Multicoin Capital

Multicoin Capital is a thesis-driven fund that invests in crypto assets.

Multicoin Capital people

Top experts from the Multicoin Capital network.

Reviews by Multicoin Capital people

Cryptocurrency reviews from the executives, employees and alumni of Multicoin Capital.

  • Myles Snider on XRP Research Associate at Multicoin Capital

    In the case of XRP, we believe that the token holds little utility beyond payment of negligible fees and thus is unlikely to maintain and build value in the long-term. While we expect that XRP tokens will continue to see price spikes as Ripple Inc. makes announcements, we don’t believe that the fundamentals of the protocol will build sustained value for XRP.

    Full review πŸ’©


  • Vinny Lingham on Litecoin CEO of Civic Technologies

    Litecoin is just a Bitcoin testnet.

    Full review πŸ’©


  • 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’©


  • Myles Snider on IOTA Research Associate at Multicoin Capital

    While IOTA was one of the first major projects to build a DAG instead of a blockchain, we find that the approach taken by the IOTA team presents many reasons to be highly concerned. While DAG-based systems may form an important part of the future of the crypto ecosystem, we have reservations about the DAG implementation of IOTA, as listed above.

    Full review πŸ’©


  • Myles Snider on Augur Research Associate at Multicoin Capital

    We believe decentralized prediction markets will reshape global finance markets and democratize finance in many respects. Augur presents the most compelling opportunity in the prediction market space.

    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’©


  • Tushar Jain on Augur Managing Partner at Multicoin Capital

    Augur is building one of the β€œprimitivesβ€œ of the new financial system. With Augur, you can construct any variety of financial instruments.

    Full review πŸ”‘


  • Myles Snider on 0x Research Associate at Multicoin Capital

    0x is emerging as the leading [decentralized exchange] platform within the Ethereum ecosystem. Not only is the core protocol well-designed and fully functional, but 0x has also incentivized a whole ecosystem of third-party relayers whose services will make using 0x even easier than using a centralized exchange.

    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”‘


  • Myles Snider on Dash Research Associate at Multicoin Capital

    Dash is compelling. Stable relative to other cryptos, but not "stablecoin" stable. And I do have some concerns about privatesend.

    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’©


  • Tushar Jain on Tether Managing Partner at Multicoin Capital

    Tether is a systemic risk in that if it explodes, billions of dollars could effectively disappear and cause exchange insolvencies. An alternative to Tether hugely reduces that risk.

    Full review πŸ’©


  • Myles Snider on Digix Research Associate at Multicoin Capital

    Digix is cool. I expect to see more projects like that in the future for securing real-world assets on-chain.

    Full review πŸ”‘


  • Tushar Jain on Gemini Dollar Managing Partner at Multicoin Capital

    The Gemini dollar is the best argument against the BTC as a SoV thesis.

    Bitcoiners like to point to Venezuela and Turkey as nations primed for hyper-bitcoinization.

    The Gemini dollar enables easier hyper-dollarization, which, at least in the short term, is more attractive to many.

    Also the Gemini Dollar is great for Ethereum adoption vs Bitcoin adoption.

    Full review πŸ”‘


  • Myles Snider on Dentacoin Research Associate at Multicoin Capital

    Well, good thing Dentacoin has no leader. I'd like to see them come after our distributed community of dental-health enthusiasts.

    Full review πŸ’©


  • Tushar Jain on EOS Managing Partner at Multicoin Capital

    One of EOSβ€˜s greatest strengths is in having 21+ independent, accountable, and well-financed teams like @EOS_Canada & @eosnewyork to help provide user support, develop infrastructure, and market the platform.

    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


  • Myles Snider on EOS Research Associate at Multicoin Capital

    My biggest concern [around EOS] recently has been around arbitration. Specifically, an unelected group called ECAF that issues network-level arbitration decisions.

    Full review πŸ’©


  • 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 …

    Full review πŸ”‘
    Show thread Kyle Samani on Dash


  • Tushar Jain on Ethereum Classic Managing Partner at Multicoin Capital

    Ethereum Classic is the worst of both Bitcoin and Ethereum.

    Not as secure and immutable as Bitcoin, nor as aggressive as Ethereum in making the platform valuable for development.

    I can’t find a single interesting project building on ETC. Not one.

    Full review πŸ’©
    Show thread Tushar Jain on Ethereum Classic


  • 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’©


  • Tushar Jain on Binance Coin Managing Partner at Multicoin Capital

    BNB’s value is driven by more than the cash being returned to investors by Binance. BNB has tremendous utility and is used as:

    - Staking token – Users who hold a significant amount of BNB get discounted fees on the exchange according to a set schedule
    - Discount token – users who pay their exchange fees with BNB get a discount
    - Payment token – trading fees on the Binance Chain can be paid with BNB

    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


  • Tushar Jain on Dai Managing Partner at Multicoin Capital

    The only dimension in which DAI is better than USDC or GUSD is censorship resistance. Anonymity provides censorship resistance.

    There will be cheap collateralized loans available with fiat coins too, Maker is not unique there. Eg: one could borrow USDC against ETH using Dharma. Therefore anonymous fiat coins are a pareto improvement to MakerDAO and DAI. Literally better in every single way.

    Full review πŸ’©


  • Tushar Jain on XRP Managing Partner at Multicoin Capital

    Central Bank Digital Currencies (CBDCs) are closer to reality than the market realizes & will have profound effects.

    For example, the Bank of Thailand & Hong Kong Monetary Authority just completed a cross border remittance test and published the results.

    CBDCs will hugely weaken the monetary sovereignty of smaller nations whose citizens will more easily access alternative nations' currencies.

    As more people realize they don't have to use their own government's fiat money, this will also convert some % of them to Bitcoiners.

    I expect developers will create some type of cross chain type functionality which allows "wrapped CBDCs" on other chains.

    This increase in the amount of programmable digital currency will allow global competition for retail financial services aka Open Finance.

    Due to CBDCs I expect that the networks focused on payments and remittances such as XRP will be seen obsolete for their stated purpose.

    Full review πŸ’©


  • 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’©