American - Businessman | -
When decentralized blockchain protocols start displacing the centralized web services that dominate the current Internet, we'll start to see real internet-based sovereignty. The future Internet will be decentralized.
Olaf Carlson-Wee
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For the first time, open source, peer-to-peer protocol developers can monetize their project on a protocol level.
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It doesn't always make sense to have a token on the blockchain that is both useful and represents ownership - it has to be something where there's a network effect. That's why I cite Facebook as an example of what could be disrupted more so than, say, Amazon - which is bit more centralized and is not exactly a network of users in the same way.
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We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?
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For the first time, entrepreneurs can monetize their own open-source and peer-to-peer network. They can crowdfund and raise money from people across the world on the Internet in crypto-currency.
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Polychain manages a hedge fund that invests exclusively in digital assets. We invest exclusively in protocols, not companies, and we do this by investing in things made scarce through the blockchain.
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I view Bitcoin as the more democratic version of money and value transfer because no one controls it... I expect the Internet to be around longer than any nation-state, so a nation-state-backed currency is actually less safe than an Internet currency in my mind.
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I think the technology will get bigger and the price of Bitcoin will go up, so I'm speculating to increase my purchasing power. But I don't intend to sell the Bitcoin. I intend to hold it until there's a day where I can just use Bitcoin completely.
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Taxes have been complicated. Every single time I spend a Bitcoin, it's a taxable event. It's like I bought and sold an asset. It counts as an investment, with a short- or long-term capital gain or loss.
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I've been through a lot of moments when other people thought Bitcoin was going to implode, and in those instances, I generally have seen through inaccurate coverage of it.
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There will be many types of assets codified into the blockchain, and they are all not just going to be on the bitcoin blockchain - it's going to be a number of different assets here. And the best way to invest in that is a diversified portfolio.
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In a world with many blockchains and hundreds of tradable tokens built on top of them, entire industries are automated through software, venture capital and stock markets are circumvented, entrepreneurship is streamlined, and networks gain sovereignty through their own digital currency. This is the next phase of the Internet.
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