Is the Crypto-Native Era Coming to an End? - Lessons from 10 Years in Crypto with Joey Krug, Founders Fund Partner
Joey Krug (Founders Fund partner, former Pantera co-CIO, and Augur co-founder) returns to unpack whether the “crypto-native era” is fading as institutions and mainstream apps adopt crypto rails without adopting crypto culture.
We dig into prediction markets’ breakout (and why Polymarket finally found product-market fit), the coming regulatory fights around market structure and “insider” edges, and what’s next for founders building in a post-cypherpunk, distribution-first phase of crypto.
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TIMESTAMPS
0:00 Intro
5:45 Is Crypto-Native Dead?
16:37 Lessons From Augur
20:29 Prediction Market’s Success
25:24 Just Gambling?
27:50 Prediction Market Regulation
41:03 Founders Fund Polymarket Bet
44:37 FBI Raid
46:47 Founders Fund Crypto Investment Thesis
53:46 DATs
57:02 Layer1 Valuation
1:00:40 ETH Valuation
1:04:32 What Would Joey Build Today?
1:06:13 Crypto x AI
1:10:09 Frontier Tech x Crypto
1:14:26 4-Year Cycles
1:16:16 Less Upside in Crypto Now?
1:19:37 Crypto Privacy
1:20:41 Last & Next Decade
1:23:05 Closing & Disclaimers
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RESOURCES
Joey Krug
https://x.com/joeykrug
Augur
https://augur.net/
Founders Fund
https://foundersfund.com/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
DeFi Didn't Break with Dan Morehead & Joey Krug
Many things have broken in the last few months during crypto's bear market. However, DeFi didn't break. Dan Morehead and Joey Krug explain why.
Dan founded Pantera in 2003, then pivoted into cryptocurrency in 2013 and went all in on crypto, and is the firm's CEO. Joey joined Pantera in 2017 as co-CIO and is a seasoned builder/investor in the crypto space.
Both repeat Bankless guests and both know more than a thing or two about crypto and investing.
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------ Timestamps:
0:00 Intro 6:15 The Past Few Months 10:28 Crypto's 2008 Moment 12:40 The Mainstream Media Story 16:45 CeFi vs. DeFi Confusion 21:45 Media Incentives 24:00 DeFi vs. Wall Street 30:45 DeFi is Too Referential Critique 33:38 DeFi Worked Great 37:05 Transparency Thoughts 43:15 2008 Prevented with DeFi? 49:35 Educating Retail 53:39 Was This Surprising? 55:00 Quick Macro Takes 58:20 Closing & Disclaimers
------ Resources:
Dan Morehead https://twitter.com/dan_pantera
Joey Krug https://twitter.com/joeykrug
DeFi Worked Great https://panteracapital.com/blockchain-letter/defi-worked-great/
Pantera https://panteracapital.com/
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
$6 Billion Fund Manager Explains Why DeFi is Undervalued | Joey Krug, Pantera
On today's episode of Empire, Jason Yanowitz and Santos Santiago are joined by Joey Krug, CIO of Pantera. Before Pantera, Joey also organized the first ICO on Ethereum, raising a total $5.7 million for Augur, a peer-to-peer betting platform- among other things. With his multiple positions and involvements in the crypto scene, Joey provides a unique viewpoint to not only past and current trends, but a loud and vocal perspective on DeFi and the Layer wars. Join Jason and Santiago as they learn more about how Joey navigated his huge portfolio of experience in crypto leading up to Pantera and why he thinks DeFi is incredibly undervalued today.
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Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show!
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23 - Investing in DeFi | Joey Krug
Episode: #23 July 27, 2020
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Joey Krug was doing DeFi before they called it DeFi. He's the co-founder of Augur, an investor at Pantera, an early supporter of Ethereum.
What did we cover? Ethereum, Oracles, DeFi, Bitcoin, Chainlink, Ampleforth, Memes, Risk, Triple Point Asset, YFI, Scaling...what didn't we cover!
After the convo, Joey said we asked the best questions of any podcast he's been on. Maybe it felt that way because we we're speaking the same language: this DeFi is eating the world.
This is Investing in DeFi with Joey Krug.
We cover:
Joey's investment thesis for crypto
How to invest in DeFi
Yield farming a gimmick?
Is AMPL for real?
DeFi oracles (and ChainLink!)
Excited about Augur v2?
A 100 Gwei world
Is ETH a triple point asset?
BTC or ETH?
The next DeFi hack
Join us next Monday for a fresh episode!
----- Resources discussed:
(Listen) ETH as a triple point asset - ep 4
(Link) Ampleforth geyser
(Link) Augur V2 release
(Link) Matic network (scaling Ethereum)
----- Episode Actions:
Sign up for Bankless to get an Augur V2 tactic (Aug 4th)
Watch Ampleforth episode on Meet the Nation
Give us a five-star review on iTunes! (we need 100)
Also...subscribe to Bankless YouTube to watch State of the Nation every Tuesday.
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----- Not financial or tax advice. This podcast is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Do your own research.
Pantera Capital: How Bitcoin Could Reach $356,000 in a Few Years - Ep.129
Dan Morehead, founder and CEO of Pantera Capital, and Joey Krug, co-chief investment officer of Pantera and founder of Augur, discuss where we are in the development cycle of blockchain technology, how Bitcoin, if stays on past trend lines, could hit $42,000 by year's end and $356,000 a couple years after that, and why the biggest challenges now are around scaling and onboarding. We also cover what the adoption of the technology will mean long-term — how creating assets and markets will no longer be the realm of a privileged view — but why payments may be one of the last areas to be disrupted. Morehead and Krug also talk about how Libra walks the line between decentralized and centralized, and it's unclear how Libra will become decentralized. Plus, hear how they respond to questions about the SEC vs. Kik.
Sign up for the Virtues of the Crypto Revolution retreat with me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute!!
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Pantera Capital: https://www.panteracapital.com
Dan Morehead: https://twitter.com/dan_pantera
Joey Krug: https://twitter.com/joeykrug
Dan Morehead on Unconfirmed: https://unchainedpodcast.com/dan-morehead-of-pantera-capital-on-why-this-crypto-winter-is-different/
Unchained with Joey Krug: https://unchainedpodcast.com/joey-krug-on-how-augur-is-like-any-other-tool-ep-79/
A Crypto Thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca
Unconfirmed about Congressional hearings on Libra: https://unchainedpodcast.com/why-the-congressional-hearings-on-facebooks-libra-were-good-for-bitcoin/
Unconfirmed about why it would be good if Libra rivaled the USD: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/
Unconfirmed with Dante Disparte of the Libra Association: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Some crypto industry players fed up with US regulators: https://www.forbes.com/sites/laurashin/2019/05/29/crypto-companies-and-investors-fed-up-with-the-sec/#3f348ad7701c
The SEC vs. Kik: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Bitcoin ETF: https://www.cryptoglobe.com/latest/2018/10/pantera-capital-ceo-sec-doesnt-want-widows-and-orphans-buying-bitcoin-etfs-i-think-an-etf-is-years-away/
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Joey Krug on How Augur Is Like Any Other Tool - Ep.79
Joey Krug, cofounder of Augur and co-chief investment officer at Pantera Capital, talks about what Augur is and is not, why it’s difficult to create new financial markets today and whether or not Augur markets could curb fake news. He explains why the teams burned its escape hatch key and whether he’s worried that Augur’s crowdsale would be considered an unregistered securities offering, plus answers whether he would benefit financially if assassination markets pop up on Augur. We also discuss what he sees happening in the market in his role as co-chief investment officer at Pantera Capital, what problems he think need to be resolved before Augur and dapps can take off, and which projects he believes have the greatest potential to democratize finance.
Thank you to our sponsors!
Start Engine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com/
Episode Links:
Joey Krug: https://twitter.com/joeykrug?lang=en
Augur: https://www.augur.net/
Pantera: https://www.panteracapital.com/
Joey on Unconfirmed: https://unconfirmed.libsyn.com/joey-krug-on-how-to-create-a-regular-cryptocurrency-ep022
Augur FAQ: https://www.augur.net/faq/
Predictions Global: https://predictions.global/
Assassination markets on Augur: https://www.coindesk.com/the-first-augur-assassination-markets-have-arrived/
SEC action against Sand Hill Exchange: https://www.sec.gov/news/pressrelease/2015-123.html
Listen to the Unchained interview with 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
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