20VC Crypto Roundtable: How Will US Elections Impact Crypto? Why Will Trump Lean Into Crypto in 2024? Should FTX Investors Have Known About SBF? Will Opensea Ever Be Worth $13BN Again? Will NFTs Come Back with Kyle Samani and Nick Tomaino
Jan 8, 2024
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Kyle Samani and Nick Tomaino discuss moving away from a shitcoin casino, the FTX controversy, the intersection of politics and crypto, and the future of NFTs. They explore the influence of US elections, speculate on Trump's involvement in crypto, and critique the flawed strategies pursued by regulators. The discussion also touches on Solana vs Ethereum, crypto purists and maximalists, and the missed signals in the SBF and FTX controversy.
Political donations and regulatory decisions are interconnected in the crypto industry, highlighting the influence of crony capitalism.
Authenticity and signaling play crucial roles in distinguishing between genuine and copycat crypto projects.
NFTs are predicted to make a strong comeback, offering a bridge between culture and finance and empowering creators.
Deep dives
Crony capitalism and its impact on crypto
The podcast discusses the influence of crony capitalism on the crypto industry, highlighting the connection between political donations and regulatory decisions. It explores the second largest donor to Joe Biden and the implications for the industry. The speaker suggests that the administrative state plays a significant role in shaping the regulatory environment, and expresses concerns about the power wielded by unelected bureaucrats. The potential impact of different presidential candidates on the crypto landscape is also discussed.
Authenticity, marketing, and the value of copycat projects
The podcast delves into the importance of authenticity in the crypto space, emphasizing that authenticity does matter in the long term. It explores the concept of signaling and the role it plays in distinguishing between authentic and inauthentic projects. The speakers also touch on the topic of marketing, highlighting that marketing can be done authentically without compromising integrity. The difference between copycat projects and truly original ones is also discussed.
The future of NFTs and on-chain messaging
The podcast predicts a comeback for NFTs, suggesting that they will be even bigger than cryptocurrencies in terms of mainstream adoption. The speakers emphasize the bridging of culture and finance that NFTs offer, and their potential for empowering creators. They also mention the idea of on-chain messaging and how it can enhance the crypto experience, allowing conversations to persist across applications and wallets.
Regulatory challenges and the future of crypto
The podcast explores the regulatory environment in the crypto industry, discussing how certain actors and factors can influence regulations. It highlights the concerns around the SEC's targeting of good actors in the space, such as Coinbase and Kraken. The speakers express the need for clear laws and regulations to foster innovation and positive growth within the industry. The potential impact of future presidential elections and different candidates on the regulatory landscape is also considered.
The role of speculation and the need for non-speculation use cases
The podcast touches on the role of speculation in the crypto industry, acknowledging its impact while also recognizing the need to move beyond it. The speakers emphasize the importance of non-speculation use cases and their potential to drive mainstream adoption. They mention the importance of payments, stablecoin payment rails, decentralized messaging, and DAOs as examples of use cases that can provide meaningful value to users.
Nick Tomaino is the Founder and General Partner @ 1confirmation, one of the leading seed firms fueling the decentralization of the web and society. The fund started with $26M and the firm now has over $1B in assets under management. Nick is famed for being one of the first investors in OpenSea.
Kyle Samani is the Co-Founder and Managing Partner @ Multicoin Capital, one of the leading crypto native funds of the last decade with positions in Solana, FTX, Fractal, and Helium to name a few.
In Today's Episode We Discuss:
1. Moving Away from a Shitcoin Casino:
What will it take for crypto to move away from being shitcoin casino?
Why does Nick believe that "crypto has been a free for all and greed got the better of people"?
Why does Nick believe that crypto shilling will reduce the amount of violence in the world?
2. FTX: The Biggest Ponzi Scheme in Plain sight:
How does Kyle reflect on SBF and FTX today? Should he have known it was a fraud?
How did Nick see so far ahead of time that SBF was not genuine?
What are the most striking lessons when comparing Coinbase's Superbowl advert to FTX's?
3. Where Politics and Crypto Collide:
SBF was one of the largest donors to Biden, what does this say about the rise of "crony capitalism"?
What candidates running in the election will be best for crypto?
Why will Trump win the election and be the first President to rule from a prison cell?
Why is the strategy pursued by Gensler and the SEC so flawed?
4. The Great NFT Comeback, The Crypto IPO Season:
What will be the next crypto company to IPO? When?
When will NFTs come back? What will cause this?
Will Opensea ever be worth $13BN again? What is their future?
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