Ben Gilbert: belief

Transcript context

…That's exactly what it is. It is the opposite of Berkshire Hathaway. To say the crypto community goes nuts with it, this is catnip for the crypto community. People are jazzed. By the time the ICO closes in May 2016, remember, this was originally for a decentralized hardware, Airbnb competitor, they raised $150 million. They renamed the whole thing, The DAO. That is what they are. It's so great, so, so great. A $150 million, that is more than most first time VC funds in the world. That's a lot of money. That is the biggest crowdfunding of all time. I think the only seed funding that is larger than that for a single entity is probably Quibi. That is more Fred Wilson in Union Square, going to come into the story here in just a minute. A $150 million into The DAO is more than USV's entire first fund. They're one of the most active venture capital investors in crypto at the time. This is a lot of freaking money. It turns out, though, that there is a security flaw in Ethereum. It's specifically in the part of smart contract code where The DAO operates.…

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