Losing Alpha: Why Most New Crypto Funds Are a Sh*t Deal

In this episode featuring Ryan Selkis, you will learn:

  • Why starting a crypto hedge fund seem like such an attractive pitch including the potential for outsized returns, a steep learning curve, and lack of yield on more traditional investment categories
  • Why simply outperforming a Bitcoin and Ethereum portfolio over the next 10 years will require ballsy assumptions
  • Why some tokens could require billions of dollars in capital inflows over the coming years simply to maintain their current token prices
  • How government intervention — including an SEC crackdown — could influence liquidity and token prices


Stock Options vs Protocol Tokens

In this episode featuring entrepreneur and designer Richard Burton, you’ll learn:

  • The basics of stock option equity packages commonly used as financial incentives for startup employees
  • Why stock options can be “golden handcuffs” for employees
  • How misunderstanding small details of your stock option incentive package can cost you millions
  • Why ‘protocol equity’ potentially offers a better compensation outcome for talent
  • How protocol equity shines in areas where stock option compensation does not


Thoughts on Tokens

In this episode featuring 21 Co-Founder and a16z Partner Balaji Srinivasan, you’ll learn:

  • The basics of what a digital token is, how various tokens differ from each other, and why tokens have surged in interest lately
  • Why tokens have only recently become possible due to years of digital currency infrastructure
  • What exactly you receive or hold rights to when you purchase a digital token
  • Why tokens are such a compelling alternative to traditional financing
  • How token models enable fundamentally new types of business models that could power the next wave of internet companies