Chainfeeds Guide:
There are many paths to greatness, no matter how you call it.
Article Source:
https://mp.weixin.qq.com/s/GpOYi8dLNfZpRDjQrHmCMQ
Article Author:
Bright Company
Viewpoint:
Matt Huang: In 2010. Whitepaper. At that time, I was still in college, and I internalized it as a very beautiful concept. It brought together the intersection of computer science, mathematics, economics, game theory, monetary history, and other fields. It led me to delve into some related concepts. Because if you look at the citations in the Bitcoin whitepaper, people have been thinking about this issue for a long time. It cited a lot of early work. So this was interesting. I didn't have funds at the time, and it didn't look like an investment, more like a toy. My next encounter was in 2013, which I think was the first Bitcoin bubble, and I participated in it. I believe an important point about Bitcoin adoption is that you almost need to lose money or do something foolish the first time you encounter it. Then I found - this was definitely true for me - you give up on it, possibly thinking it was dead. Then when you see it come back again, you start to doubt because there are many bubbles like tulip bubbles. But tulips didn't have multiple consecutive bubble cycles. Well, our founding insight when creating Paradigm was that Fred and I both firmly believed that Crypto currencies would be one of the most important technological and economic trends. We believed that to invest in Crypto currencies, one needs to be "Crypto native". We worked hard to build such an environment. We didn't have a top-down plan. For us, this meant ensuring we had a team capable of dealing with an uncertain future. Back to the issue of readability and unreadability. I think Crypto currencies, even today, but certainly at that time, were an extremely unreadable frontier field. It was difficult to understand what was valuable, what would be valuable, and how to distinguish noise from signal. It was a deeply technical field, and we knew that recruiting investors from central casting wouldn't work. We were fortunate that our first hires tended to push us in a more technical direction. I would say that today, there are two main things driving Paradigm. First, we see our mission as advancing the frontier of Crypto currencies. We certainly care about investment returns, but we're not primarily optimized for that. I think if we advance the frontier of Crypto currencies, make Crypto currencies work, and expand the pie. Honestly, assets are easier for me because that's just a number. I think when you have a clear long-term belief in Bitcoin or Crypto currencies broadly, volatility is much less. If you look at the potential volatility of our belief in Bitcoin or Crypto currencies, there will certainly be ups and downs, but the magnitude is far smaller than the price. By comparison, this is easier. Organizational effects and personnel effects are much more difficult. You can see this throughout the Crypto currency field, when Crypto currencies are hot and appear in the news, it's the easiest time for recruiting personnel in all roles, whether in companies or Paradigm. If you consider the selection function, it's also those who might enter for the wrong reasons, or who may not truly believe in the 10-year time frame of Crypto currencies, but today it's a hot thing. Therefore, during volatile periods, this causes a lot of turbulence. So, we've always been somewhat inclined this way, but today more so, we're very focused on locking in those who truly understand it and are committed long-term.
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