3/17/2023 0 Comments Moon bitcoin coreWe pay for the privilege of this trust in taxes and fees to financial services companies (a multi-trillion dollar industry). We trust banks to secure our money and not loan it recklessly, and private companies to help us safely use our money for commerce and other financial services. We trust our governments to avoid hyperinflation so our money retains purchasing power. We trust our central banks not to devalue our currency overnight. Many people on our planet enjoy trust in their money and financial systems. Why crypto is happening and why it matters (the 30,000 foot view) We also hope it sheds some light on why Sequoia has conviction that crypto is one of the most important platform shifts of our time. This will feel simplistic to anyone deep in the space, but our hope is that by providing a broad overview of crypto in its historical context and a decent mental model for the ecosystem, more people-users, developers, operators, and founders-will dive in. While arguably a Sisyphean task, we tried to answer these questions in a few pages. The better question is actually: Why Moon? Why is crypto/web3 happening? Why now? Beyond the token market caps that tend to put $$ in people’s eyes, why does it matter? Yet, we still hear the same questions from people new to the space: WTH is happening in crypto? Is it a currency or investment or a new internet? What are the hot new tokens and NFTs? Wen Moon? 2021 was a banner year for crypto: hundreds of projects launched, thousands of new developers and over 100m new users entered the space, total crypto market cap increased by a trillion USD, DeFi total value locked 4x’d to ~$250B, NFT sales broke records and garnered an SNL feature, Tom Brady & Gisele backed FTX spurring a wave of tastemaker interest in crypto, pleasrDAO rescued the Wu Tang Clan album, ConstitutionDAO almost bought the constitution, and more.
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