Consumer Crypto

Here are the [lightly edited] slides from my talk at Columbia Business School. 

In this, I trace a history of business across media and commerce. 

I attempt to show that all massive growth was as a result of distribution alpha. And the end of that alpha killed most of the businesses in that space.

There's a throwaway line about how DTC and Buzzfeed are in the same business. Please don't be mad.

Conclusions are simple:
✅ Distribution is the rate-limiting factor for most outsized returns.
✅All good things come to an end... Remember that when you're surfing a wave.
✅And remember to align your capital structure with the business you're building (or assessing).

https://www.figma.com/deck/txDCaIQ6SAqDgHfiaCmiNZ

finally got around to this. 

really great, and everyone building or thinking about consumer crypto should review. 

great reminder that even when everything changes, some things are same as ever. 

building great distribution engines is as important in consumer crypto as any prev iterations of the web