This post is a spiritual successor to The Smart Contract Network Effect Fallacy.

Bitcoin has a network effect. Many crypto evangelists assert that the network effect of Bitcoin is so strong that hyperbitcoinization is inevitable.

But this is not quite right. Bitcoin’s network effect as digital gold is not what…


Cryptocurrencies and blockchains are not yet mature. Like computers from the 80s and 90s, although they technically work, they’re fragile in practice. As such, most of their users are technical, and tend to focus on technical challenges rather than go-to-market challenges.

The technical people building these systems tend to believe…


There are a few commonly cited arguments on why it makes sense to build social media platforms on top of blockchains, and how these benefits will enable upstart social media protocols to displace incumbents.

In this essay, I’ll make the case that despite the benefits of moving social media onto…


There are three fundamental hypotheses that attempt to answer the question, “What path will the super mega winner(s) in crypto take?”

In this post, I’ll detail each of these hypotheses. Note that all three hypotheses achieve the same result: massive stores of value. …


Each of the major smart contract platforms is making a unique set of trade-offs. These trade-offs are not simply the presence or absence of specific features, but rather represent fundamentally different views of what trustless computation means.

This essay aims to provide a coherent framework through which one can understand…


There are three types of cryptoassets: stores of value, security tokens, and utility tokens. General-purpose stores of value should be valued using the equation of exchange because these currencies are independent monetary bases. Examples include Bitcoin, Bitcoin Cash, Zcash, Dash, Monero, and Decred.

Although some may disagree, I also include…


Tesla may be a car company today, but Tesla won’t be a car company in 15 years. Rather, Tesla will be a full stack, vertically integrated clean energy company. They may still produce cars, but cars will represent a fraction of total profits.

For a sense of scale, consider that…


Some quick numbers:

2016 Revenue: $515M (up about 6x year over year due to artificially restricted advertising revenue prior to 2016)

2016 Expenses: $919M

2016 Operating Loss: $404M

To justify a $20B valuation, the market is suggesting that, at some point in the future, Snap would need to generate financials…


The Michael Flynn situation is bad. Really bad.

This post will outline Paul Ryan’s game theory on whether to investigate the Flynn situation further and the implications on the Republican party.

Vox provides a good summary of the facts. Here’s the quick version:

1. In December, during the transition, Flynn…


There’s been one common theme throughout Trump’s campaign: that the political establishment in Washington is corrupt, and that he as an outsider can “drain the swamp.” Trump’s final campaign ad is the perfect distillation of this message.

There are many lies contained in this ad. But by far the most…

Kyle Samani

Perpetually fooled by randomness. Entrepreneur. Intellectual. Capitalist. Polymath. Managing Partner @ Multicoin Capital.

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