The Second Wave of the Internet

Avichal Garg (@avichal), founder of Electric Capital, joins Erik on this episode. Takeaways:

- Downturns impact large companies much more than founders and early stage investors because the companies are so small relative to their total addressable market.

- Managing your own psychology in a downturn is the most important skill for a founder in these times.

- Crypto is like a platypus — it has properties of growth tech, a store of value, and commodities.

- People in the US sometimes look at crypto and don’t see the use case but for those people around the world who are not on the US dollar, the use cases for crypto are clearer.

- Crypto is an important technological breakthrough but more importantly is also a social science breakthrough: people are exchanging money for ones and zeros.

- The transformation of money by crypto will start at the fringes rather than replacing conventional money all at once. It will start with young people, the wealthy, and the underserved.

- An AI with a smart contract acting on chain managing a billion dollars in a non-jurisdctional way will be very disruptive.

- In the future people will signal status in digitally, with NFTs rather than watches.

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