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Kyle Samani

Kyle Samani is a managing partner at Multicoin Capital, an investment firm focused on crypto. He previously co-founded Pristine, a company that build software for Google Glass.

Reviews by Kyle Samani

All coin and product reviews by expert Kyle Samani.

  • Kyle Samani on Monero Managing Partner at Multicoin Capital

    Seems pretty reasonable to me that almost all PoW-GPU coins that aren't ETH are prone to being 51% attacked, at least until ETH moves to full PoS, at which point it's likely to become XMR I think (could be even sooner depending on FFG economics).

    Full review πŸ’©


  • Kyle Samani on NEO Managing Partner at Multicoin Capital

    I don't know that much about NEO, but I'm generally skeptical. I also generally don't care for this author but figured I'd share. NEO holders, beware.

    Full review πŸ’©


  • Kyle Samani on Dai Managing Partner at Multicoin Capital

    The collateralized model (e.g. MKR, and not Tether) is fundamentally hard to argue against.

    Full review πŸ”‘


  • Kyle Samani on Binance Coin Managing Partner at Multicoin Capital

    Quick rant on "discount tokens", eg BNB

    TLDR: Discount tokens are *definitely* securities

    Full review πŸ’©


  • Kyle Samani on Golem Managing Partner at Multicoin Capital

    I've been skeptical of GPU-based decentralized compute networks like Golem, Coronai, Hadron, GPU Coin, and Hypernet for a while. I've spent a lot of cycles on them, and I'm really torn. Of course, when you see the data this clearly, it suggests that "of course you should invest in the decentralized compute protocols" because that rate of growth for AI compute is simply staggering.

    Full review πŸ”‘


  • Kyle Samani on EOS Managing Partner at Multicoin Capital

    EOS is far and away the largest blockchain β€” in terms of usage, market cap, liquidity, and others β€” and requires the most active and engaged governance and technical infrastructure.

    Full review πŸ”‘


  • Kyle Samani on IOTA Managing Partner at Multicoin Capital

    IOTA is a scam.

    Full review πŸ’©


  • Kyle Samani on Ethereum Managing Partner at Multicoin Capital

    Perhaps the most amazing thing about Ethereum is that it has both a strong community and a very aggressive product vision.

    That may be the winning combo.

    Full review πŸ”‘
    Show thread Kyle Samani on Ethereum


  • Kyle Samani on Zcash Managing Partner at Multicoin Capital

    The Zcash company is actively pushing to make it easier for everyone - users and exchanges - to adopt shielded txs!

    Full review πŸ”‘


  • Kyle Samani on USD Coin Managing Partner at Multicoin Capital

    Coinbase is supporting USDC.

    This is going to be the on-ramp that enables millions of people to interact with Dapps without taking on balance sheet risk.

    Full review πŸ”‘


  • Kyle Samani on Dash Managing Partner at Multicoin Capital

    Dash has a pretty epic roadmap

    https://www.dash.org/2017/06/27/roadmap.html …

    Full review πŸ”‘
    Show thread Kyle Samani on Dash


  • Kyle Samani on Bancor Managing Partner at Multicoin Capital

    Bancor is objectively worse than all other market makers. If asset already has liquidity, it's not necessary. If asset doesn't have liquidity, then why are they inventing a pity based liquidity provider? Bancor breaks capitalism IMO and is total nonsense.

    Full review πŸ’©


  • Kyle Samani on OmiseGo Managing Partner at Multicoin Capital

    OmiseGo's penetration is tiny on a global basis, a round error really. If you think on a global scale, their lead is not significant.

    Full review πŸ’©


  • Kyle Samani on Bitcoin Managing Partner at Multicoin Capital

    Network effects and competitive moats are generally misunderstood. Contrary to popular belief, there are no networks that exhibit n^2 network effects, and in fact many exhibit log(n) network effects, notably fungible asset exchanges. Bitcoin as digital gold will be subject to the perpetually sub-linear log(n) network effect, whereas Bitcoin as digital cash can achieve super-linear network effects as crypto adoption grows from <1% to 50% of the global population. The cryptocurrency that becomes the dominant store-of-value will by definition need to exhibit super-linear network effects as it grows.

    Moreover, other types of competitive moats such as brand and broader ecosystem integrations do not exhibit increasing returns to scale, and can be easily overcome by a competitive network with super-linear network effects. We already have ample evidence that this is true.

    Full review πŸ’©


  • Kyle Samani on Kin Managing Partner at Multicoin Capital

    Over the last few years, we’ve seen messenger apps grow in scope a lot, led by WeChat. Much of the growth has been tying payments of all forms into chat. This is natural as much chat β€”> commerce. Seems highly probable that we’re not that far away from major messengers - WhatsApp, Telegram, etc - building payments natively.

    Kin is obviously first high profile example, but everything about Kin is wrong. The messenger that wants true adoption should implement using BTC, ETH, or stable coin directly. Those assets have much higher liquidity to fiats, which would really kickstart β€œbanking the
    unbanked” dream of crypto.

    Full review πŸ’©


  • Kyle Samani on Algorand Managing Partner at Multicoin Capital

    Using a novel consensus algorithm called threshold relay, Dfinity and Algorand aim to offer DBP, safety, more scalability than Ethereum within a single shard (though far less than the scalability offered by DPoS), and fast TTF. If threshold relay works in practice as well it has in test environments, we can expect to see Dfinity and Alogrand shard their chains and leverage the fast TTF and low latency to provide for efficient cross-shard communications.

    Full review πŸ”‘


  • Kyle Samani on 0x Managing Partner at Multicoin Capital

    Multicoin developed a thesis around decentralized exchanges in 2H 2017, culminating in a large ZRX position going into the launch of 0x-based exchanges

    Unfortunately, 0x-based DEX have not achieved meaningful market share. In our discussions with dozens of market makers, we learned that the biggest challenges are around fees to cancel orders, and lack of deterministic order execution.

    Full review πŸ’©
    Show thread Kyle Samani on 0x


  • Kyle Samani on Cosmos Managing Partner at Multicoin Capital

    Cosmos is a stupidity tax and value destructive to society. 100% unnecessary protocol.

    [It's rendered unnecessary by atomic swaps] and also inter-blockchain compatibility is not needed. [It's an] already solved problem with Oracles for interchain and Whisper for ERC-20.

    Also, Cosmos isn't necessary for synthetic tokens. The three things it claims to doβ€”IBC, synthetic tokens and trustless swapsβ€”are doable without another token in the middle. . . .

    [C]laiming [that] "we're a blockchain of blockchains with our own token in our proprietary system" doesn't push anything forward.

    If all of the things it solves can be solved using free open source standards that are emerging, why should it exist? It's like trying to charge for SMTP/HTTP.

    Full review πŸ’©


  • Kyle Samani on Tezos Managing Partner at Multicoin Capital

    Tezos isn't the best at anything.

    It's best thing it's got going for it is a foundation with a large balance sheet

    But on a technology perspective, it's materially behind in every way that matters.

    Full review πŸ’©


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