three theses

ACINQ Lightning Implementation Live on their Testnet https://explorer.acinq.co/#/ One of the unusual things about looking at promising crypto projects focused on decentralization is that many are already well capitalized. As an investor it means that conversations are quite balanced and you have to spend as much time…

quantifying the decentralized ecosystem

what's the most overvalued token relative to it's open source traction? with the rise of token sales as a new funding paradigm, we've seen a really healthy dissemination of frameworks for token valuation (like this one from Chris Burniske, or a more elementary checklist from Fred Wilson). many of these…

our investment into luno

a central challenge facing venture capitalists today is the decentralization of tomorrow's internet. while many won't admit it, venture capitalists often need centralization to create companies at the scale that deliver outsized returns to their investors. if the internet becomes decentralized, where will those returns be generated? we've been thinking…

consciousness and intent in technology

Credit to Eric Pickersgill at http://www.ericpickersgill.com/removed We have a thesis we've been discussing internally here at Balderton on The End of Reality. Quantum physics and simulation theory aside, it's clear that we are increasingly escaping our immediate physical reality in favor of alternative digitally (or chemically)…

ethereum and the cryptocurrency opportunity

(Big thanks to Nicolas, the guru) I have spent some time in recent months thinking and learning about cryptographic tokens and blockchain, specifically Ethereum. This included time at the Ethereum Developers Conference, conversations with thoughtful folks in the space, and a wheat beer at Room77 in Berlin. After these conversations,…

europe as a platform for tomorrow's BAT & GAFA

As a Californian who grew up in Hong Kong I'm often asked, What are you doing in Europe? My response is consistent. Europe is the most exciting place to be in technology today. Why? If in China we have BAT (Baidu, Alibaba, Tencent), and in the US we have GAFA…

moving around

(Left) A screenshot of the central map UX of Carjump, centered on Rosenthaler Platz in Berlin. Each bubble is a car, bike or scooter. (Right) A similar screen from COUP When I'm in Berlin I'm often traveling from meeting to meeting or from Mitte back home to Kreuzberg. I prefer…

holding the center - a letter

Shortly before the election my Grandmother, who is the most ardent Hillary supporter I know, wrote me and asked if I could help explain Trump's popularity. She just couldn't understand it. Here was my letter in response: -- Grammy, Somehow I think the anger that manifested itself in Trump's campaign…

venturing out

A friend asked me recently, “What makes you think you can decide which ideas are good and which aren’t?” It wasn’t exactly an innocuous question. I didn’t have an answer for her. Since then I’ve had time to reflect. I’ve realized that in my new…