I was afraid everybody left the crypto industry - Michael Jackson

[Music] thank you I think about it if I look back maybe six months ago things weren't going so well in the industry right there was all sorts of these scandals going on of people losing getting scammed and everything these companies closing and frauds or what have you I might have been afraid to everybody ran away everybody left the industry this is just a complete mess whatever and everybody's gone when I come here today and I see three times for many people as they were last year you think wow they didn't run away everybody's still here everybody's interested everybody's building everybody's dedicated to going forward with this people think it's interesting and that's what makes that probably may be the most happy today [Music] since Celsius and blob fire and there's a whole list of these these scandals that have come along it could have been the case right but I mean in in a way a lot of these products they were like training product get rich quick product these things and we all know in history these get quick schemes that don't last too long and they're full of scambers what I see here is people really build a uh you know people building product Engineers building stuff technicians building stuff mathematicians building stuff and creating the you know the web 3 infrastructure of the future and you know I'm old and I look back I remember with two or maybe where one even coming along and I see the same energy as it's all back then and we know what we're one where two became huge in everybody's life our web 3 is Tiny really really tiny crypto is really really tiny today but if it becomes half as beavers web 2 what would want I mean come on it's the future you know [Music] I mean I've spent 12 years in VC or something and maybe more than the best thing and I remember the original.com I was a.com millionaire for three days or something and then with nothing so you know these these things they come and go as obviously I think what we always look for is is imagine this thing worked all right I'll imagine it doesn't work as imagine it works what can this project become what can this company could come if it's at seats and I think that's what you have to look for and eventually capital is made of finding these success fighting the Amazon is fighting the bulgor no no no nobody looked back then and said it was going to work but you think what if this worked what if everybody in the world uses Google search engine or or whatever Amazon to do do Bookshop it was then everybody buys their books on Amazon that would be great my own personal background I I was with Skype bin for many years right from the beginning to five years and we always thought that what if everybody used this guy the whole world can talk for free that was our message that was the message to the investors that was the message to our people the whole world can talk for free and imagine if that if that happens and it has happened right the whole world is talking for free today they're using the Skype some of it they're using the water they're using everything the whole world is talking for free and I think that's what we're going to see in this space what we see is people developing product which is going to be used by everybody in in like 10 years or something then it's going to take time and as a VC we may choose the wrong company of course that's the game but we may choose the right company and I think we use our experience to try and find the good guys and not the bad guys you never know right but but even a big future believe in a big future [Music] as an investor you have to build through it it's an it's circuit so it's a world which is full of failure right of 20 companies you invest in 15 out of 18 of them are not going to make it for whatever reason so you have to get used to accepting failures and if you're going to be in a failure mode you also have to have some success and you also have to have some dream and I think they you know I know that the investment team uh vibrate my colleagues that they all burn for this future the future of what web3 and things could become personally my belief I mean I've seen the internet come from nothing from the laboratory to the real world I've seen the voice communication which I was part of come from an idea of two laptops talking to each other to you know being involved in every single person's everyday life and for me that's the most interesting thing is a product that affects people's lives right communication affects everybody's life you communicate with your your family your business your friends your lover whatever you want you communicate this way it's a natural thing and we're building a new technology here which is going to five ways to be involved with every person life and and I want to know that even if the projects that I find aren't successful that the whole of this industry is developing stuff which those affect people's lives it makes people happier makes people more efficient gets people in a better job or whatever better relationships and things like that and I think we can I see lots of examples where I believe this technology can give people better access to employment better access therefore to money better access to a global economy better access to people better access to relationships and better access to fun and life has to be fun as well the investing has to be fun as well what I'd like to say about fabric is we've been involved in this ecosystem forever everybody in fabric is a let's say a technician has been involved with building the crypto ecosystem and building other Industries before so we really get out of bed every morning and we burn to this industry [Music] um we want to work with successful Founders founders with deep industry knowledge people with unique expertise who are going to bring fantastic product to the market and we'll help them we know in the beginning these projects are small people don't know everything but some of us are old and it was a young and we worked together to make these companies as successful as we can [Music] thank you