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Shaun Maguire and Michelle Bailhe, partners at Sequoia, discuss their long term view and thesis about crypto, what do they look for to invest in a crypto project, the takeaways from the blowup of Terra, the insolvency of crypto companies, and much more. Show highlights:\n\nwhat is Sequoia\u2019s long term view and thesis about the crypto industry\n\nhow different our lives will look in 20 years from now due to blockchain technology\n\nhow Sequoia had to adapt to invest in this new asset class and what are the similarities and differences with investing in traditional startups\n\nwhen a product or service on the internet should be offered in a decentralized or centralized way\n\nhow Sequoia decides whether to invest in the entity behind a project or in the tokens\n\nwhether having venture capitalists involved at all goes against the ethos of decentralization\n\nwhy Shaun believes that Ethereum proved that decentralization can be achieved even when you start being centralized\n\nwhether people underestimate the value that VCs can add to a project\n\nwhy Shaun believes that Solana is moving towards decentralization\n\nSequoia\u2019s thesis about privacy in crypto and the potential of zero-knowledge proofs\xa0\n\nhow Michelle sees the macroeconomic environment impacting crypto and whether this cycle is different from the previous ones\n\nthe importance of product market fit in crypto projects\n\nwhat crypto projects should be focusing on and the business model they should be pursuing\n\nthe main takeaways of the Terra collapse and how it was a major setback for algo stablecoins\n\nhow crypto founders should always do the right thing even though there is no clear regulation\n\nwhether SBF is the Berkshire Hathaway of crypto today\n\nthe lessons to be learned from the potential insolvency of some crypto lenders and investment firms\n\nhow demand for blockspace will keep increasing and whether a single blockchain could supply all that space\n\nthe future of the metaverse and how it can be defined\n\nMichelle\u2019s mental model for crypto and the phases for achieving worldwide adoption\n\n\xa0\nThank you to our sponsors!\n\xa0\nCrypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021\nBeefy Finance: https://beefy.finance/\nAva Labs: https://www.avax.network/\n\nEPISODE LINKS\n\xa0\nShaun Maguire:\xa0\n\nTwitter: https://www.twitter.com/shaunmmaguire\n\n\nSequoia Profile: https://www.sequoiacap.com/people/shaun-maguire/\n\n\n\xa0\nMichelle:\xa0\n\nTwitter: https://twitter.com/michellebailhe\n\n\nSequoia Profile: https://www.sequoiacap.com/people/michelle-bailhe/\n\n\nMichelle\u2019s investment thesis: https://www.sequoiacap.com/article/ask-not-wen-moon-ask-why-moon/\n\n\n\nBear Market:\n\nMichelle\u2019s Twitter thread: https://twitter.com/michellebailhe/status/1526373378516365312?s=20&t=c7vdmdg2mnQ34rsAGIm0lg\n\n\nInsolvency of crypto lenders:\n\nVoyager: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/\n\n\nBlockFi: https://decrypt.co/103422/blockfi-secures-250-million-line-of-credit-from-ftx\n\n\nCelsius: https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions\n\n\nCelsius possible bankruptcy: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj\n\n\nPrevious Unchained Coverage:\n\n\xa0Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/\n\n\nCobie and Chris Burniske on How to Navigate a Crypto Bear Market: https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/\n\n\n\n** For more episode links and details visit the Unchained website **\nLearn more about your ad choices. Visit megaphone.fm/adchoices