Unchained The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets? - Ep. 615
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Mar 5, 2024 In this discussion, Alex Pack, managing partner at Hack VC and Web3 investment guru, shares insights on raising $150 million despite a challenging bear market. He highlights the importance of security in crypto and the future of DeFi, while exploring the intersection of AI and blockchain technology. Alex critiques FTX's downfall, shares his philosophy of backing hackers, and hints at a bright future for decentralized applications. With a focus on scalability and early-stage innovation, he emphasizes that the crypto landscape is just getting started.
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Passing on FTX
- Alex Pack committed to investing in FTX after two weeks, based on Sam Bankman-Fried's charisma.
- After six months of due diligence, Pack ultimately decided not to invest, avoiding significant losses.
Avoid Sociopaths
- Avoid backing sociopathic founders, despite their potential for ruthless success.
- They might deliver good returns but often end up throwing investors under the bus.
Crypto's Current State
- Crypto is currently comparable to the mid-90s internet: nascent but with usability and security issues.
- Focus on infrastructure improvements to address these challenges before targeting mainstream adoption.