Over the last few quarters, we’ve watched entrepreneurs shift their fundraising focus from token-based protocols to the relative safety of equity-capitalized, cash-flow extracting businesses. Within crypto, if 2017 deal-flow was 75% token-based, 25% equity-based…

As an industry fixated on the immutability of transactions, we often make the mistake of transposing that expectation of immutability onto people and ideas, both of which are constantly changing. Even Bitcoin’s narrative (an idea), which is the most straightforward…

Joel was the first person that stuck the word cryptoeconomy in my mind. It was mid-2017 and the idea struck me because most everyone was thinking about cryptonetwork valuations (most commonly ICOs) in the context of company valuations. Which is partially why they were…

Humans have an innate desire to first understand, and secondly reason, about what they see in the world. We go from observing things…