Vision Hill 10 大观点

Takeaway #1 – There’s Bitcoin & There’s Everything Else Everything else = Web3, DeFi, DAOs, SC layer-1s, security tokens, digital ID, data privacy, gaming, DLT & more Bitcoin is the first stop for many & likely will continue to be for the foreseeable future

#2 – Bitcoin is Perhaps Market Beta, For Now Not w/o drawbacks, but its size, institutionalization & clear regulatory status enable BTC to be an attractive 1st step for allocators looking for exposure (both long & short) to crypto We expect this trend to accelerate in 2020

#6 – Token Value Accrual: Subjective to Objective Ethereum, ETH & DeFi case study shows ETH is not directly capturing the value of all the assets launched on its platform; instead value is getting captured in the applications We discuss why this may be & ETH’s value proposition

#7 – Money or Not, Software-Powered Collateral Economies Are Here We are moving away from “cryptocurrencies” toward digital assets for financial applications & economic utility Digital collateral is a growing area of focus following success of @MakerDAO & @compoundfinance

#9 – It is Late in the Game for Layer-1 “Smart Contract Wars” If a SC platform does not launch by end of 2020, its position vs. peers in context of developer mindshare, future users & defensible network effects is likely to be challenged

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