Sequoia warns crypto founders

GM. We wade through the crappy crypto news and find you the gems that matter. Enjoy the long weekend.

We won't be sending Monday so enjoy the long read at the end.

Today's Topics:

• Sequoia Capital shoots a warning to founders

• Davos attendees discuss the Metaverse

• Ultimate Blockchain and Solidity Dev Guide

• Quick Links

Sequoia Capital shoots a warning to founders

What is it with VCs and huge decks? First it was the State of Crypto Report by a16z coming in at 56 pages and now Sequoia has decided to one up with a 58 pager. The tone on this one is a bit more grim however. Basically a slap to founders to wake up and smell the coffee.

We know you ain't got time to read it so lets recap:

1/ This time it is different when compared to the March 2020 tanking due to the pandemic. We got a V-shaped recovery then. No V this time unless it is a V-Neck shirt thanks to rampant inflation. It is gonna be a long recovery.

2/ Save yo cash - Founders need to adapt and prepare for leaner times. We've seen hiring freezes and layoffs in tech/crypto these last few weeks and don't expect it to stop.

3/ The VC Money Gun Shooter is down for repair - Rates have gone up so cheap money is over. If you have not already closed a round do it now. More meetings and less checks written so only the cream of the crop will get that sweet sweet green.

4/ Recent IPOs have done worse than Jim Cramer predictions - Stocks and crypto have been beat up. Valuations have come down to earth and look to remain so for the time being. Investors are looking for...profitability.

5/ Bright Note: Since FANGs are freezing hiring this will give starts ups an opportunity to hire A players.

Davos attendees discuss the Metaverse

The World Economic Forum holds an annual meeting in Davos to discuss ideas with business leaders, celebs, and global leaders. This year is the first one after the event hit the pause button during the pandemic. The rich meet the super rich here to brainstorm, mull over how to save the world, and network of course.

This year crypto and the metaverse were top of mind in many discussions. We found the definitions of the metaverse by attendees at Davos to be mostly hilarious:

• “The next iteration of the internet…the part where it gets less flat.” —Chris Cox, chief product officer, Meta

• “A single shared place we would inhabit together as humans.” —Philip Rosedale, founder, Linden Labs and co-founder, High Fidelity (describing his original vision for Second Life) - We call this earth no?

• “A new form of expression.” —Omar Sultan Al Olama, minister of state for artificial intelligence, digital economy, and remote work applications, United Arab Emirates

• “The seamless merging of our digital and physical worlds.” —Peggy Johnson, CEO, Magic Leap

We will make up our own here:

The metaverse will be the convergence of humanity and the digital experience to reach nirvana. ~ Mushroom Alpha

A shit ton of work went into this. If you were ever on the sidelines thinking about how to learn blockchain development now is the time!

Quick Headlines

MetaMask is helping people who get scammed - Working with Asset Reality to investigate scammers.

Bitso a LATAM crypto exchange lays off 80 people - Tip of iceberg for crypto?

Huobi buying LATAM exchange Bitex - We have begun to see consolidation in the exchange space and know FTX is on the hunt.

OnlyFans alum building a influencer NFT trading card app - Called Zoop the team said it will be "family friendly".

Long Reads:

Tokenomics Thoughts - Written by Onchain Wizard

See you all on Tuesday! BBQ and Swim it up!

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.