Ben Horowitz represented Andreessen Horowitz, a top VC fund in TechCrunch Disrupt conference in San Francisco. He spoke about crypto fund of his company and their disruptive position.
When asked about the venture in the crypto space, Horowitz responded that there was more developer activity in the cryptocurrency space and that it has been more than anything that “we’ve seen since the internet”. He called it a new computing platform, painting parallels between the evolution of computing from mainframes to PCs to smartphones.
In his words:
“The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust.”
Horowitz embellished on the trust that can be displayed upon the true application of blockchain, asserting that it is “super powerful”. Furthermore, he repeated the fact that the trust came from “mathematical and game theoretic properties of the platform”.
He called cryptocurrencies a “really transformational idea”, thus leading to a lot of ideas and projects being formed currently. When asked about whether he was interested in the identity and authentication based applications of blockchain or the currency aspect, Horowitz added:
“I think that so there ’s kind of store value and that Bitcoin is obviously the great kind of leader in the store of value. And I think that that’s a relatively, it’s very valuable, but it’s probably less interesting from a technology standpoint that kind of the other side, which are, you know, kind of crypto networks, and things like Ethereum which is the world’s computer and so forth.”
Horowitz also articulated explicitly about Bitcoin [BTC], affirming that there was no other use for it than “storing your money”. He went on to say: “There’s not that much you’re going to do with Bitcoin, but it’s not really a platform that developers turn to.”