Speaker 1
And most of the people that are in it don't even know that it's happening, but it is happening, because it has to happen. If theft is money, then you're closer to the money, then you're winning out of that theft and all of the incentives are broken. So what did I have to come to with, remember, I wrote a book on this. So if marginal cost of production is falling, it falls, so prices fall to the marginal cost of production and economics, everybody knows that. If we have exponentially increasing technology and through AI, through all of the machine learning, through all of these things that are creating an exponential way of technology or productivity. And that means prices everywhere should be falling exponentially. And as it relates to, so that means if I hold Bitcoin, prices will fall exponentially. If I measure in Bitcoin, prices, and it doesn't, in decentralization and security remain constant, no matter what, over a long time, or long enough time horizon, prices of everything trend towards zero. No matter what, that's what owning Bitcoin is. So how could I create a fund that could beat that performance and play by creating companies that fit the profile of what we want for Bitcoin to happen to decentralize security? The only way I could do that is be shoulder to shoulder with people that were, said, actually creating companies that would benefit Bitcoin or noster, but in a way that they weren't creating monopolies by doing so, they weren't pricing out their competitors by creating giant monopolies, which is a different model for a venture capital than typical venture capital. Or at least the monopoly would have to be, it wouldn't be still a monopoly, but it would have to provide so much value to users that they chose to stay there because there would be constant, more opportunities. So that means that entrepreneurs needed to constantly innovate. On the way, the thing that they were building would be taken to zero, other people would copy that and it would be taken to zero as well. And so you had to, then if you think through that, you have to think through, this is going to be a long-term partnership with entrepreneurs and you really want to love the people you're working with to be able to help them see around corners and hopefully provide value in a way that allows them to win long-term and Bitcoin to win long-term, noster to win long-term. Now in that, there's a lot of projects that don't fit something that a venture capital fund could invest in because if you're creating a wallet and your wallet has a single wallet as no barrier to entry and you're not better than the next guy and the next guy then creates, just copies all your features and that races to zero, then the point of venture capital is actually, it doesn't need to invest in a wallet because that's going to be free. It's going to drive that down. So what are the things that you can invest in, have a horizon that you can actually make money or when I say make money. I mean, make more Bitcoin or drive accumulation of Bitcoin because you'd have to beat the hurdle rate of just owning Bitcoin. And the number of companies falls kind of exponentially as well or the number of types of ideas. In a noster specifically, some of those are just really early. I try to think about this, at least from, I run out of time too. So maybe I'm not the best at it all the time. But I try to think about this as I want to be a good steward for the community. I want to be a good actor in the community. And so even if we can't invest in somebody, how can I help them create the thing that they want to create and provide advice or introductions to somebody else who might be the right fit?