20VC: Why Market Matters So Much More Than Founding Team | Why Crypto Investing is Less Collaborative Than Ever | Why Bitcoin is Not a Hedge Against Inflation | Why Solana Will Beat Ethereum | The Network Effects You Need To Understand with Kyle Samani, C
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Kyle Samani is the Co-Founder and Managing Partner @ Multicoin Capital, one of the leading crypto native funds of the last decade with positions in Solana, FTX, Fractal, and Helium to name a few. As for Kyle, before moving to the world of venture and crypto, he founded Pristine, a health IT startup that raised more than $5M in VC, and was acquired by Upskill.
In Today's Episode With Kyle Samani We Discuss:
1.) The Founding of Multicoin Capital:
- How did Kyle make his way from a healthcare startup to founding Multicoin?
- What was his a-ha moment with the realization of the opportunity we have ahead of us in crypto?
- What does Kyle know now that he wishes he had known when he started Multicoin?
2.) Crypto Investing in 2022:
- Why does Kyle believe the crypt investing landscape is less collaborative than ever?
- What are the biggest challenges of token issuances today?
- How does the option of liquidity help and hurt Kyle's investor psychology?
- Is Kyle concerned the volatility in the market will harm institutional investor sentiment for crypto?
3.) Constructing a Crypto Portfolio in 2022:
- Why does Kyle not believe in temporal diversification?
- Why does sector-centric company diversification suck?
- Why are the loss ratios in crypto so much lower than in traditional venture?
- Why does Kyle believe a no reserves model is optimal in crypto?
4.) Multicoin vs Traditional Venture Firms:
- Why does Kyle believe that every person over 10 people in a venture firm is a net negative towards the investment decision-making process?
- What do Kyle and Multicoin do reach the truth together? How do they aggressively use writing and word docs to progress their thoughts?
- Their discussions are "brutal", how brutal can one be in a discussion on a deal? How does one make team members feel safe but also really push them for the truth and debate?
Item's Mentioned in Today's Episode:
Kyle's Favourite Recent Reading: Eugene Wei
Kyle's Most Recent Investment: Delphia