Fred Wilson on bear markets and me on the future of Zcash


#1

If you have any kind of investment in crypto/blockchain/decentralization — whether financial, or you’ve been investing your career in it, or you’ve been investing your emotional, social, political energy — then YOU MUST READ THIS:

https://avc.com/2018/11/what-bear-markets-look-like/

The author, Fred Wilson, is probably the single clearest and most insightful voice in all of tech investing. (Sorry, everybody else.) He speaks to what matters, he’s honest and direct — not trying to manipulate the reader — and he speaks from direct experience. …

“What we have yet to see in crypto land is when they kick you when you are down. And that is certainly coming. Regulators came after the Internet sector in a big way post the bubble and that seems likely to happen in the crypto sector too.” …

“And most everyone in big companies wrote the Internet sector off, cancelling their Internet efforts as a fool’s errand. That seems likely to happen in crypto too.” …

“And many talented people left the sector. That seems likely to happen in crypto as well.” …

This bear market is going to drive a lot of companies and projects out of existence. That’s not all bad (although a lot of it is bad). But market forces cannot drive Bitcoin, Ethereum, or Zcash out of existence, because those are social movements, not companies. …

(Aside: yes, there are a lot of companies involved — including the Zcash Company that I head — and some of those companies (but not mine :wink:) might go out of business, but that cannot kill those social movements.) …

The mission of Zcash (as I see it—others may have different ideas) is to empower everyone with economic freedom and opportunity. Money is only a means to that end. It’s going to take decades. The Zcash community will still be working on it ten years from now, no matter what. ៚