Bitcoin’s 10th Birthday & Bitstamp Acquisition :: Pantera Blockchain Letter, October 2018

Pantera Capital
Nov 1, 2018 · 22 min read

Today’s bitcoin’s 10th birthday.

I believe Satoshi’s white paper will change the world — in so many wonderful ways: financial inclusion, property rights, migrants no longer working an entire month just to pay their remittance company, refugee identity/direct aid transfers, etc.

The mind-blowing bit is that revolution was sparked by just 3,192 words.

Bitcoin: A Peer-To-Peer Electronic Cash System easily fits on the wall of a small conference room in our HQ.

To share a sense of the genius in the paper, we’ve shown how few words it took to convey this powerful idea to the world. The word count of the bitcoin white paper is shown in relation to globally-influential texts:

My favorite — it took Satoshi only 5% as many words to completely describe and define the entirety of the project as were used in “Blockchain for Dummies”. Go figure.


I can’t write “property rights” without thinking of Hernando de Soto’s amazing “barking dogs” metaphor:

“How can governments find out what the extralegal property arrangements are? That was precisely the question put to me by five members of the Indonesian cabinet. I was in Indonesia and they took that opportunity to invite me to talk about how they could find out who owns what among the 90 percent of Indonesians who live in the extralegal sector. Fearing that I would lose my audience if I went into a drawn-out technical explanation on how to structure a bridge between the extralegal and legal sectors, I came up with another way, an Indonesian way, to answer their question. During my book tour, I had taken a few days off to visit Bali, one of the most beautiful places on earth. As I strolled through rice fields, I had no idea where the property boundaries were. But the dogs knew. Every time I crossed from one farm to another, a different dog barked. Those Indonesian dogs may have been ignorant of formal law, but they were positive about which assets their masters controlled.

— Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, 2000

Six of the seven billion people on earth suffer from the lack of adequate property rights.¹ Their governments can’t figure out what even dogs easily understand.

Soon, on the blockchain, everyone will know their property rights. The world will be a better place.


Pantera Bitcoin Fund was created to help individuals and institutions gain access to cryptocurrency returns in the same format they’re used to — a hedge fund managed by a SEC registrant — at a cost much lower than most can attain in other ways.

We don’t write about it often, so we wanted to use the occasion of the birthday to take on some popular questions like:

“Why pay you when I can just do it myself?”

Pantera Bitcoin Fund was designed to simply offer institutions and accredited investors’ easy access to cryptocurrency in a more convenient and safer vehicle. Pantera Bitcoin Fund is a passive tracking private investment fund that seeks to exposure investors to bitcoin returns. Through a transparent investment process, Pantera Bitcoin Fund integrates daily liquidity, very low fees, mid-market pricing, management of potential forks, and audited financials and K-1 reporting.

We believe the Fund offers the best overall solution, based on our knowledge of competitors’ offerings or investing directly in bitcoins using a brokerage account, such as Coinbase.

We believe that Pantera Bitcoin Fund is the only product offering daily liquidity, no premium to NAV, very low fees, audited financials, managed by a SEC registered investment advisor.

Daily Liquidity

Pantera Bitcoin Fund offers daily liquidity executed at mid-market — the volume-weighted average price (VWAP) for the day. The Grayscale Bitcoin Investment Trust (BIT) offers daily liquidity only after you’ve held your shares for a year. If you add to your position after six months, you’ll have to wait for a full year for those incremental shares to season before you can sell them. Timing an exit can be tougher with these terms.

No Premium To NAV

The BIT usually trades at a premium to the net asset value (NAV) of the underlying bitcoins the fund holds. Paying a premium to NAV on Berkshire Hathaway might be an OK idea. Paying one here seems very dicey. There’s no Warren Buffet to bail you out on the premium. It’s just bitcoins underneath. One would have to expect the premium to decay — most likely to zero — over the coming months/years.

The premium to NAV of BIT averaged 50% last year. The good news/bad news is it’s now “only” 28% (90-day average). While new investors pay less of a premium it shows what happens to old investors. They lose.

For instance, if you had invested $100,000 in BIT one year ago, the impact of the BIT premium on October 31, 2017 (43.5%) decaying to the value on October 30, 2018 (7.6%) resulted in investors losing -26.3%. The same investment in Pantera Bitcoin Fund essentially was breakeven at -0.4%.


Liquidity on a crypto exchange can be an issue too. When the markets go crazy I get a ton of these:

“Can you help me? XYZ Exchange is down.”

“ABC Exchange hasn’t answered my calls and emails for a week. My money is stuck. What should I do?”

We have an 84-page legal document guaranteeing execution at mid-market on any U.S. banking day.² Period.

Low Fees

When you really get down to it the most distinguishing advantage of Pantera Bitcoin Fund is efficiency.

Consider a $100,000 investment in Pantera Bitcoin Fund, Grayscale BIT, and directly through a Coinbase wallet account. Based on the fees laid out in the table above, accounting for the BIT 90-day average premium (28.1%) decaying to two-thirds the original premium rate (9.4%), a two-year holding period, the investment in Pantera yields the highest future value.

Given the terms and assumptions noted, the net future value of a $100,000 investment in the Bitcoin Fund would yield $89,477 more than the same investment in Grayscales BIT, or 89% of the initial investment amount just in savings. The Bitcoin Fund also outpaces the net value returned through directly investing in bitcoins at Coinbase, and without all the headaches associated with investing directly with a crypto trading platform and securely storing the actual bitcoins.

Existential Question

Q: “How is your Bitcoin Fund different than the Winklevoss ETF?”

A: It exists.

It’s been a fun answer for years. It may be for another year or so. More on that below in the section on Podcasts and Conferences (Bloomberg, Galaxy, And Fidelity :: Institutional Crypto Conference).


Pantera Bitcoin Fund returned -6.0% in October and 9,142.4% life-to-date. Its compound annual return is 134.1%.

¹ Source:

² The terms summarized above are provided for information purposes only and do not constitute a complete overview of the terms on the Pantera Bitcoin Fund. An investment in the Bitcoin Fund may only be made pursuant to a Confidential Private Memorandum which should be carefully reviewed by any such offerees prior to investing.


On Monday Bitstamp announced it was acquired by NXMH, a Belgium-based investment company. Founded in 2011, Bitstamp is the European Union’s largest digital currency exchange by volume with three million registered customers. Bitstamp and BTC China are the oldest bitcoin exchanges.

NXMH is a subsidiary of NXC Corporation, a global video game company that specializes in online games for PC and mobile platforms in more than one hundred and ninety countries — with a market capitalization of $11 billion. In 2017, NXC acquired Korbit, a Korean-based cryptocurrency exchange and former Pantera portfolio company. The exchange rollup begins.

Following an investment in 2014, Pantera Capital and Dan Morehead were the largest shareholder in Bitstamp. They will retain a 10% ownership in the company.

One of the investment team’s longest-held theses is that legacy companies would acquire Blockchain-related firms as the technology gains adoption. This thesis continues to gain traction. To date, eleven investments across both funds totaling $14 million (or 37% of total portfolio capital) have generated $75 million realized gains and $17 million of remaining positions for a total of $93 million.

For more information, please read Bitstamp’s announcement.


FunFair :: Casino Fair

CasinoFair recently went live on FunFair’s blockchain casino platform as the “first and only truly fair casino experience.”

The licensed casino will be the first blockchain casino to offer a wide range of fun, fast and fair games, thanks to the platform’s Fate Channel technology that helps overcome some of the scaling limitations of existing blockchains, including Ethereum.

DIRT Protocol

DIRT Protocol recently built which is crypto tracker tool.

DIRT is a protocol for trusted data that is seeking to organize the world’s information and make it freely accessible to all.


“The role of venture capital in the blockchain ecosystem has varied over the years. More recently, there has been a resurgence of venture capital flowing into blockchain technology oriented companies with a 27% increase in the amount of money raised from Q1 2018 to Q2 2018.

“We believe the role of venture capital plays a vital role in the blockchain ecosystem. Young companies need funding to get started, as they always have. Venture funding has a number of advantages compared to an ICO or token funding.

“Venture funding provides stability and flexibility to a team developing new products. These teams may not optimally benefit from the fluctuations of a real-time price environment and the inadvertent impact on development that may occur with a shorter-term, mark-to-market, 24/7/365, pricing mentality. On many occasions, both investor and companies are apt to benefit from a lower perceived volatility and risk environment.

“Potentially even more important to the structure of the blockchain ecosystem, is to acknowledge tokens are not always necessary for successful projects. While a lot of projects in the crypto space are using tokens these days, many projects don’t actually need a token. We believe the majority of projects are actually better off as regular equity companies. In this type of scenario, regular venture capital funding makes a ton of sense. Coinbase is a great example: it makes no sense for them to offer a token in an ICO, while it makes perfect sense to raise capital as an equity company.

“We believe we may increasingly see companies raise equity capital and then release a token when appropriate for projects as a hybrid approach to accessing funding in the crypto space. In these types of cases, venture fund investors will have exposure to both the equity and the token.”


“We are excited by the opportunities we see available as the blockchain ecosystem continues to mature. A number of investment themes are already evident as our cycle of investing continues from Venture Fund II to Venture Fund III. Current prominent themes include:

Exchanges — As with our previous venture funds, we will continue to invest in centralized and decentralized exchanges, both domestically and internationally. In addition to providing key on-ramps into crypt investing, our partnerships with exchanges also provide us with insight into which companies are gaining traction all over the world. Our prior investments in exchanges have also led to exit realizations in a relatively short manner of time as a significant number of these companies are cash flow positive starting from early days of operation.

Custodianship & Scalability — We seek out opportunities that remain focused on the continued build out of the underlying infrastructure that supports crypto market development. Custodianship and security will be paramount for certain investors to enter crypto markets. Additional scalability solutions are necessary for applications to function on top of infrastructure-oriented protocols.

Asset Management & Institutional Trading Tools — We think that institutions will invest more heavily in the crypto space relatively soon as the infrastructure in the space improves and as other macro factors turn more favorable to uncorrelated alternative asset classes. We’ve sought out investments in opportunities to seed the many types of funds in the space at the general partnership level. We’re also interested in the strong teams focusing on building tools and easy ways for institutions to access liquidity across exchanges, offer institutional-grade custody solutions, stake cryptocurrencies they own, trade efficiently, and manage risk effectively. These all tools that will be needed by institutions, as well as, corporations within this space.

Enterprise Blockchain — We continue to believe in investing in enterprise-level blockchain solutions to entities operating in sectors such as financial services, healthcare, compliance, and supply chain. We expect opportunities around trade finance, post-trade settlement, real estate, escrow, land titles, and energy trading among others to surface as early use cases.

Marketplaces — We will be investing in areas that will benefit most from decentralization and that can enable new markets to be made. For example, protocols like Origin, which enable building decentralized marketplaces, or Augur, which is a decentralized prediction market, enable centralized companies and decentralized applications (DApps) to be built on top of these protocols. Examples of what this might look include:

  • A way to view all different types of markets on Augur
  • A better user experience to bet on certain markets
  • Enable new types of markets to be made
  • Building a decentralized Uber or Fiverr on Origin
  • Decentralized DNS service on top of Handshake

“The community and developers will be building on top of these protocols. It may take a bit of time before we heavily focus on investing in application specific opportunities but it’s going to happen.

“We’ve made some exciting investments already in Venture Fund III expressing these themes including, Blockfolio (Institutional Trading Tools), ErisX (Exchanges), StarkWare (Scalability), and Synthetic Minds (Marketplaces).”


Pantera recently led the $11.5 million round for Blockfolio, a digital asset portfolio platform. Founded in 2014 by early backers of Dash, Blockfolio enables users to track their crypto portfolio from a sleek and thoughtfully designed mobile application. It is the leading mobile-only portfolio tracking app in the blockchain space.

The Blockfolio team has differentiated themselves by delivering valuable insight to users’ portfolios within a thoughtfully designed user interface, as well as, providing users with a suite of powerful tools for portfolio management. The product has attracted more than 4.5 million users to date. It lists over 6,000 cryptocurrencies as well as integrations with more than 240 online exchanges, to effectively manage their holdings, check market data, and to receive updates from cryptocurrency project developers.

Cofounder and CEO, Ed Moncada, sees an opportunity for Blockfolio to expand beyond being a market data provider into a role of mediator for project participants where cryptocurrency developer teams and coin holding investors interact to propose changes in features and vote on protocol upgrades.

For further details, please read Fortune’s article.


This week StarkWare announced the close of its $30mm Series A. Pantera was proud to support this round with Sequoia and Founders Fund.

Earlier this year, Pantera led StarkWare’s 7x oversubscribed Seed round. Voted Best Crypto Project in 2018 by Coin Crunch, StarkWare has assembled a team of experts in zero-knowledge proof systems and engineering, to solve two of the main challenges in the blockchain space: privacy and scalability. The highly technical project is focused on developing a foolproof stack for the STARK zero-knowledge proof protocol: software and hardware to support fast and reliable generation and verification of computational integrity proofs for general computations. Its co-founders are Prof. Eli Ben-Sasson (Technion), Prof. Alessandro Chiesa (UC Berkeley), Uri Kolodny (MIT Sloan), and Michael Riabzev.

StarkWare will use this latest funding round to continue to build out their team in Israel. If you or anyone you know is interested, please send CVs to

For more on this announcement, please read StarkWare’s post on Medium.


The hardest part in starting a company is naming it. Once that hell is over, busting out the product, building a community, etc. is the easy part.

A decentralized application development tool that can read and write computer code better than humans called “Synthetic Minds”? Great name.

Pantera joined Khosla Ventures in the $5.5mm Seed round in Synthetic Minds. Synthetic Minds’ core technology is program synthesis, developed using techniques known to the computer science discipline as formal methods. NASA uses formal methods to ensure the safety of space station mission critical software. Like smart contracts, NASA Space Station software coding is permanent and highly valuable. By using program synthesis and formal methods, Synthetic Minds’ has developed a tool for blockchain companies to build more trust into their code.

The founder, Saurabh Srivastava, has a PhD in Computer Science from U.C. Berkeley, and was also the founder of 20n, a Khosla, YC, and Bloomberg Capital backed open-source platform. Synthetic Minds, which was founded earlier this year and was part of the Summer 2018 Y-Combinator accelerator, is live and already has paying customers.

Synthetic Minds was created with the objective of bringing automation to coding. Specifically, our code analysis tools read code better than humans, and we are getting close to automation that can write code better, as well. Our long-term mission is make software creation accessible to everybody, especially non-programmers.” Saurabh Srivastava, Founder

For more on the announcement, please read the article in Forbes.


We raised two-thirds of the $175 million target in the first close. The second and final close will be early first quarter next year.

The fund has already invested in six deals — Bakkt, Synthetic Minds, Blockfolio, and three deals yet announced. All new investors will get pro rata exposure to those deals.

To review fundraising materials, including access to the data room, where you will find financial, legal, portfolio company details, and due diligence materials on this fund and our two previous venture funds, please contact

Our Venture Fund III Conference Calls are open to anyone interested. Please follow the below link to register to join our next call.

Venture Fund III Call

Tuesday, November 20, 2018 9:00am PST / 18:00 CET

Please register (in advance) via this link:

Meeting ID: 196–205–627

We know that our LPs are often primarily motivated by the desire to learn about this very disruptive new technology. We have continued our tradition of offering a Co-Investment Class. Investors who commit $5mm or more will have co-investment rights to at least 10% of every deal.

The VFIII Co-Investment Class is limited to a total of $75 million of committed capital and is likely to be fully subscribed in the next month or two. If you have interest, please let us know soon.

It is likely that at some point the first two funds will have fully invested their follow-on reserves. At that point the pro rata rights of the two previous funds will be granted to Venture Fund III.


Enigma Podcast :: “Decentralize This!”

Joey was featured in the first episode of the new podcast Decentralize This! In the podcast, Joey discusses biotech and self-driving cars, how liquidity and democratizing adoption will drive Augur’s success, why blockchain investors might need to adjust their time horizons, and predictions about a decentralized future — when it might happen and how it might look.

Enigma’s Medium post and the podcast can be found here.

Bloomberg, Galaxy, And Fidelity :: Institutional Crypto Conference

Dan was in New York October 15 speaking at the Bloomberg, Galaxy, and Fidelity hosted Institutional Crypto Conference. Dan discussed crypto as an asset class, crypto investment strategies, challenges on the horizon, and potential next milestone events. This article provides some highlights.

Q: What are the other things we need to make crypto truly an investable asset class?

“It’s kind of misleading to think of it like it’s a light switch…Think of it as a continuum. We’ve had very sophisticated institutional investors for six years. And, ten years from now, there’s going to be entities in this room that still don’t have exposure to blockchain…

“[However, we’ve seen several signs we’re at an inflection point.] I remember in the early era of Bitcoin, no Wall Street firm touched blockchain in any way. Then, when the prior panelist, Tom Jessop [founding head of Fidelity Digital Assets] invested in Circle from Goldman Sachs, within five months, 80 Wall Street firms had a piece of something…With Bakkt doing a crypto exchange, [Fidelity, and Yale Endowment all credentializing the space], I think within six months, everyone is going to try to get a piece of something.”

Q: What are your investment strategies?

“Friends ask me: ‘Should I invest Bitcoin, or should I invest in ICOs, or should I invest in venture?” I think the answer is “Yes. You should own a basket of all that stuff, and I think the worst thing to do is have ‘analysis paralysis’ where you are so stressed [”Is Bitcoin going to be the winner? Ethereum? Ripple? Now there’s TWO bitcoins!?!?!?”] You should figure out what fraction of your portfolio you are willing to risk, a percent or two…and allocate it across a number of different managers, a number of different products…If you think about it, that’s what we do with every other asset class.

“There’s a group in the industry called Bitcoin Maximalists…they are like it’s only Bitcoin…almost religious fervor that it has to be Bitcoin…that it’s the one and only one winner… But that’s like in the early 90’s being a Yahoo Maximalist. Yahoo was a good company, but there were lots of good companies…You should have that approach here: buy a portfolio of things…This is a space that’s so disruptive, so transformative that you can build a portfolio that’s going to be robust no matter which way this thing goes.”

Q: What are the next milestone events that you see happening?

“The ETF continuing to NOT happen is not news. It’s amazing how much energy is spent on it. Very few people know that the last asset class that was certified for an ETF was copper. It took three years, even though copper has been used by humans for 8,000 years…The SEC doesn’t want widows and orphans buying Bitcoin ETFs. They don’t even know if Bitcoin is officially a security. I think an ETF is still a long ways off.”

“The things that are news are the Fidelity and the Bakkt announcements. When we look back at this five years from now, I think those are going to be the events that spurred an enormous amount of capital into the industry.”

Bloomberg Sooner Than You Think :: Institutional Crypto Conference

Joey was on the “Institutional Investors Meet Crypto” Panel at Bloomberg’s Sooner Than You Think Conference, held in Brooklyn on October 16.

Main Points

  • Market close to a bottom at this point, currently range-bound
  • Market participants are waiting for catalysts that spur adoption
  • In Joey’s view, decentralized applications to date do not have widespread adoption due to scalability limitations and relatively expensive fiat-to-crypto on-ramps
  • As these two issues are addressed over the next six to twenty-four months, they will represent the major catalysts to propel mass user adoption and significant higher asset prices


  • BTC Blockchain may never get as fast as Visa in the ability to process thousands of transactions per second
  • However, other Blockchains will approach Visa’s capability in transactional speed within in a couple of years
  • Several decentralized applications have launched, but they have not found large scale user adoption because of the two aforementioned challenges
  • For adoption you need scalability
  • People mistakenly believe that scale comes from simply creating a d’App and getting some users
  • This does NOT solve the scalability problem
  • By creating a genuine distributed application, you’re creating a market
  • But if you don’t have scalability, you don’t have market-makers
  • If you don’t have market makers, you don’t have liquidity

On-Ramping Relatively Expensive

  • Cost of fiat-to-crypto onramp is not cheap — Coinbase charges anywhere from 150 bps to 400 bps
  • Pantera’s view: Less costly on-ramp platforms will exist within the next 6–9 months (Fidelity, Bakkt, among others)
  • Scalability advancements will follow


  • Market rebound will happen as these scalability and on-ramping issues are addressed
  • But solving scalability will be the real catalyst for the next major bull run
  • Price points: Next bull run prices could move 10x from here

The entire panel can be viewed on Bloomberg.

CNBC’s ‘Crypto Trader Show’ :: Live In Los Angeles

Ran Neu-Ner, host CNBC’s Johannesburg-based, ‘Crypto Trader Show’ was on site at the CIS event in Los Angeles. Neu-Ner discussed blockchain with some serious hitters — and me:

  • Steve Wozniak (starts: 8m 14s)
  • Tim Draper (starts: 2m 36s)
  • Dan Morehead (starts: 12m 24s)

The entire interview can be viewed here.

SOHN Conference

Dan was a keynote speaker at the SOHN Conference in San Francisco on October 30th. A copy of the presentation can be found here.


Pantera partners will be traveling over the next months to discuss Venture Fund III and the blockchain disruption. We have organized group lunches in many cities, should you want to meet other investors who share your interest in blockchain. If you are interested in attending one of our group lunches, please fill out the form on this page and we will be in touch regarding availability.

  • Prague, October 30 — November 2
  • Washington DC, November 1 & 2 (November 2, Group Lunch | 12pm)
  • Fort Lauderdale & Miami, November 5 & 6 (November 5, Group Lunch | 12pm)
  • New Jersey, November 6
  • Connecticut, November 7
  • Boston, November 8
  • New York City, November 12
  • Seattle, November 12 & 13
  • Macau, November 12–14
  • Toronto, November 13 & 14
  • Chicago, November 14 & 15
  • Los Angeles, November 19–21
  • New York City, November 26–30 (November 28, Group Lunch | 12pm)
  • Singapore, December 3 & 4
  • Hong Kong, December 5–7

If you are interested in a meeting, please contact Pantera’s Investor Relations team at +1 650–854–7000 or

The future has arrived,


“Put the alternative back in Alternatives”




Please register for upcoming conference calls using the form on this page.


If you would like to receive additional information on Pantera’s funds, including the Private Placement Memorandum, Limited Partnership Agreement, or Subscription Documents, please fill out the form on this page to begin the subscription process.




Pantera is actively hiring for the following roles:

  • Venture Associates
  • Executive Assistant to the CEO
  • Executive Assistant
  • Data Scientists
  • Engineers

If you have a passion for blockchain and want to work in Menlo Park, San Francisco, or New York, please follow this link to apply.


Some good material to start with on the development of blockchain technology and cryptocurrencies as speculative instruments:

· Bitcoin: A Peer-to-Peer Electronic Cash System — white paper by Satoshi Nakamoto

· 12 Graphs that Show Just How Early the Cryptocurrency Market Is by Chris McCann

· Blockchain Investments and the New Problem Asset for Conventional VCs by Jake Brukhman

· Cryptoeconomics 101 by Nick Tomaino, and his Tokens, Tokens and More Tokens

· Fat Protocols by Joel Monegro

· What Does $300 Ether Mean? by Vinay Gupta

· Token Economy by Stefano Bernardi and Yannick Roux

· Traditional Asset Tokenization

· The Rise of the Token Sale by Max Mersch

· Making Sense of Cryptoeconomics by Max Mersch

· Why Amazon’s Margin Is Filecoin’s Opportunity Forbes, Aug 28, 2017

· Joey Krug RealVision Interview Excerpts: ICOs, Future of Digital Currency, Ethereum Flash Crash RealVision, Aug 10, 2017

· Pantera Capital to Raise $100 Million in Investment for ICO Hedge Fund Coindesk, Jun 28, 2017

· While Investment Firms Ponder ICOs, This Team is Barreling Ahead with a $100 million ICO Fund TechCrunch, Jun 28, 2017

· Balaji CNBC Interview CNBC

· US Fed Hints at Blockchain Integration Coindesk

· Coindesk State of Blockchain Q2 Report Coindesk

· The Isle of Man Welcomes ICOs Coindesk

· Ethereum Metropolis Release Testnet To Launch Coindesk

· Closure Steps for Chinese Exchanges Coindesk

· China Shmyna, Bitcoin Trading is Way More Distributed Now Anyway Coindesk

· Lawmakers Seek Tax Exemption on BTC Transactions Under $600 Coindesk

· ICO “Rounds” Are Coming TechCrunch

· Crypto Regulation? Not Anytime Soon, Says White House Official Coindesk

Two of the best books are Digital Gold by Nathaniel Popper for a fun high-level history and an in-depth technically-minded look Mastering Bitcoin and Mastering Ethereum by Andreas Antonopoulos.

And some additional information on the ICO model specifically:

· Recommended Primer: Token Mania

· Kin Whitepaper

· Kin Webpage

· AVC Venture Capital on Kin

· Tech Crunch Article on Kin

· Reuters Article on Kin

· Video on Kin by AVC

· USV on Protocol Value

· Tokenomics — A Business Guide to Token Usage, Utility, and Value by William Mougayar

· Earn’s CEO on Token Economies

· Basic Attention Token Whitepaper

· Basic Attention Token Webpage

· Nick Szabo and Naval Ravikant on Tokens

Additional information on blockchain regulation:

· SEC’s Office of Investor Education and Advocacy Investor Bulletin on ICOs

· SEC Issued Statement on ICOs and the DAO

· China Banned ICOs

· FINMA Issues Stricter ICO / AML Regulatory Compliance Requirements

· SEC Puts Task-Force on ICOs

· SEC Shuts Down Protostarr

· South Korea Bans ICOs


We tweet blockchain news and insights on Twitter and Medium at @PanteraCapital, @Dan_Pantera, @JoeyKrug, and @Veradittakit.

You can subscribe to our publications by visiting Pantera’s website or by e-mailing

· Blockchain Letter: a monthly letter with our thoughts on significant market and ecosystem-related developments. Also, includes our thoughts on blockchain venture capital and news on our portfolio companies for accredited investors.

· Blockchain Investor Letter: Public Letter plus exclusive information for accredited investors.

· White Papers: periodic, original blockchain research and academic papers.

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