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b'In episode 1 of Hash Power, we explored blockchains as a technology\\u2014how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms\\u2014Polychain, Metastable, and Blocktower Capital\\u2014are our primary guides this week.\\nAs I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class\\u2014and I use that term with hesitation. To put it in perspective, that\\u2019s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.\\nIn such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.\\nHash Power is presented by Fidelity Investments\\nFor comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower\\nFor more episodes go to InvestorFieldGuide.com/podcast.\\nTo get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.\\nSign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\nFollow Patrick on Twitter at @patrick_oshag\\n\\xa0\\nLinks Referenced\\nFat Protocols (Joel Monegro)\\n\\xa0\\nShow Notes\\n0:05 \\u2013 Recap of part 1 and introduction to part 2 of Hash Power\\n2:58 \\u2013 Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies\\n5:23 \\u2013 Why do we need bitcoin\\n7:23 \\u2013 Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue\\n9:23 \\u2013 How main stream money is getting into this space\\n12:26- Useful comparisons when talking about ICOs when compared to IPOs\\n15:01 - Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb\\n17:43 \\u2013 Naval\\u2019s interest in investing in cryptocurrencies\\n23:07 - Olaf Carlson Wee on the lifecycle of a token\\n24:02 \\u2013 SAFT note, Simple Agreement for Future Tokens\\n25:31 \\u2013 What is the earliest stage that edge is most present for investors in cryptocurrency protocols\\n28:12 \\u2013 How do you mitigate the volatility that is present in blockchain\\n31:18 - Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies\\n\\xa034:19 - Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies\\n37:02 \\u2013 How Jordan would value a single cryptocurrency\\n42:10 \\u2013 Fat Protocols (Joel Monegro)\\n43:52 - Josh Seims, of Metastable, the value investor in blockchain?\\n51:15 - Ari Paul on the equivalent of listed stocks in the crypto currency world\\n52:33 \\u2013 Understanding the concept of a coin in blockchain and how people are getting access to them\\n55:07 \\u2013 The fairground analogy to understand cryptocurrencies\\n57:57 \\u2013 What lessons from traditional markets can you apply to investing in cryptocurrencies\\n1:06:51 \\u2013 Ari is asked to discuss some of the alternative cryptocurrencies outside of Bitcoin and Ethereum. He starts with Ripple\\n1:10:27 \\u2013 What would help firms or traders create edge in investing in cryptocurrencies\\n\\xa0\\nLearn More\\nFor more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\nSign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\nFollow Patrick on twitter at @patrick_oshag'