Matt Huang

which I think is useful in the sense that it is an analogy that helps tech people understand what might be happening with crypto. But it also introduces a lot of incorrect comparisons too.

which I think is useful in the sense that it is an analogy that helps tech people understand what might be happening with crypto. But it also introduces a lot of incorrect comparisons too.

And so if you're trying to build in crypto and you take the legible meme too seriously, then you might actually build something very wrong because you're misunderstanding the underlying complexity of what's possible.

And so if you're trying to build in crypto and you take the legible meme too seriously, then you might actually build something very wrong because you're misunderstanding the underlying complexity of what's possible.

Totally. And maybe the modern version of that is seeing like a meme. The ecosystem selects for memes that are very simple because simple memes can gather a lot of power and energy.

Totally. And maybe the modern version of that is seeing like a meme. The ecosystem selects for memes that are very simple because simple memes can gather a lot of power and energy.

and spread and you see this basically on the current topic on twitter every day is people fighting over higher dimensional versions of memes and the memes causing people to misunderstand what everyone is saying but without the meme you don't actually get the discussion the discussion there it's not clear exactly what to do but the same thing happens in the investing world

and spread and you see this basically on the current topic on twitter every day is people fighting over higher dimensional versions of memes and the memes causing people to misunderstand what everyone is saying but without the meme you don't actually get the discussion the discussion there it's not clear exactly what to do but the same thing happens in the investing world

Peter Thiel has this hate of buzzwords. As soon as there's a buzzword for an ecosystem, run away. Moritz has this great look for the interesting complected bird. Don't look for the flock. I think they're all getting at this idea of the outliers are going to be unique. And if you're investing by meme, you're kind of losing all the underlying texture and complexity.

Peter Thiel has this hate of buzzwords. As soon as there's a buzzword for an ecosystem, run away. Moritz has this great look for the interesting complected bird. Don't look for the flock. I think they're all getting at this idea of the outliers are going to be unique. And if you're investing by meme, you're kind of losing all the underlying texture and complexity.

I think some of the most foundational platforms where generative outlier outcomes can happen like that are the most illegible at the beginning. I think the internet was an example of this. Everyone today, I think, takes for granted how obvious the internet is. But if you think about even just the idea of Google, the pitch for Google was this helps you search the internet.

I think some of the most foundational platforms where generative outlier outcomes can happen like that are the most illegible at the beginning. I think the internet was an example of this. Everyone today, I think, takes for granted how obvious the internet is. But if you think about even just the idea of Google, the pitch for Google was this helps you search the internet.

But like, what is the internet for? Well, Google is like this use case of the internet. There's a circular reference there. And it just turned out that over time, more and more stuff ended up on the internet and became really useful.

But like, what is the internet for? Well, Google is like this use case of the internet. There's a circular reference there. And it just turned out that over time, more and more stuff ended up on the internet and became really useful.

So I think of crypto as this very low-level change in how humans coordinate. What does low-level mean? Low-level in the sense of a very basic building block. I see. A change at the bottom of the foundation of the building. And throughout history, we always coordinate through institutions that are centralized. Companies, governments, monetary systems.

So I think of crypto as this very low-level change in how humans coordinate. What does low-level mean? Low-level in the sense of a very basic building block. I see. A change at the bottom of the foundation of the building. And throughout history, we always coordinate through institutions that are centralized. Companies, governments, monetary systems.

And crypto enables us to do it in a decentralized way. I think it turns out that the most valuable application of that is money. And I think crypto is progressing in three rough stages. First, as money. Second, as a financial system. And third, as a kind of internet platform. And I think it's coming into focus most on the first two, useful as money, useful as a financial system.

And crypto enables us to do it in a decentralized way. I think it turns out that the most valuable application of that is money. And I think crypto is progressing in three rough stages. First, as money. Second, as a financial system. And third, as a kind of internet platform. And I think it's coming into focus most on the first two, useful as money, useful as a financial system.

I think the internet platform is probably the most illegible at the moment. But I think on the money side, Bitcoin is the most valuable startup created in the last 15 years. Except most people don't think of it as a startup because it's competing in a highly unconventional market, the market for money. It doesn't have a conventional corporate structure or a team or a CEO.

I think the internet platform is probably the most illegible at the moment. But I think on the money side, Bitcoin is the most valuable startup created in the last 15 years. Except most people don't think of it as a startup because it's competing in a highly unconventional market, the market for money. It doesn't have a conventional corporate structure or a team or a CEO.