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Union Square Ventures

Union Square Ventures is a venture capital firm that has been active in blockchain/crypto since 2011. About 15% of its active portfolio consists of crypto investments.

Union Square Ventures people

Cryptocurrency reviews from the executives, employees and alumni of Union Square Ventures

photo of cryptocurrency expert Joel Monegro
Joel Monegro

Partner at Placeholder VC

photo of cryptocurrency expert Andy Weissman
Andy Weissman

Managing Partner at Union Square Ventures

photo of cryptocurrency expert Albert Wenger
Albert Wenger

Managing Partner at Union Square Ventures

photo of cryptocurrency expert Fred Wilson
Fred Wilson

VC at Union Square Ventures

Reviews by Union Square Ventures people

🔑 9 positive | 💩 2 negative

🔑

I don't have a view on what the ultimate value of a Bitcoin will be nor do I care. I am interested in Bitcoin plain and simply because I believe it can be and possibly will be the financial and transactional protocol for the global Internet.

2013-11-24 | Full Review

🔑

Late last year, USV invested in Numerai, a hedge fund that uses data scientists all around the world to “crowdsource” stock price predictions. I blogged a bit about Numerai then.

If that business model wasn’t cutting-edge enough for you, the Numerai team has now gone a step further and issued a crypto-token called Numeraire to incent these data scientists to work together to build the best models instead of just competing with each other.

2017-02-22 | Full Review

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At scale, Numerai’s fund is exposed to every model and a diversified portfolio without the risk of relying on a single and imperfect model.

2016-12-12 | Full Review

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To be clear, I don’t think Steem has this all figured out. I don’t own any Steem (or at least I don’t think I do). And I think they have made things a bit too complicated with their tokens and incentives. To their credit, they have taken steps to simplify things, and they are headed in the right direction.

2017-01-05 | Full Review

🔑

Bitcoin continues to be misunderstood by many people in the cryptocurrency space who want it to be more than it has to be for it to succeed. . . . Yes, Bitcoin has all sorts of drawbacks as a blockchain, but it is the one cryptocurrency with a widely understood use case: censorship resistant store of wealth. Fiat currencies, precious metals and real estate (including land) all have more government control and/or are more difficult to move around and transact in than Bitcoin. With everything crazy that’s going on in the world politically, the demand for censorship resistant wealth storage is high and growing.

2017-10-30 | Full Review

💩

If all of us who own Ethereum could go to [Vitalik Buterin] and say, “Look, this thing you got in Switzerland is not working. Fire these fuckers who don't know what the hell they're doing, and put someone great in there who could build this thing into a monster”—then that's what we would do. There's no mechanism to do that, and that's painful—just sitting here, holding that asset and watching them whittle the value of the asset away.

2018-10-23 | Full Review

💩

Ethereum faces a strong headwind not only from th[e] change in sentiment [on ICOs] but also from relatively costly and slow on-chain computation. The bull case for Ethereum is that sometime in 2018 we will see a couple of Ethereum-based projects launch successfully and get broad adoption *AND* progress is made on Ethereum scaling (either directly or through projects such as Raiden or Plasma). The bear case is that at least one or possibly both of these don’t happen.

2017-10-30 | Full Review

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Decred’s consensus algorithm is a hybrid proof of work, proof of stake system that’s different from Bitcoin’s, in that Bitcoin is only proof of work.

In proof of work, the machines that run the network and verify transactions are the ones that ultimately have all the governance power. That alienates the actual users because if you hold bitcoin but don’t have a machine plugged into the network, then you don’t have that much of a say.

A hybrid proof of work-proof of stake system is a system of checks and balances between the users and the machines, in that the machines in Decred are producing blocks much in the same way that Bitcoin’s machines are producing blocks, but each block has to be vetted and validated by the proof-of-stake layer and the proof-of-stake layer, which is driven by the asset holders, the holders of the Decred coin.

2018-06-12 | Full Review

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Credit has greased economic wheels for millennia, and Maker is the world’s first 100% software-based, community owned and operated credit facility. As a family of smart contracts operating on Ethereum, the system offers secured loans of equal cost to anyone in the world. The by-product of loan generation is dai, a stablecoin collateralized using on-chain rules and assets.

2019-01-23 | Full Review