UNA VOLTA NELLA VITA CAPITA LA GRANDE OCCASIONE! CARPE DIEM!


IMPORTANTE LETTERA DA PARTE DI DAN, CEO DI PANTERA CAPITAL

 MENTRE IL MERCATO DELLE CRIPTO SI STA FINALMENTE INIZIANDO A PULIRE DA UNA FOLLE SPECULAZIONE PARTITA A GENNAIO ECCO UNA IMPORTANTE LETTERA SPEDITA DAL CEO DI PANTERA A UN MIO CARO AMICO CHE LAVORA NELL'INV. BANKING DI UNA DELLE PRIMARIE ORGANIZZAZIONI AL MONDO,

Dear Robert,

I think there is something really big going on here.

Decentralized applications -- where the network value goes to the developers and early community members – are an immensely important creation. 
 Tim Berners Lee invented the web and got next to nothing.  Centralized applications like Facebook and Google now take all the developer value with their “copy and crush” strategy.  
I STRONGLY believe that decentralized apps will – over decades -- replace the wall-garden centralized data monopolies.  (The five most valuable companies in America are data monopolies.) 

Tokens representing ownership in the protocols (Bitcoin, Ethereum, Ripple, Augur) are exploding in value.  Many of the token sales are just a blog post, vaporware, and no community.  I recently met with Ted XXXXXX, the founder of XXXXXX, and the XXXXXX management team.  XXXXX is the first real company to open-source, decentralize, and convert its entire cap table to contributor-owned tokens.  I believe when we look back in ten years this announcement will be seen as a seminal moment.  I’ll write up my thoughts more concretely later.  To sum it up, I believe:

What Bitcoin is doing to currency, Ethereum-based tokens will do to equity.

The payout ratio is very asymmetric.  XXX s pushing a chip worth approximately $1 billion out on the poker table.  Facebook and WeChat have 600 billion chips on the table.  I believe it's a much greater than a 1-in-a-60 chance this strategy ultimately gets 10% of the social market. 

Bigger picture, I think it’s the beginning of a multi-decade transition to a token-based economy.  The protocols are selling stakes in their projects in what are being called Initial Coin Offerings (ICO).  The next few years might be like the IPO model.  Stakes being pre-sold to well-known firms who have respected currency creators diligence the companies.

This year’s blockchain conferences in NYC were packed (2,700 people vs. 1,500 last year and a couple hundred in 2013).  Many were using the 1990’s internet analog.  “Is it 1997 or 1999?”   That misses the point – if you do the diligence and select the right projects you can be long the Amazon, Apple, Microsoft of the decentralized era.  In March 2000 Apple “crashed” from $4.95. 

There are 700 hundred projects/currencies out there.  Many probably are the Pets.com of the token wave – basically sockpuppetcoin.  The creator of one of the top-20 currencies is joining Pantera as my co-chief investment officer.  Jed McCaleb who created two top-10 currencies has long been a part-time venture partner with Pantera.  Our investment team has identified 23 projects with real merit. 

When decentralized ledgers got going we launched the Pantera Bitcoin Fund at $65/BTC and bought 2% of the world’s bitcoins.  When Ripple announced we bought 3%.  This feels like a similar moment.  Open-sourced messaging/generalized digital services being priced at $1bn.  Massive asymmetry.

We’ve been preparing the launch at the end of June of a generalized multi-currency/token fund which includes ICOs.  Love to have you partner in that.  However, my meeting with XXXX blew my mind.  A real company with 300 million users is converting their entire cap table to tokens.  When XXXX converts XXXX is likely to be the most-widely held cryptocurrency in existence – more widely-held than Bitcoin or Ethereum.

Pantera was XXXX’s first meeting and first to buy $20mm of the pre-sale at the deepest discount  to the public auction price. 

I haven’t had this much conviction since the early days of bitcoin.

The Pantera ICO Fund will invest in pre-ICO sales -- typically at a discount.  The Fund currently holds XXXX, XXXXX, and XXXXX Pre-sales and will have exposure to all future ICO deals Pantera invests in.

We intend to close the Pantera ICO Fund at $100 million.  The GP and strategic partners have committed $40 million of that total.  The Fund will close on or before June 30th.

We’re having a conference call to discuss the opportunity on Wednesday at 10am PDT (details below).

Regards,


DAN MOREHEAD
ceo
pantera group 

NOI DI MERCATO LIBERO STIAMO ENTRANDO CON BLOCKCHAININVEST  ED ENTREREMO CON BIG BIT NELLE ICO CHE PANTERA CONSIDERA MOLTO PROMETTENTI  E CHE SONO INDICATE CON UNA XXXX.
SE SEI INTERESSATO A SFRUTTARE L'OPPORTUNITA' CHE IL MERCATO DELLE CRIPTOVALUTE OFFRE SCRIVI A MERCATILIBERI@GMAIL.COM



Dan

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