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Andreessen Horowitz unleashes $300m crypto venture fund
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@dealbook: Last year, when Bitcoin and most other virtual currencies were gaining in value, most large venture capital firms began beefing up on expertise in the space and making investments. Andreessen Horowitz was ahead of many of its peers. https://t.co/Oz9zawKAKu
@dealbook: Andreessen Horowitz, the well-known firm that made early bets on Instagram and Reddit, said that it is creating a $300 million fund focused exclusively on projects inspired by the original virtual currency, Bitcoin. Here’s the latest: https://t.co/0YUZ9pJa0R
@nytimes: Andreessen Horowitz, the well-known firm that made early bets on Instagram and Reddit, said that it is creating a $300 million fund focused exclusively on projects inspired by Bitcoin https://t.co/3BBTZsBGEv
Marc Andreessen - co-author of Mosaic (the first widely used Web browser) & co-founder of Netscape and Andreessen Horowitz (a $2.5 billion venture capital firm that invested in Groupon, Skype, Instagram, etc) - explains in The New York Times why Bitcoin matters (x-post from Bitcoin & Technology)
[Twitter/Clubhouse/News Media?] Silicon Valley v The New York Times: Overpriced Suitcases, Insta Stories, Insular Apps and Bitcoin Bounties
Background: What is Clubhouse? You know all those stories of people interrupting Zoom calls by spamming the link and getting in? What if that, as a business model. It is still in private beta, has only 1500 users and yet somehow venture capitalists have $12 million invested at a $100 milion dollar valuation in this. What is Away? Hardcover suitcases that cost $225 and above. Hipsters seem to like it. "The brand is more than just luggage. It’s about travel." It is treated like a tech company by VCs for some godforsaken reason (it has raised $100 million at a $1.4 billion valuation), and the CEO uses a lot of Lean In rhetoric (female led, inclusive etc.) How New York Times? The New York Times has hired a reporter, Taylor Lorenz, specifically for "Internet Culture" i.e. HobbyDrama reporting. (No, seriously, look at the stories she gets to write. For the NYT!) Pre-Drama Events: In December 2019, an elaborate investigation was posted by The Verge (not the NYT, important) about the toxic work culture at Away, with the CEO, Steph Corey, calling workers brain dead and firing someone based on chat in an internal private Slack channel called #Hot-Topics "filled with LGBTQ folks and people of color" (from article). Korey stepped down as CEO in December, with another CEO to be selected. She came back as co-CEO in January because she 'should not have fallen on the sword.' Course of the Drama: June 30/July 1: On an Instagram AMA, returned co-CEO Korey answered a question about "women being targeted by the media" (I presume the AMA went in that direction) by talking about media having an incentive to clickbait in the social media era that and women (like her) were targeted because women are supposed to be motherly, ambitious women like Hillary are targeted by the media, some millennial women who work in the media forgo their ethics to advance their career because old media ethics are being eroded. The Verge investigation was done by Zoë Schiffer, a “millennial woman.” Incensed by this, Lorenz posts the IG pics on twitter (previous link from her) and speculates that this AMA exists because of a piece on the disgracing of the “girlboss” stereotype. To recap, neither the original story, nor the Atlantic op-ed were written by her. Techbros start sharing the same pics of the AMA as a balanced perspective. Until this point, #bothsides, let them fight, etc. Enter Balaji Srinivasan. Here is a pompous bio. He starts attacking Lorenz (again, not the writer of any of the stories). Lorenz says the guy has been obsessively attacking her for quite some time on Clubhouse gussied up public Webex calls (in tweets after the linked tweet). Then anti-Lorenz sockpuppet accounts start being created to attack her. An elaborate website is linked by the accounts, specifically to attack her. (Click the link, it is deranged as all hell.) Taylor asks Ben Horowitz (of multi-billion dollar Andreessen Horowitz, where Balaji has worked before) to get him to stop. Gets blocked. Then the Andreessen Horowitz batch have a conversation on Clubhouse Discord without texting with Lorenz. After Taylor leaves, (this part leaked to Vice, so you can go listen) Ben Horowitz’ wife, Felicia says that Taylor is playing the “woman card to defend herself.” Balaji implies that she may be “afraid of a brown man.” And then the conversations ascend:
”the entire tech press was complicit in covering up the threat of COVID-19,” relying on the press is “outsourcing your information supply chain to folks who are disaligned with you,” ”Media corporations are not the free press, any more than chain restaurants are food “ “why does press have a right to investigate private companies, let the market decide, I don’t understand who gives them that right” (Note: Probably from another conversation by some CEO)
Also something about Github, VC funding and Blockchains being a better model for journalism. (Bitconeeeect!!) Then Vice reports on it. Tech media rallies around Taylor [retweets on her twitter]. Glenn Greenwald pokes his nose and says otherwise, because Greenwald. VCs support their own (along with MC Hammer?? because he’s also on Clubhouse the conference calls you join “for fun” app? So is Oprah???), with opinions like
And other nuclear fucking takes retweeted by Felicia Horowitz And Balaji? When reached for comment, Balaji claims recording it was illegal (which, idk, haven’t seen the Terms of Service, only 1500 people can use Clubhouse the Twitch app, but you don’t have video and chat has audio) And then heannouncesa $1000 bounty for memes and analysis of this event. (paid in Bitcoin, obviously, this whole scenario is a damn meme) This gets the creator of Ruby on Rails/Basecamp to defect to the media’s side Aftermath? (This is a current story): VCs (like Paul Graham) declare that the media hates them because they are losing power Media Twitter decides VC Twitter is trying to reanimate the corpse of #GamerGate Steph Korey, the instigator of this spiraling nonsense? Away says she has decided to step down (redux) because an employee revolt over her IG post. (Recap: Away sells hardcases to hypebeasts. They are worth a billion because of VCs) Balaji, rich VC guy, has memes on his timeline? [Elon Musk has not weighed in yet, if you are curious]
Coinbase Investor And Reddit Cofounder Sees A New Bitcoin And Crypto ‘Spring’—Here’s Why
Bitcoin and cryptocurrency investors have been waiting for an end to crypto winter since early 2018. The bitcoin price has been trading at around half of its all-time highs of $20,000 per bitcoin for the last two years—but there are signs crypto winter is beginning to thaw. Now, co-founder of social news aggregation site Reddit and early investor in major U.S. bitcoin and crypto exchange Coinbase, Alexis Ohanian, has said he sees the green shoots of a new bitcoin and "crypto spring." "We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain," Ohanian told Yahoo Finance Live, adding that "is the best signal of long term value creation." Ohanian's outlook chimes with that of renowned Silicon Valley venture capital firm Andreessen Horowitz which earlier this month forecast a "fourth crypto cycle" could be on the horizon—signalling the end of the third crypto winter and kicking of a cycle that begins with the bitcoin price rising. The bitcoin price roared back last year, climbing to around $12,000 as some of the world's biggest technology companies eyed bitcoin and cryptocurrencies. Bitcoin's 2019 rally faltered amid increased regulatory scrutiny with the price plunging back to under $4,000 in March as the coronavirus crisis caused markets around the world to crash. However, bitcoin is now on track to be one of the year's best performing assets. Ohanian, who invested in Coinbase back in 2012, said that the trends "we've seen bear out are quite telling." "I’ve had a percentage of my wealth in crypto for quite some time now and I still feel pretty good about it, I don’t want to change too much of it because I do think it’s a prudent hedge," Ohanian said.
Andreessen Horowitz: the cryptocurrency market is growing randomly but steadily
Venture Fund Andreessen Horowitz from Silicon Valley has analyzed the cryptocurrency market and came to the conclusion that it has been showing a “choppy yet consistent growth” since 2010. Experts studied four metrics: the price of bitcoin, activity in social networks, developer activity and startup activity. All four parameters showed positive cumulative annual growth rates. The company noted the importance of the 2017 cycle, which became the reason for the launch of “dozens of interesting projects” from various business areas. “Even though crypto cycles look chaotic, over the long term they’ve generated steady growth of new ideas, code, projects, and startups — the fundamental drivers of software innovation. Technologists and entrepreneurs will continue to push crypto forward in the coming years. We are excited to see what they build,” Andreessen Horowitz concluded.
P-REP Proposal; ICON, 20% exposure in top crypto event of 2020, reach 100+ universities/corporate partners (BETTER THAN SLICED BREAD), organized by MouseBelt.
Summary: Event site:https://www.ri2020.io/ Event date: May 18th, 2020 P-PREP Commitment Date: April 30th, 2020 Telegram:u/markusreisner We believe we have a strong proposition to market ICON in a meaningful way to some of the largest communities in crypto. The MouseBelt team has the largest global network of over 100+ universities in 20+ countries. Over the last few months, 10+ university blockchain events we were working with got canceled for obvious reasons. Due to that fact, and our understanding of our reach we decided to launch a virtual conference. Since April 10th here is what happened:
We have enrolled over 100+ partners and universities
With BlockTV’s distribution (we are taking over the site for 1+ months) and our post-conference strategy, this content will reach 5+ million views
Over 5000 people have registered between Eventbrite and Facebook (with 21 days to go, we expect 20,000 people registered)
We have invested $70,000 to professionally produce this 72-hour event with BlockTV
We believe we have surpassed Cointelegraph and Consensus in reach and production quality.
We believe this is the #1 conference in crypto currently.
MouseBelt will invest over $70k+ into this event. We would like to have fellow P-Reps invest $20k (this will go 100% to BlockTV production cost). The benefit to the ICON community will be:
Owning 20% of the conference “screen time” at a 50% discount
Increased exposure to over 100+ top universities working on blockchain
Partnership with Anheuser-Busch InBev, and Coca Cola for one of our hackathon events (or similar).
We are open to adding as many additional benefits as possible as we are a part of the ICON community
Background: MouseBelt is a popular blockchain ecosystem consisting of multiple parts:
Top 3 global blockchain accelerator, investing into early to mid-stage blockchain projects
MouseBelt as ICON developers: Our engineering team has implemented token assets on ZenSports (SPORTS), the first STO on the ICON network, and GrowYourBase, the #1 IRC2 application token in market capitalization on the ICON network. Currently, we are developing the Balanced network in concert with ICX_Station, PARROT9, and Iconosphere. Balanced will bring synthetic assets backed by ICX to the ICON network, as well as tokenized staked ICX. This can assist with both a stable asset for payments, and a base for other DeFi applications MouseBelt as a P-Rep: We have been a Main P-Rep most of the time since decentralization of the network and so far had utilized our funds for student education. Such as the “ICON in a box” workshops and the Milwaukee Blockchain Conference, which we sponsored in a direct ICX payment and the second annual payment for UCLA’s blockchain engineering course. REIMAGINE2020, Conference details: Conferences have always been an integral part of the blockchain space to promote projects in the industry. With recent evolutions around the globe, things have changed. They either got canceled or delayed. We have created REIMAGINE2020, a virtual conference. Shared by the ICON Foundation on April 18. We can effectively and efficiently promote ICON to the world through Reiamgine2020 | BlockTV. The driving force behind the conference is: highest quality of Content matched with the best production quality for Video. The funds will allow MouseBelt to promote ICON logo/branding throughout the conference/programming for straight 72 hr of live streaming. Additionally, we have the opportunity to properly place ICON logo/branding in highly favorable on-screen placements (tickers/commercials/plugs and continuous branding) reaching 5M viewers globally. ICX Station is providing a Keynote to drive global interest. Confirmed partners
Influencers we are reaching out to: Chamath Palihapitiya, Adam Back, Ray Dalio, Andreessen Horowitz, Michael Novogratz, Naval Ravikant, Balaji S. Srinivasan, Su Zhu, Charlie Lee, Nick Szabo, Riccardo Spagni, Fred Wilson, Max Keiser, Winklevoss, Air Paul, Michael Arrington, Peter Schiff, Paolo Adroino, Elizabeth Stark, Marc Andreessen, A. Pompliano, Patrick Byrne, Brock Pierce, CZ, Vitalik, Andreas M. Antonopoulos
3. As far as hard data for "attendees" we have two signals:
5000+ attendees on Facebook and Eventbrite, with 3 weeks to go (13X MORE than Virtual Blockchain Week!)
Attendee list includes a mix of media, university representatives, C-level executives, developers, and startup founders
Crypto VC Company Andreessen Horowitz Forecast Bitcoin’s Price To Take A Sharp Peak Despite the crypto industry being rather new to the world of finance, many crypto investors believe the leader of the crypto space, Bitcoin, to receive a massive boost in its price. Silicon Valley VC firm Andreessen Horowitz makes no difference, claiming that “Bitcoin’s fourth price increase cycle is on the way”. The company published a blog post, explaining that the “last price cycle of 2017 gave birth to a vast array of crypto-related projects in various fields.”, and noted that “these projects are set to launch in the near future, which may spawn a fourth Bitcoin cycle”. Meanwhile, Andreessen Horowitz announced a second, $515 million crypto fund, which makes the total amount of cash for crypto companies to reach over $800 million. “Despite looking rather chaotic, the cycles created a steady growth of ideas, software innovations, and realized projects. People with a long history in the crypto industry learned to anticipate such cycles.” Andreessen Horowitz stated. The VC company explained how and when the three past Bitcoin cycles were created and the culprits behind the cycles. During the first cycle, which lasted from 2009 to 2011, Andreessen Horowitz noted a peak in both value and social media activity in July 2011. Source: Andreessen Horowitz “The social media activity, as well as developer activity sustained at an increased level when compared with pre-peak activity. This is not a single event, as we see the same pattern forming in the two cycles after that.” The VC firm also noted that the second cycle peaked in 2013 and ended in 2016. This time, the cycle brought 10-times more startup companies and developers into the crypto space. During the second cycle, the crypto space gave birth to the leader in altcoins, Ethereum, which later became the catalyst of the third cycle. The third cycle peaked when the crypto community received its most significant interest boost, shooting Bitcoin to an all-time high of over $20,000. The developers and startups again increased ten-fold and the sector received a mass recognition in institutions. Andreessen Horowitz concluded that the compound annual growth rates (CAGR) in Bitcoin’s price, social media activity, developer activity, and startup activity increased exponentially. Source: Andreessen Horowitz Price CAGR increased by 196.4% from 2010 to the present day. Social media activity received a 207,5% increase, while developer activity and startup activity increased with 74,4% and 53,9%, respectively.
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Will Bitcoin be beaten by Avalanche's flexibility?
Emin Gun Sirer, which has a lot of achievements and has made a lot of contributions to Bitcoin ecosystem, till he felt a new consensus mechanism was needed for blockchain utility beyond money , is launching his own cryptocurrency coin and network with funding from some of the biggest venture capitalists in the field. His startup, Ava Labs Inc., raised $6 million for the project in February from the likes of Andreessen Horowitz, Polychain and MetaStable, and it’s debuting a test version of its network Thursday. The issuance of a coin will happen when the network is launched publicly in the coming months. Ava is working to secure large corporations as partners, and is planning to establish Ava chapters in cities throughout the world, Sirer said. Will it work?
The European Central Bank (ECB) doubled down on its dismissive stance on bitcoin (BTC) July 9, refusing to recognize it as currency in a Q&A session. “Bitcoin is not a currency, it rather is an asset and it is very volatile,” officials wrote quoting chief economist, Philip Lane. In May this year, a report dubbed “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures” concluded the entire phenomenon had little impact on the traditional economy. Previously, the European Union’s reserve bank had also come out bearish on the idea of issuing a digital currency of its own, in contrast to noises now coming from China and several other states.
Cybersecurity researchers have revealed eye-opening details about a widespread Android malware campaign wherein attackers silently replaced installed legitimate apps with their malicious versions on nearly 25 million mobile phones. According to researchers at Check Point, attackers are distributing a new kind of Android malware that disguises itself as innocent-looking photo editing, adult entertainment, or gaming apps and available through widely used third-party app stores. Dubbed Agent Smith, the malware takes advantage of multiple Android vulnerabilities, such as the Janus flaw and the Man-in-the-Disk flaw, and injects malicious code into the APK files of targeted apps installed on a compromised device and then automatically re-install/updates them without the victims' knowledge or interaction. Researchers initially encountered the Agent Smith malware in early 2019, which was primarily being found targeting Android devices in India (with 15 million infected devices) and other nearby Asian countries like Pakistan, Bangladesh, Indonesia, and Nepal.
Donald J. Trump tweeted Thursday that he is “not a fan” of cryptocurrencies, saying they were “not money” and referencing their price volatility relative to the dollar in his first public comments on crypto since becoming president of the United States. In his tweets Thursday, Trump took aim at the potential for using cryptocurrencies in illegal activities, citing drug trafficking in particular. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency. Joining Libra might be a surprise move to some, considering the Winklevoss brothers’ legendary fight over control of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate. But they now want to be “frenemies” with a mutual goal of promoting mainstream crypto adoption. Plus, the twins are aiming to diversify Gemini’s token offerings by 2020. They recently applied for a broker-dealer license through the Financial Industry Regulatory Authority, which would allow Gemini to list digital securities. So far, only one crypto exchange, Coinbase, has joined the Libra Association, whose ranks also include traditional financial players such as PayPal, Visa and Mastercard and VC firms such as Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo is also a member.)
Bitcoin (BTC) bolstered its already bullish technical setup with a move above $13,000 on Wednesday. The top cryptocurrency by market capitalization rose to $13,154 in the Asian trading hours, the highest level since June 27, according to Bitstamp data. With the move to two-week highs, BTC has recovered 85 percent of the sell-off from $13,880 to $9,614 seen in seven days to July 2.
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Andreessen Horowitz has invested directly in cryptocurrencies like Bitcoin and Ethereum, along with a range of other bets that include Coinbase, the crypto lender Compound and Anchorage, a Andreessen Horowitz will provide operational support to entrepreneurs. Its crypto investments have access to the same 80+ person a16z operating teams as do its non-crypto investments. The company is in an open-minded mood as it is flexible with respect to stage, asset type, and geography. The genius at the heart of Ethereum and Bitcoin (and crypto more generally) is a set of incentive structures that makes these systems self-policing. Through well-calibrated economic rewards, cryptonetworks like Ethereum encourage their users to keep one another in check. A list of investments made by funds managed by Andreessen Horowitz This entry was posted in Andreessen Horowitz, Asiff Hirji, bitcoin, Bitcoin News, Coinbase, Cryptocurrency, exchange, Markets, News, Polychain, Tiger Global Management on October 31, 2018 by adminbtc. Union Square Ventures to Tap Into Potential Trillion-Dollar Crypto Future FOMO drives bitcoin's price and derivatives economy, Telegram delays, and a16z has another fund. Bitcoin Boom Roils Markets, Andreessen Horowitz Raises $515M - CoinDesk News Learn Videos Research
BRD's CEO Dismissed Crypto Until Overhearing Andreessen Horowitz Execs
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