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Multicoin Capital

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

Multicoin Capital people

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

photo of cryptocurrency expert Tushar Jain
Tushar Jain

Managing Partner at Multicoin Capital

photo of cryptocurrency expert Vinny Lingham
Vinny Lingham

CEO of Civic Technologies

photo of cryptocurrency expert Kyle Samani
Kyle Samani

Managing Partner at Multicoin Capital

photo of cryptocurrency expert Myles Snider
Myles Snider

Research Associate at Multicoin Capital

Reviews by Multicoin Capital people

πŸ”‘ 16 positive | πŸ’© 17 negative

πŸ’©

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.

2017-08-31 | Full Review

πŸ’©

Litecoin is just a Bitcoin testnet.

2018-06-20 | Full Review

πŸ’©

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).

2018-05-24 | Full Review

πŸ’©

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.

2017-12-19 | Full Review

πŸ’©

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.

2018-01-23 | Full Review

πŸ”‘

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.

2017-08-24 | Full Review

πŸ”‘

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

2018-05-21 | Full Review

πŸ’©

Quick rant on "discount tokens", eg BNB

TLDR: Discount tokens are *definitely* securities

2018-02-19 | Full Review

πŸ”‘

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

2018-05-11 | Full Review

πŸ”‘

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.

2017-12-14 | Full Review

πŸ”‘

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.

2018-05-21 | Full Review

πŸ”‘

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

2017-12-18 | Full Review

πŸ”‘

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.

2018-09-18 | Full Review

πŸ’©

IOTA is a scam.

2018-07-13 | Full Review

πŸ’©

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.

2018-09-10 | Full Review

πŸ”‘

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

2018-03-26 | Full Review

πŸ”‘

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.

2018-09-18 | Full Review

πŸ’©

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

2018-04-25 | Full Review

πŸ”‘

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.

2018-10-16 | Full Review

πŸ”‘

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.

2018-11-06 | Full Review

πŸ’©

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

2018-11-20 | Full Review

πŸ”‘

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

2018-11-15 | Full Review

πŸ”‘

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.

2018-10-23 | Full Review

πŸ’©

0x protocol has a wide set of "customers", and the core 0x dev team does not have the resources to adequately support all of them concurrently (though this could theoretically change in the future)

2018-12-16 | Full Review

πŸ”‘

Dash has a pretty epic roadmap

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

2017-12-01 | Full Review

πŸ’©

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.

2018-07-12 | Full Review

πŸ’©

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.

2017-11-26 | Full Review

πŸ’©

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.

0017-09-21 | Full Review

πŸ’©

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.

2018-05-09 | Full Review

πŸ”‘

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

2019-02-19 | Full Review