Joey Krug: Predicting Augur’s Future and Pantera’s Investment Thesis
Sep 24, 2019
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Joey Krug, co-founder of Augur and Co-CIO of Pantera, discusses Augur's future including capabilities and upgrades. They also explore Pantera's investment thesis and process, focusing on team passion, market size, and exponential growth potential. They delve into factors contributing to early project failure and highlight the importance of good corporate culture and execution. The chapter also discusses investment strategies beyond Bitcoin and the tipping point for Ethereum.
Augur aims to disrupt the traditional betting industry by offering better odds, lower fees, and increased liquidity.
The upcoming Augur V2 will introduce the ability to bet with a stable currency like DAI, improving usability and expanding the potential user base.
A strong team with a passion for their work and cultural fit is crucial for the success of any startup.
Deep dives
Background and Creation of Auger
Joey Krug got started in crypto in 2011 by mining Bitcoin. He later became interested in the possibilities of Ethereum and focused on the benefits of blockchain technology. Krug co-founded Auger, a predictions marketplace, as a use case that leverages blockchain's benefits of censorship resistance and minimal trust. Auger allows users to create and participate in prediction markets on various real-world events, such as elections and sports matches.
Auger's Goal and Advantages
Auger aims to provide a global marketplace for peer-to-peer betting and prediction markets. By eliminating the need for intermediaries like bookies, Auger offers users lower fees, increased liquidity, and the ability to make bets with fewer limitations. While the platform currently faces challenges with user experience and volatility due to being denominated in Ether, the upcoming Auger V2 will introduce the ability to bet with a more stable currency like DAI, improving usability and expanding the potential user base.
The Potential Impact of Auger
Auger's vision is to disrupt the traditional betting industry by offering better odds, lower fees, and increased liquidity. It aims to provide a global, decentralized marketplace for prediction markets that is not subject to restrictions or limits often imposed by bookies. With an improved user experience and the ability to bet with a stable currency, Auger has the potential to attract users who are dissatisfied with current betting options. The platform could also serve as a liquidity source for existing bookies, creating new opportunities for collaboration.
Challenges and Solutions for Auger
Auger faces challenges with user experience, market resolution times, and market volatility. Auger V2 addresses these issues by allowing users to bet on market invalidity, filtering out markets that may confuse average users. The integration of DAI as a betting currency reduces the impact of Ether's volatility and makes Auger more accessible to a wider audience. Additionally, Auger V2 significantly reduces market resolution times and offers early payouts when markets resolve, improving the overall user experience.
The Importance of Team and Culture
The success of Auger, and any startup, heavily relies on the team and the company culture. A strong team with a passion for their work, an ability to take initiative, solve problems, and work well under pressure, is crucial for success. Cultural values, such as being able to move quickly and follow through, are key for effective execution and overcoming challenges. Hiring the right people who align with the company's cultural values and understand the vision is essential. Lack of a strong team and cultural fit, along with lack of product-market fit, are common reasons for startup failure.
Host Tom Shaughnessy of Delphi Digital (DelphiDigital.io) is joined by Joey Krug, the co-founder of the predictions protocol Augur and the Co-CIO of Pantera, one of the space's largest group of funds.
We discuss the future of Augur ranging from capabilities, upgrades, Augur V2. We also dive into Pantera's investment thesis, which investments pass the smell test, which investments are worth passing on and so much more. Joey shares the inside scoop on Pantera's investment process and thesis.
Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, LEO, DCR, VRA and STX.
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Advertisers: To advertise on this podcast, email Tom@DelphiDigital.io
Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io
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