unbounded [[bsv vc]] [[podcast quest]]

!time:00:14 investing in microtransaction companies at the seed stage. close to finding product market fit or with potentially just an idea near the beginning of a company's lifecycle

!time:01:15 zach introduced to crypto through poker. have jack laskey on the show! major poker sites supported bitcoin 2011 2012

!time:03:40 brokering airline points. buy from businesses who didn't use them and book for people who wanted cheaper flights. grey market arbitrage, legal but against airline terms of service. started arbitraging argentian and US bitcoin using existing relationships from airline points business

!time:10:03 former tokenomics adherent. believed they could identify the few valuable token economies from the mass of useless ones. "kind of hilarious to think about right now"

!time:11:01 mike henessee and dan on investment committee

!time:12:41 learning about bitcoin cash at co working space called "node?". high vitriol but no substance to [[roger ver]] critiques made zach and joshua question the "official" btc crypto narrative

!time:13:38 used to be called ezra new economy fund... converted to bsv focused fund called unbounded

!time:15:43 challenge of fund raising in the "most hated crypto subculture and community". the delisting and subsequent price drop seemed like an opportunity for a great risk reward and caused them to commit a substantial position at $50

!time:17:30 "we try to underwrite that technical risk. so we're not waiting for someone to say get product market fit have millions of dollars of revenue... we like to invest when its a lot more uncertain"

!time:18:17 "poker to me has been the best way i've ever heard of of understanding risk... how many times do you have to make a decision very quickly with an incomplete amount of information?"

!time:26:48 unbounded investment criteria: "saying you're a micropayment infrastructure company is already one of the most narrowing venture thesis you can possible have"

!time:28:02 "why are you one of the best possible people in the world to be working on this for at least a decade"

!time:30:27 if you're trying to raise capital, you're in the business of sales, even if your product is doing most of the sales

!time:31:31 doesn't have to be bsv. if some other chain comes along that does micropayments. "we dont think thats likely obviously but we wanna stay open and flexible"

!time:32:49 joshua: founders building with bitcoin (bsv) are more likely to be passionate bc they are not interested in number go up

!time:33:15 bsv founders give up short term gains to make a long term investment that supports your values and building something great

!time:34:18 non-bsv crypto entrepreneurs have more [[hollow abstractions]] h/t liron shapira https://knovigator.com/quest/time-33-04-hollow-abstraction-dgx7xqjo

!time:36:00 lots of opportunity in the loyalty point space. airlines make money on selling loyalty points to banks and lose money on everything else

!time:39:36 ftx collapse. anyone doing due diligence could see that they were risky

!time:42:08 why invest in these crypto companies when you can just invest in bitcoin

!time:42:55 you have to have the pain of losing money to reevaluate your thesis. this is paving the way for quality companies to break through the noise as speculative bets fail

!time:45:46 jack laskey piece https://unboundedcapital.com/blog/why-the-worlds-largest-blockchain-vcs-keep-investing-in-frauds-ponzis-and-useless-technology

!time:47:17 first vs second fund. first fund invests in tokens. second is typical equity fund.

!quoted by metamitya