2026
Don't Be Short Intelligence
2017
Tesla Is Not A Car Company
Spectacles and $SNAP's $20B Valuation
Posts that I authored or co-authored while running Multicoin Capital.
2025
IBRL
Creating The World’s Leading Solana Treasury Company
All In Summit: Internet Capital Markets
New Modalities for Issuance and Trading
The Solana Thesis: Internet Capital Markets
2024
P2P Pipes
Enter The Wormhole
The Holy Grail of Cryptography
The Foundational DeFi Primitive of Filecoin
2023
The Dawn of On-Chain FHE
The Hidden Costs of Modular Systems
The Convergence of Crypto and AI: Four Key Intersections
Web3-Native SQL
Full Stack, Decentralized Security
2022
Unlocking Payments Over Crypto Rails
Beyond Verticalization of NFT Marketplaces
Building Bridges
Move Move Move
Rebundling The Audio Value Chain
Composable Web3 Compute
The Composable Web3 Data Network
2021
Rendering the Metaverse
DeFi Protocols Don’t Capture Value, DeFi DAOs Manage Risk
Scaling Reads and Writes
Networked Cash Flows
Technical Scalability Creates Social Scalability
2020
Open Audio
DeFi's Invisible Asymptotes
On Forking DeFi Protocols
March 12: The Day Crypto Market Structure Broke (Part 2)
March 12: The Day Crypto Market Structure Broke (Part 1)
Infinite Scale
2019
The Web3 Stack, 2019 Edition
Investing In the Permaweb
Exchanges Are Open Finance
The World Computer Should Be Logically Centralized
Unbundling Vectors of Centralization in Web3
Our Investment in Torus
Our Investment in dfuse
The Unbundling Of Ethereum
On Value Capture at Layers 1 and 2
Binance Coin ($BNB) Analysis and Valuation
Our Investment in The Graph
What P2P Markets are Better Decentralized?
2018
Questions From the Crypto Idea Maze
A New Model for Token Distribution
Our Investment in Starkware
$100 Trillion
Our Investment in Skale
Aggregation Theory, Thin Protocols, and Recentralization: Augur Edition
The Web3 Stack
On the Network Effects of Stores of Value
Good Artists Copy. Great Artists Steal.
EOS ($EOS) Analysis and Valuation
Opportunities for Blockchain Based Social Apps
Paths to $100T
Delegated Proof of Stake: Features and Tradeoffs
Models for Scaling Trustless Computation
New Models for Utility Tokens
The Opportunity for Interoperable Chains of Chains
Iota ($MIOTA) Analysis
2017
The Bear Case for XRP: Bitcoin Futures Edition
0x ($ZRX) Analysis and Valuation
Understanding Token Velocity
Crypto Franchising: Out with the New, In with the Old
Crypto Acquisitions: All Theory, No Practice
The State of Decentralized Storage
Bitcoin is Better than Digital Gold
Factom ($FCT) Analysis and Valuation
Understanding Crypto Regulation
Ripple ($XRP) Analysis
The Smart Contract Network Effect Fallacy
Augur ($REP) Analysis and Valuation
Venture Capital Economics with Public Market Liquidity
Announcing Multicoin Capital
2016
Rethinking The Customer Relationship In Medtech
In What Contexts Should Messaging Be The UI?
Why Does Sales Ops Matter?
Why Founders Should Blog
Why Is It So Much More Difficult For Healthcare Providers To Adopt Health IT Than Medtech?
Why Are Tech Giants Investing in AR and VR?
It's Not About Me. It's All About You.
Should Your Startup Go Full Stack?
2015
The TV OS Of The Future Will Decouple Video And Software
First Time Entrepreneurs Should Avoid Hot Sectors
Innovate Myopically
Thoughts on Drones
Bitcoin Will Disrupt Working Capital Management
Cost is King
Autonomous Cars Break Uber
The Power of One
Why Seed Stage Startups Should Join the Capital Factory Accelerator
What Infrastructure Do Manufacturers Need To Implement Servitization?
How Can Field Service Organizations Reconcile The Incompatible Business Models of Yesteryear?
Field Service Organizations Are Burdened With Incompatible Business Models
Do Next Generation Reimbursement Plans Align with Healthcare’s Business Models?
The Foundational Killer App of The Apple Watch: Notifications
The Fundamental Challenge of Building a Healthcare-Provider Focused Startup
In Defense of Google Glass
Can Life Sciences Companies Deliver Accountable Care?
Smart Glasses Will be the Internet's Portal to the Physical, Hands-On World
The Technology Hype Lifecycle: Google Glass Edition
Watches Are For Consumers, Glasses Are For The Enterprise
The Virtuous Cycle of Sacrifice in Startups
2014
Looking At Field Service Through Google Glass
Aligning Incentives Across Disparate P&Ls
Is The Future Of Smart Clothing Modular or Integrated?
If You Can't Beat Them, Fund Them!
Why Are Telemedicine Systems So Expensive?
The Health Insurance Demand Problem
Bush
Understanding Apple Health
You Get What You Ask For
The Nurse Will See You Now
Happy Mother's Day! Telemedicine Edition
Healthcare Entrepreneurship-as-a-Service
The Feds Are Supporting Telemedicine
What Is The Cost Of Fraud Prevention In Healthcare?
Welcome To Telehealth Through Google Contacts
Why Is It So Difficult To Reduce The Cost Of Care?
Why Telehealth?
Big Brother or Best Friend?
How Much Of The Healthcare Business Is Healthcare?
The Fundamental Challenge of ACOs
Why ICD-10?
One Small Wink For Man, One Giant Head Nod For Mankind
The Irony Of Healthcare Standards
PillPack
Crowdsourced Calendar Management
Adopting The Right UX Perspective
Why Will Medical Professionals Use Laptops?
Unlocking The Power Of Data Science In Healthcare
How Much of The Healthcare Business Is Healthcare?
Overcoming the Challenge of Checklists: Access
2013
Google Glass is Fueling Telemedicine Innovation
Making Sense of 2013
Speak Freely
The Great Re-Bundling of Healthcare, Part 2
More, More, More - Make More Stuff
The Great Re-Bundling of Healthcare
Stay Home
Anesthesiologists are Moving up the Value Chain
Computers Are Eating Healthcare, Part 2
What Does The Future Of Medical Process Control Look Like Through Google Glass?
What Does The Future Of Medical Communication Look Like Through Google Glass?
Understanding How Profits are Shifting Across the Computing Value Chain
Looking Through the Crystal Ball: FutureMed
The Proliferation of Healthcare Marketplaces
The Impending Hospital Wi-Fi Collapse
Indispensable Glass
The Power of Digital Queues
The Internet Accelerates Everything
Learning from the Smartphone Era: Building Consumer Glass Businesses
The Marginal Value of the Smartphone
Health IT Bubbles
Getting Data In and Out of Your Electronic Health Record
Making Sense of Calico
Why Google Fiber? Moat-widening Endeavor & Future of Computing.
Understanding Control, Teamwork, and Innovation as the Value Chain Consolidates
The Marginal Value of Google Glass, Continued, Continued
A Shifting Basis of Competition
Monetizing Consumer Health Applications
A Killer Mass Market Consumer App for Glass?
Going for the Jugular
PHI From Glass
Ephemeral Communications
The Killer Apps for Glass
What's the Killer App for Glass?
Explaining the 17% Meaningful Use Dropout Rate
Glass <3 FDA + HIPAA
Understanding the ACO Pioneers Successes and Failures
Computers are Eating Healthcare
Follow the (Clinical Trials) Money
Selling a Dream
The Genius of the Glass Explorer Program
Blogging and Signalling
Battle of the App Stores: Athena vs. Greenway
Scorch the Earth
There Will Be Two Kinds of People in the World...
Is Glass a G+ or a Wave?
The Power of Connectivity
Answering the Existential Startup Question
The Enterprise Glass App Gold Rush
Passwords be Gone!
The Challenge of Developing Engaging Consumer Apps on Glass
The Challenge of Developing Contextual Consumer Apps on Glass
The Marginal Value of Google Glass, Continued
The Price of Glass
The Cost of Wearing Glass
Glass Insights: Input-Output
Choice be Damned
You Don't Need Instagram on Your Face
Understanding Social Responses to Glass
Samsung@Home
(International) White Collar Healthcare
Smile
What if Google Does it?
Bringing the Principles of Couchsurfing to Healthcare
Google, Thanks for Listening
The Third Screen Revolution in Healthcare is Before Us
Where is the Aereo of the Hospital EHR Industry?
Eyeware Computers Circumvent Logging In
Convention or Configuration in Healthcare?
EHRs Propagate "Best" Practices
Context is King in Eyeware Computing
In Defense of Email, Subjects, and Threads
A Journey to Peru
How Do You Improve Upon Perfection?
Convention Over Configuration in Technology
We've Passed The Threshold: Computers Will be Everywhere
Are Hospital EHR Vendors Primarily Software or Services Companies?
Proteus Will Use Social Pressure to Cut Healthcare Costs
The Defining Characteristic of Eyeware Computers: Transparency
Quantified Earth and Civilziation
Why did the PC Peak?
One for All, or All for One?
Glass For [Hobby]
My Favorite Mac OSX Apps
Living at the Crossroads of Technology and the Arts
Can FourSquare Provide the "Location Layer of the Internet" as a Profitable Business?
My Favorite iOS Apps
BetterLeapTool
The Economics of Google Glass in Healthcare
Sprinting
The Value of Not Thinking
Why is Microsoft Moving to a 1 Year Windows Cadence?
The Value of Meaningful Use
Friction-Free Computing
Market Segmentation in Computing
A Balanced EHR Copy Forward Solution
The Major Shortcoming of Google Glass
Vitamins and Pain Pills
On Being Wrong and Learning
Serendipitous Glass
Why Wearable Computing?
Outsource It
The Marginal Value of Google Glass
A Glimpse of Amazon's Genuis
The Battle for the Mom and Pop Shops
AthenaHealth, A Case Study, Part 1
The Cost of Being Wrong
Incentives Matter
The 10,000 Hour Chef
Why Do Consumers Hire OSes?
Android Will be the World's Most Used OS in 2015
The Resurgence of the Command Line UI
The Best Desktop UI, Part 2
The Best Desktop UI, Part 1
New Years Resolutions 2013
Predictions for 2013
On the feasability of an Apple Television
Getting Started
Total 256 posts