I try to keep this rag free from personal news outside of the "final thought", but I think this particular news is worthy of some ink because it allows me to highlight what I deem to be a shortcoming in bitcoin space at the moment; capital dedicated to supporting entrepreneurs building out infrastructure and products that help to usher in a Bitcoin Standard.
Since I started this newsletter, the intention behind my actions as they relate to Bitcoin has always been guided by the question, "Where can I help Bitcoin the most?" This rag began after I noticed a lack of approachable bitcoin-focused content and decided to stick my neck out there and attempt to fill the gap. The podcast started shortly after in an attempt to spread the "approachable content" to a different medium.
About a year after getting this media empire off the ground, I was approached by the team that eventually evolved into Great American Mining to help them get a mining operation off the ground. I decided that I wanted to join the team because, at the time, there seemed to be a pressing need to further geographically distribute hash rate production while combating the energy FUD surrounding the industry. I thought I could help with those efforts and like to think I wound up having a small impact.
Now, as I roll into my 30s and begin to grow my family, I am pretty much pot-committed to ensuring that my children, their children and any other descendants who become branches of my family tree live under a Bitcoin Standard during their lives. In my mind, the best way to ensure my children live under a Bitcoin Standard is to support and expedite the construction of companies and software projects that accentuate and unlock Bitcoin's utility for the masses.
At the moment, there are mountains of capital dedicated to perpetuating the "crypto" world and the many token scams that come with it, yet there is a relatively small amount of capital dedicated to investing in companies and projects dedicated to Bitcoin infrastructure. As you probably know if you've been reading this rag and listening to my podcast for enough time, I believe there is "an order of operations to all of this" that those building out the Bitcoin protocol and the layers above it understand and are pursuing.
Nothing matters if the base layer isn't sufficiently distributed.
It makes sense to build out the Bitcoin network in a layered stack.
Focus on ensuring Bitcoin remains the best money on the planet by protecting its consensus rules and work outward from there.
Push complex applications to higher layers.
This is how I believe we bring the world a sufficiently distributed and robust open monetary system that cannot be controlled or co-opted by any centralized entity. While there are many quick and sick gainz to be made in a "cryptoverse" driven by insider greed and false marketing, my focus is on ushering in a Bitcoin Standard. If successful, it will come with some sick gainz too.
As a Venture Partner at Ten31 I aim to allocate capital and other resources to talented and motivated teams building across this stack while providing bitcoiners increased utility and ease of use. One goal of doing this is to help these teams bring their ideas to fruition while producing sizable returns for Ten31's investors.
Another, more interesting (in my opinion) and less obvious goal is to accelerate the flywheel initiated by Bitcoin's perfect incentives. If there is a larger pool of capital dedicated to bitcoin-focused companies maybe it incentivizes builders who are currently sitting on the sidelines to take a leap and begin building what they deem to be a value-add product on top of Bitcoin. Once bitcoin-focused companies are sufficiently capitalized, they can focus on building and providing the market with increased utility which drives more value into bitcoin the asset as more people are drawn to its gravity.
Is this the best way forward? I can't say for sure, but I have a strong hunch that it is. At least for me.
This is very new territory for me and I am excited to embark on this next chapter. Especially considering I'll be doing it alongside an incredible team which includes my (trigger warning, Matt) partner-in-crime Matt Odell, Michael Tanguma, Ten31 co-founders Grant Gilliam and Jonathan Kirkwood, and the future President of the Republic of Texas - Parker Lewis (advisor).
There are many things to be built. I am most excited to research companies working on Discreet Log Contracts, Lightning Network applications/infrastructure, mesh networks, and vertically integrated mining operations, among many other things.
The future is bright and it will be built on a Bitcoin Standard. Here's to hoping we can realize that future quicker than the haters think is possible.
Guy Fieri's Triple D is an interesting background soundtrack for a newsletter.