Angel investor. Cofounder of Earn, Counsyl, Teleport, Coin Center. Previously CTO of Coinbase, GP a16z. I hear this Bitcoin thing might be kind of a big deal.
Inside rounds happen when companies are doing either really well (so you want to preempt) or really poorly (as no one else will invest). I don’t know the statistical distribution, but I know that large returns have been made on inside rounds. Common example is seed-to-A.
Sequoia was the only outside investor in WhatsApp over multiple rounds. It earned $3B on $60M invested. https://dealbook.nytimes.com/2014/02/20/in-whatsapp-deal-sequoia-capital-may-make-50-times-its-money/ https://twitter.com/profgalloway/status/1186026502476795905
It is true that outside marks help calibrate the price of an investment. But VC is all about the exceptions and blanket rules can lose you money.
The descent into idiocracy happened gradually, and then suddenly.
RT @m2jr: They’re from the government and they’re here to help :) https://twitter.com/kassydillon/status/1185923636563075072
RT @sriramk: 👋🚨[new] I love reading great internal company memos for the insight they give into institutions and behavior. Over the years,…
RT @balajis: Lenin on the worker’s paradise: “one out of every ten idlers will be shot on the spot.” marxists.org/archive/lenin/… https://t.co/P…
RT @balajis: Any form of moderation can be painted as inconsistency.
Any form of moderation can be painted as inconsistency.
RT @balajis: If a plebiscite was held, few people would want to give up their own right to voice on social media. They may want to silence…
Lenin on the worker’s paradise: “one out of every ten idlers will be shot on the spot.” https://www.marxists.org/archive/lenin/works/1917/dec/25.htm
RT @antoniogm: Lenin was apparently a fan of shooting idlers or forcing them to clean latrines, so perhaps this is ideologically consistent…
RT @sarthakgh: Man, this wasn’t too long ago when network were new and content volume was low and we didn’t have a small % of bad content t…
RT @kylebrussell: Imagining the entire codebase + design of a successful product just showing up on my PC one day from a loot box https://t…
RT @prestonattebery: I’ve been thinking about this since Balaji tweeted it. Society is increasingly becoming digital. For this to work we…
RT @balajis: Wait, you mean forcing people out of mutually beneficial economic arrangements might have unintended consequences? Who could…
RT @melissakchan: Oh right! Another way to be a journalist is if you’re married and he or she happens to be a banker or lawyer.
RT @melissakchan: Journalists are becoming increasingly like artists - people who pretend they’re slumming it when many have at least a hea…
RT @melissakchan: Wanna be a foreign correspondent? Sure, as long as you have no college loans and can freelance for $200/article for years…
RT @balajis: Wait, you mean forcing people out of mutually beneficial economic arrangements might have unintended consequences? Who could…
RT @Carnage4Life: California's gig economy bill (AB 5) is vague enough that Uber plans to ignore it because drivers aren't core to its busi…
“I believe that the power that Facebook and Twitter and other platforms wield on society by virtue of their dominance is a fleeting power... But we should be careful not to hand them more power. Or worse require them to censor some voices and not others.” https://avc.com/2019/10/the-fifth-estate/
RT @ajs: If you want to accelerate your career, you need to join or start a startup. Best in your 20s when you can take risks. There isn’t…
Uber and Lyft are going to fight AB5. If there was sanity, the freelancers victimized by this unjust law would join them. https://www.uber.com/newsroom/ab5-update/ https://twitter.com/katiekilkenny7/status/1184888578234408960
Wait, you mean forcing people out of mutually beneficial economic arrangements might have unintended consequences? Who could have predicted this?!? https://twitter.com/i/events/1185702967334162433
Journalists targeted Uber/Lyft drivers and ended up targeting themselves. https://twitter.com/adambanksdotcom/status/1185623606044307461
RT @DTAPCAP: This is just brilliant. Am sure many of you have heard or read before but each time I listen or read I come up with new though…
RT @zackvoell: Hyperbitcoinization is materializing much faster than we anticipated. https://techcrunch.com/2019/10/19/htc-launches-a-240-version-of-its-blockchain-phone/ ht @nic__carter and @htcusa ht…
More seriously, protest is about getting the state to do something. The state is not doing enough, the state is not acting fast enough. What if we had pro-tech activism? People are dying because the tech is not being developed fast enough! Precedent: https://www.npr.org/sections/health-shots/2019/02/09/689924838/how-to-demand-a-medical-breakthrough-lessons-from-the-aids-fight
Universal health care is not enough. We need eternal life.
- This is a joke, though this group should exist - The obvious flag is the infinity flag - Aging can indeed be treated as a disease - See @LauraDeming and http://longevity.vc for some of the latest science
Immortality Rebellion, a radical life extension group, began its latest protest today. Through direct action at sugar factories, biotech regulators, and VC firms they raised awareness of senescence as the #1 cause of preventable death. https://en.wikipedia.org/wiki/Senescence
RT @Altimor: Finally watched General Magic and… wow. It’s like the spirit of Silicon Valley compressed in 90min. Especially speaks to how c…
More on crypto oracles here: https://blockchainhub.net/blockchain-oracles/
 
A lot of work needed here. Will be very powerful when we can reach better assurances re oracles but we are not there yet.
The basic idea is that if you truly wanted someone to fact check everything in a feed, you can set up user-configurable oracles. These would use ML + human review to give a star rating to each post or rate as unconfirmed. Most useful for financial decision makers.
Crypto has this concept of “oracles”, which are sources of truth used to resolve prediction markets. For example, a price feed, or feed of election results. It strikes me that you could generalize the concept to create oracle-audited social networks.
 
https://ethresear.ch/t/prediction-markets-for-content-curation-daos/1312
RT @nicolewong: @Klonick I’ll start by saying that I think it is really important that folks in tech not retreat from the defense of free e…
RT @NischalShetty: Haha love this statement “We’re just buying time till the cavalry comes” The naysayers are underestimating the power…
RT @emilygee: Since everybody's letting out their frustrations with prestige publications failing to give credit, I thought I'd share my ow…
RT @balajis: Physical decentralization of the tech industry out of the Bay Area will accelerate. https://twitter.com/wsj/status/1185325006584209408
RT @balajis: The concept of social media as the Fifth Estate may be the most enduring part of Zuck's speech yesterday. As the Fourth Estat…
RT @emilygee: ...instead of googling it and then hitting someone up over twitter. I guess I'm so pissed about it because the New Yorker oft…
RT @emilygee: This isn't even the first time I've been cited this way, as "an Amazon worker" rather than "a journalist who worked undercove…
RT @emilygee: But I just can't think of more than two reasons to reference me as a "former warehouse worker" — either it makes the piece re…
RT @emilygee: My story isn't as egregious as the one that sparked this conversation — that involved the New York Times completely re-report…
RT @ShellenbergerMD: Forget climate apocalypse All 7 billion of us can enjoy high-energy lives while *reducing* our impact on the environ…
RT @mattocko: Massive energy abundance from nuclear addresses both poverty (why India needs scale-out nuclear! cc @datarade ) and the capac…
RT @NicoleBarbaro: New @netflix docu series, (un)natural selection, all about CRISPR tech. One episode in so far and it’s pretty interestin…
Googling indicates that others have used the concept to refer to bloggers or social media, but I don’t believe it was in common use. The discourse around the speech has mainstreamed the concept — the Fifth Estate is social media. https://en.wikipedia.org/wiki/Fifth_Estate https://twitter.com/jeremy_gans/status/1185402941328351233
RT @CHSommers: Such a smart take on Zuckerberg speech. Read the whole thread. https://twitter.com/balajis/status/1185396060232941568
The people against filter bubbles are the people for a filter bubble. That is, their actual objection is to any point of view outside the single mainstream filter bubble. https://twitter.com/sarthakgh/status/1185398345923121154
Future historians will write about how this last ditch anti-speech Luddism was doomed from the start. You can’t put the genie back in the bottle. You won’t take away the voices newly gained by billions. Because to be against technology is to be on the wrong side of history.
If a plebiscite was held, few people would want to give up their own right to voice on social media. They may want to silence someone else, but they would not want to give up their own right. Nor should it be taken away without good reason and due process.
In the long term, I think the outcome of this “debate” over whether the masses should have a voice is already preordained. End-to-end encryption and crypto will see to that. We’re just buying time till the cavalry comes.
You can’t have an “informed citizenry” if citizens can’t inform other citizens.
In a sense this is how things already work, though it’s usually characterized negatively. Journalists publish & social media provides immediate accountability. It’s the comments section that can’t be shut down, the critic that can’t be shut up. Unless you censor social media…
The concept of social media as the Fifth Estate may be the most enduring part of Zuck's speech yesterday. As the Fourth Estate, the press self-conceptualizes its role as holding society accountable. As the Fifth Estate, social media is how society holds the press accountable.
 
FWIW the concept of the 5th estate (and term) is decades old...emerged in the 1960s as a term for independent media journalists, then got more widespread adoption in the era of the blogosphere, ~10 years before social.
 
Yeah, had a followup tweet. Appears a few different definitions have floated around over the years. But I think yesterday’s speech will mainstream and cement the idea that Fifth Estate = social media. That subsumes indie journalists, bloggers, etc. https://twitter.com/balajis/status/1185414539417833472?s=21
 
Ironically I became familiar with it about 5 years back when some shithead who doxxed me (and later lost his account) claimed he was just a ‘citizen journalist’ “exposing” me. I wasn’t even a little bit public, he just didn’t like my politics.
 
The term was intended to connote legitimately holding powerful media to account; I hope it doesn’t become a euphemism to serve as a fig leaf for hostile social media mob behavior.
 
I’m sorry to hear that! Btw, I thought your Digital Maginot Line piece was strong (even if there were some specifics I disagreed with). Have been thinking about a lot of the same issues.
 
https://twitter.com/shervin/status/799910957078065152?s=20
 
From very early on, one of reddit's tag lines was "freedom from the press."
Physical decentralization of the tech industry out of the Bay Area will accelerate. https://twitter.com/wsj/status/1185325006584209408
 
And that may not be a bad thing ...
RT @balajis: Free speech will ultimately win because encryption will win.
RT @balajis: Here is the transcript of Zuck’s speech. Worth reading if you are at all interested in free speech and censorship on social…
RT @balajis: Free speech will ultimately win because encryption will win.
Features this would have: 1) private chat on both sides 2) public chat between parties 3) instant redlines between any pair of revs 4) statistics on “standard terms” 5) integration with email, word, google docs, esignature 6) incentives for firms to adopt (start with @atrium)
 
Add in some sort of scenario simulation, analysis, or models based on contract term changes for even more fun
 
Yeah. And start with standard templates in one vertical (eg startup SAFEs) along with common permutations for each paragraph of legalese.
 
Each team only gets 10 proposed changes too. Choose your battles wisely.
RT @balajis: I understand what Semil is saying. It’s like public company discipline even as a private company. But is time consuming. A co…
 
 
 
 
 
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