Did the VCs spark a run on the bank? Yes. As a founding member of the SVB team, do I blame them? No. SVB has become the symbol of the end of the banking system that no one trusts. — UPDATE 5/16/23 — SVB Greg Becker testified to the US Senate in first public remarks since the bank collapsed 10 weeks ago. The Senate’s hearing was the first time lawmakers had the opportunity to grill Becker, who has been criticized for failing to address risk-management issues that regulators had flagged. Some lawmakers also rebuked Becker for dishing out bonuses and questioned whether he and other executives profited from stock sales (noted below)…

Goodbye Google (and 8,000 altcoins). Hello Web3 and power to the people time. The internet realizes it’s original distributed dream as we create another $100 trillion in global wealth along the way. — A multi-trillion dollar entrepreneurial opportunity Our definition of Web3 refers to the transition of the web from a cloud computing-based, centralized platform to a decentralized internet driven by edge computing, blockchain dApps, cryptocurrencies, NFTs, artificial intelligence, and metaverse and virtual reality technologies. Decentralized applications empower users with what we all want most in life: autonomy…

The FTX implosion has jeopardized billions and created fear and loathing in the crypto markets. Which VC funds took the biggest hits, and what can Silicon Valley learn? — What the F*ck happened? Much has been written about why the third-largest crypto exchange by volume flamed out along with its ‘wunderkinder’ founder, Sam Bankman-Fried. Mr. Bankman-Fried had promoted FTX as ‘the most trusted exchange,’ which we have all learned was quite the opposite of the truth. ‘This is the direct result of a…

We previously admonished Jack Dorsey for betraying the Silicon Valley spirit by shadowbanning, censoring, and canceling Twitter members for dubious reasons. The ‘Twitter Files’ exposed the Ivy Leaguers for doing it behind Jack’s back. We apologize. — The inmates were running the asylum New Chief Twit Elon Musk confirmed that a small circle of Twitter execs blacklisted political opinions, not in line with their own beliefs, without the knowledge and consent of the company CEO and founder, Jack Dorsey. ‘The decision (to censor the Hunter Biden laptop story) was made at the highest…

How we use YouTube, Substack, Twitter, Telegram, Discord, Reddit, LinkedIn, Linktree, YAMM and counting to get the word out. Featuring street art by iHeart. — iHeart, a street artist based in Vancouver, has created a series of street compositions in which each image examines our relationship to contemporary culture. iHeart’s creations span the spectrum from traditional tags and stencils to his series of works shared in this post reflecting on our virtual lives and interactions…

The street art in Camuna 13 in Medellin Colombia is some of the most magnificent in the world. The wall murals serve both as a remider of the conflict that has plagued them for over three decades, and hope for a bright future full of peace and prosperity. — After years of indiscriminate violence between drug lords, right-wing guerillas, left-wing paramilitaries and an overwhelmed government, Medellin became recognised in the early 1990s as the murder capital of the world. …

Somewhere between the raw startups and the Unicorns are the blockchain, AI, and metaverse companies pioneering Web3 and offering the best equity investment ROI potential in the global Silicon Valley. — Introducing the Cryptonite 300 Cryptonite tracks private companies in the blockchain, artificial intelligence, and metaverse industries. To kick off the 2023 Top Private company competition, our team has compiled the following list of companies in the blockchain sector. …

Gemini founders Tyler and Cameron Winklevoss take on Barry Silbert and the Digital Capital Group empire—a competition where everyone will lose. — Another prominent crypto exchange, Gemini, has been hit by the FTX virus. Gemini was founded by the bitcoin billionaire identical twins Tyler and Cameron Winklevoss. …

Investors went gaga over Elizabeth Holmes and Sam Bankman-Fried for different reasons but gave both young, first-time entrepreneurs way too much slack to their peril. — There is another angle to the whole FTX drama that is worth discussing. From an investment standpoint, the elephant in the room is why some of the most sophisticated investors in the world put money in FTX without doing the required due diligence. …