Oct 21, 2016


Much ado is all I see
And feel like it's surrounding me
The crowd intrudes all day
'Til I'm finally swept away

A few weeks ago I had the extreme privilege of going to a meeting in Washington, D.C. at a building called the Eisenhower Executive Office Building. This the building that houses the offices of the executive branch of the United States government. It is a great old building the majesty of which you feel as you enter it via the multiple layers of security.

Then inside, there are . . . offices. Some of them reflect the architecture of a building built in 1917, but they are otherwise for the most part nondescript and surely less opulent or fancy or technology-laden than the average mid-sized venture capital firm. There are simply rooms designed for groups of people to meet with each other.

Which took me aback at first until I thought to myself that, at its core, the business of government is just groups of people attempting to make decisions - negotiating, cajoling, arguing, attempting to build consensus. It’s just people.

As a venture investor, one obviously gets the opportunity to back entrepreneurs - people - and different firms place different levels of emphasis on people, ideas, stage, and other things. Regardless, the people part is one of the best aspects of the job.

Which brings me to the blockchain. Our firm has what is now a well documented, ongoing and evolving thesis and related ideas about why we believe the blockchain is one of the most exciting technology shifts (movements?) we’ve seen in a long time. But there is also another aspect of it that is as exciting as the transformational nature or potential of outsized investment gains that may result therefrom.

It’s the people.

The blockchain and its evolving ecosystem and community (Joel and I called it “True Believers” the other day) are a wonderfully smart, intense, focused, weird, open, fun group of people. Almost across the board. Some are capitalists, some may not be capitalists, some cannot figure out which way to go, but all are curious. They are interested in finance, medicine, protocols, storage, music. But virtually every single person I’ve met is as open to conversation and debate, is transparent about their ideas and biases, as anyone I have professional come across. And, every single one of them smiles and laughs, simultaneously taking this blockchain stuff really seriously, and not seriously enough.

I’ve seen this before - when I worked at AOL in 1996 and in the early days of the social web 2006 or so.

Clearly, smiling, engaged entrepreneurs do not an investment thesis make.

Yet, almost weekly I’m coming across articles online making valid points about the unknown and dislocating changes that will be wrought when computers continue their march towards replacing tasks that people do. These concerns feel real.

But at the same time I also can't help but allow myself to get swept away in the enthusiasm of these people I am meeting - the humans - building blockchain software. That their enthusiasm, openness and sense of humor will in fact show us the way towards finding am amazing middle where technology and humanity do in fact meet.

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