Nick Chirls

I don't know if they've ever reported this and is now Coinbase Cloud. Did that return the fund? Many, many times.

I don't know if they've ever reported this and is now Coinbase Cloud. Did that return the fund? Many, many times.

I don't know if they've ever reported this and is now Coinbase Cloud. Did that return the fund? Many, many times.

I tell this story often. This is an ideal investment, right? And also lucky, and also lucky. But Bison Trails was the first crypto staking company. At the time, there was one crypto network that was a proof of stake network. It was an early crypto project called Tezos.

I tell this story often. This is an ideal investment, right? And also lucky, and also lucky. But Bison Trails was the first crypto staking company. At the time, there was one crypto network that was a proof of stake network. It was an early crypto project called Tezos.

I tell this story often. This is an ideal investment, right? And also lucky, and also lucky. But Bison Trails was the first crypto staking company. At the time, there was one crypto network that was a proof of stake network. It was an early crypto project called Tezos.

If you had done the TAM analysis there, you would have found the global TAM for Bison Trails was probably a couple hundred thousand dollars a year. If they got 100% market share, they would have been making about $200,000 of ARR that year. Okay. 18 months later, they were doing almost 30 million in revenue and they were a monopoly on the market.

If you had done the TAM analysis there, you would have found the global TAM for Bison Trails was probably a couple hundred thousand dollars a year. If they got 100% market share, they would have been making about $200,000 of ARR that year. Okay. 18 months later, they were doing almost 30 million in revenue and they were a monopoly on the market.

If you had done the TAM analysis there, you would have found the global TAM for Bison Trails was probably a couple hundred thousand dollars a year. If they got 100% market share, they would have been making about $200,000 of ARR that year. Okay. 18 months later, they were doing almost 30 million in revenue and they were a monopoly on the market.

Tezos proved that proof of stake compared to proof of work was a much more efficient way to run blockchains. And within 18 months, there were 40 or 50 blockchains that either had changed or had launched with a proof of stake consensus algorithm rather than proof of work. So you're investing in a company where no one cares. The market is tiny. How big was the round that you did?

Tezos proved that proof of stake compared to proof of work was a much more efficient way to run blockchains. And within 18 months, there were 40 or 50 blockchains that either had changed or had launched with a proof of stake consensus algorithm rather than proof of work. So you're investing in a company where no one cares. The market is tiny. How big was the round that you did?

Tezos proved that proof of stake compared to proof of work was a much more efficient way to run blockchains. And within 18 months, there were 40 or 50 blockchains that either had changed or had launched with a proof of stake consensus algorithm rather than proof of work. So you're investing in a company where no one cares. The market is tiny. How big was the round that you did?

It was a small pre-seed. We effectively helped the company get going. We actually, the same founding team, we had actually previously all as basically a side project built a Bitcoin mine together in Oregon. And so there was a long history. I had actually backed their previous company. There was a long history of working together

It was a small pre-seed. We effectively helped the company get going. We actually, the same founding team, we had actually previously all as basically a side project built a Bitcoin mine together in Oregon. And so there was a long history. I had actually backed their previous company. There was a long history of working together

It was a small pre-seed. We effectively helped the company get going. We actually, the same founding team, we had actually previously all as basically a side project built a Bitcoin mine together in Oregon. And so there was a long history. I had actually backed their previous company. There was a long history of working together

Thank you. Yeah, we don't talk about this stuff that often. I mean, you can, whatever. I don't mind people knowing. But anyway, Bison Trail is one example. There's been a couple others like Bison Trails. We invested in the Solana Series, eh? Kind of similar. No one cared. What farm was that in? That was the same fund. There was no competing over to get into it, anyone.

Thank you. Yeah, we don't talk about this stuff that often. I mean, you can, whatever. I don't mind people knowing. But anyway, Bison Trail is one example. There's been a couple others like Bison Trails. We invested in the Solana Series, eh? Kind of similar. No one cared. What farm was that in? That was the same fund. There was no competing over to get into it, anyone.

Thank you. Yeah, we don't talk about this stuff that often. I mean, you can, whatever. I don't mind people knowing. But anyway, Bison Trail is one example. There's been a couple others like Bison Trails. We invested in the Solana Series, eh? Kind of similar. No one cared. What farm was that in? That was the same fund. There was no competing over to get into it, anyone.

So my view is that if you're doing the hot five on 25s, the 10 on 30s, whatever, you've got to know that that's consensus. The market already believes what you believe. And you've got to really believe that one is going to be the winner against inevitably lots of competitors. that are doing the same thing because it's already well-known in consensus.

So my view is that if you're doing the hot five on 25s, the 10 on 30s, whatever, you've got to know that that's consensus. The market already believes what you believe. And you've got to really believe that one is going to be the winner against inevitably lots of competitors. that are doing the same thing because it's already well-known in consensus.