Satoshi Nakamoto (creator of Bitcoin)

2011: What is Bitcoin?

Bitcoin — — Fred Wilson (Union Square Ventures co-founder)

2013: Interesting Bitcoin

Coinbase — — Chris Dixon (a16z crypto founder)

Why I‘m interested in Bitcoin — — Chris Dixon

2014: Important Bitcoin

Why Bitcoin Matters — — Marc Andreessen (a16z co-founder)

2016: Here comes Ethereum

Ethereum is the Forefront of Digital Currency — — Fred Ehrsam (Paradigm and Coinbase co-founder)

  • TVL is not as high as on Bitcoin.
  • It has not yet experienced a governance crisis (it did a month after the article was published).
  • It is more risky because of its more complex features.
  • It may change its consensus to PoS (although it still hasn’t after five years).
  • It is challenging to upgrade the network (this problem has been solved by various Layer2s).

Fat Protocols — — Joel Monegro (Placeholder VC partner)

2017: Crypto and Token

Bonus: Uniswap in 2017

Value of the Token Model — — Fred Ehrsam

Thoughts on Tokens — — Balaji Srinivasan (Coinbase CTO, a16z GP)

  • Four years of infrastructure building has laid a solid foundation
  • Tokens are more versatile and flexible than the native currency of the blockchain
  • Token purchasers are buying private keys (more privacy and security than traditional methods)
  • Tokens are similar to paid APIs (represent access to a service)
  • Tokens are a funding model for all new technologies (open source organizations, small projects, DAOs), not just for startups
  • Tokens are not dilutable compared to traditional finance
  • All Americans can buy tokens
  • Anyone on the web can buy tokens
  • Tokens are highly liquid
  • Tokens will decentralize financing
  • The token model is a better business model than free, allowing early adopters to gain revenue
  • Token buyers are investors, just like bloggers on the web are new-age journalists
  • Tokens keep technology ahead of business
  • The holders themselves directly regulate tokens
  • Tokens can be used for paid or VIP services

Crypto Tokens: A Breakthrough in Open Network Design — — Chris Dixon

Analyzing Token Sale Models — — Vitalik Buterin

Cryptocurrency’s Netscape Moment — — Elad Gil (Solo Capitalist)

Permissionless — — Alok Vasudev

The Slow Death of the Firm — — Nick Tomaino (1confirmation founder)

Big Banks And Blockchain — — Elad Gil

  1. set up a blockchain team.
  2. let the blockchain team make a private chain and always be in the demo stage.
  3. let the CEO be able to brag about the blockchain team, saying, “we have that blockchain thing, and we have a team dedicated to it.”

The Meaning of Decentralization — — Vitalik Buterin

A beginner’s guide to Ethereum — — Linda Xie

2018: Bubble?

Why decentralization matters — — Chris Dixon

And What Has the Blockchain Ever Done for Us? — — Balaji Srinivasan

Stablecoins: designing a price-stable cryptocurrency — — Haseeb Qureshi (Dragonfly Capital GP)

  • Fiat-collateralized coins: 100% stable, most straightforward, no attacks on the blockchain, but centralized, cumbersome to liquidate, highly regulated, and require regular audits to maintain transparency.
  • Token collateral: more decentralized, cheap to liquidate, very transparent, can be leveraged, but will automatically liquidate in case of a crash, not the most stable price, highly correlated with Token, inefficient capital, the most complex.
  • Non-collateralized coins: No collateral required, mostly decentralized and unrelated to other assets, but need to grow continuously, vulnerable to macro effects, difficult to analyze stability, some complexity.

2019: Crypto Winter

Yes, You May Need a Blockchain — — Balaji Srinivasan

The future of decentralized finance — — Linda Xie

  • Collateral: One of the main complaints about DeFi is that it requires excessive collateral to get a loan. Who would want to lock up so much capital? This is an extremely inefficient use of capital, and many people don’t have the extra money, to begin with. However, there is already $500 million locked up in DeFi (if you click on the link today, you can see it is $75 billion), which shows the need to use it. The primary purpose for everyone was to leverage. Linda believes that in the early days of DeFi, there was no DID and reputation system in place. Once a better identity and reputation system was in place, the collateral requirements would go down (Lens Protocol?).
  • Composability: One of the unique aspects of DeFi is its composability. It is all about the ability to plug into each other like Lego pieces and create entirely new content.
  • Assets: Linda likes the idea of bringing tokenized versions of assets like Bitcoin to DeFi. She imagines that traditional investors will tokenize different assets and perform DeFi operations.
  • Risks: Linda sees a lot of risk in DeFi, after all the complexity involved with the combinability of contracts and the various new protocols. There is also the risk of collateral price drops and the risk of future regulation. She believes that some of the risks can be hedged with decentralized insurance programs.

The Pseudonymous Economy — — Balaji Srinivasan

2020: Crypto is Ready

Credible Neutrality As A Guiding Principle — — Vitalik Buterin

  1. do not write specific people or specific results into the mechanism (the input should be more participant input, not hard-coded rules)
  2. be open source and publicly verifiable (zero-knowledge proofs work very well to get this as well as privacy)
  3. keep it simple (it’s the most complex)
  4. don’t change it too often

A Beginner’s Guide to Decentralized Finance (DeFi) — — Sid Coelho-Prabhu

The Ownership Economy — — Jesse Walden (Variant Fund founder)

Bitcoin for the Open-Minded Skeptic — — Matt Huang

  • 2011: 1 → 31 → 2
  • 2013: 13 → 266 → 65
  • 2013–2015: 65 → 1242 → 200
  • 2017–2018: 1000 → 19,500 → 3500

Creators, Communities, and Crypto — — Fred Ehrsam

  • People now are guessing at ideas, not delivering actual products.
  • Fan social activity and financial incentives are an essential part of the next generation of the Internet.
  • Bitcoin is inherently financial but is first and foremost a social community.
  • The financialization of the creator economy is well worth exploring.
  • Fame is a self-reinforcing phenomenon, especially in the algorithmic world.
  • Creators are likely to start with distribution rather than crowdfunding.
  • An imperfect prototype is a spiritual crutch that helps people adapt to a new paradigm.
  • Communities will be formed just like digital nations.

What explains the rise of AMMs? — — Haseeb Qureshi

Ethereum is a Dark Forest — — Dan Robinson and Georgios Konstantopoulos

2021: Believe in Crypto

Surviving Crypto Cycles — — Fred Ehrsam

The Value Chain of the Open Metaverse — — Packy McCormick (Not Boring founder)

MEV and Me — — Charlie Noyes

NFTs make the internet ownable — — Jesse Walden

NFTs and A Thousand True Fans — — Chris Dixon

A beginner’s guide to DAOs — — Linda Xie

The Most Important Scarce Resource is Legitimacy — — Vitalik Buterin

The Great Online Game — — Packy McCormick

India & Crypto series — — Balaji Srinivasan

Own the Internet — by Packy McCormick

Why web3 matters — — Chris Dixon

Composability is Innovation — — Linda Xie

The Strongest Crypto Gaming Thesis — — gubsheep

Endgame — — Vitalik Buterin

Trading the metagame — — Cobie

  • Identify metagames early, and increase holdings over time.
  • After a temporary failure, take a break and shift your spirit to something new.
  • Traders can use the metagame to exit or rebalance long-term positions.
  • The metagame can help determine which assets are suitable for trading with derivatives.
  • We need to think independently and identify biases in our thinking, which can take a long time.
  • By the time the metagame is the consensus of all participants, it is too late.

The Mirrortable — — Balaji Srinivasan

2022: Unpredicted World

2021 NFT Year in Review — — 1confirmation

Soulbound — — Vitalik Buterin

Hyperstructures — — Jacob Horne (Zora founder)

Sufficient Decentralization for Social Networks — — Varun Srinivasan

Conclusion

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Foresight Ventures is a blockchain technology-focused investment firm, focusing on identifying disruptive innovation opportunities that will change the industry

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Foresight Ventures

Foresight Ventures

Foresight Ventures is a blockchain technology-focused investment firm, focusing on identifying disruptive innovation opportunities that will change the industry

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