Well, that was interesting. I get many more private emails in response to blog posts than comments. Yesterday, in response to Reflecting on Ponzi Schemes, I got a few that said anyone under 35 needs a net native currency, and that’s crypto. A few others said some versions of all governments are Ponzi schemes. And I got a few that implied I hated crypto. Earlier last year, one of my partners told me that I’d developed a reputation with other VCs (presumably our partner funds) that I hate crypto. At the time, I deflected and said that I didn’t hate crypto; I just thought there was considerable Ponzi-like behavior in crypto. I’m regularly cynical about things on our internal Slack channel and periodically post about big blowups, including in crypto.

At the end of 2022, some people started shouting that Crypto was a Ponzi Scheme following earlier declarations by Bill Gates, Warren Buffett, and Charlie Munger. Others, especially those in the crypto industry, were saying some version of “Well, FTX Might Looking Like a Ponzi Scheme, But Crypto is Legit and Isn’t a Ponzi Scheme.” But then someone else in the Crypto industry, on the same website, wrote Crypto Ponzi Schemes: How to Identify and Protect Yourself From These Scams. Ok. How confusing.

When I was in college in the 1980s, David Byrne and the Talking Heads were in regular rotation in my room along with Pink Floyd, except for the one semester where the only thing I listed to was Dark Side of the Moon (ah – the joy of discovering repeat on an early CD player.) Once in a Lifetime was one of my favorites. Looking back, it was a Gen X anthem.

For those of you older than 40, it sort of felt like 2000. If you are younger than 40, a massive tech bubble just burst. I expect you know that. For the past six months, many VCs have been podcasting, tweeting, publicly writing, … and generally prognosticating about what you should do and what’s going to happen next. I think the best VCs didn’t prognosticate. They knew what was going to happen next. Instead, they worked with each company to help them deal with reality as it unfolded. Each company is different, and the dynamics of the bubble bursting were not generic.

I’m a fan of David Walton and his near-term sci-fi books. In 2015, I read a few of his books, wrote a post titled Awesome Near Term Sci-Fi – David Walton, and promptly forgot about him. Eleven days ago, I got the following email from David. Mr. Feld: Since you’ve enjoyed my books in the past (e.g. Superposition), I’m letting you know I have a new one out. No worries if you’re not interested; just letting you know. Hope all is well with you and yours. When paleontologists Samira and Kit uncover dinosaur skeletons in northern Thailand, they find the remains of an ancient genetic technology that nations will kill to control. Catapulted into a web of murder and intrigue involving the Chinese Ministry of State Security, a powerful Asian crime syndicate, the CIA, and a beautiful Thai princess, Samira and Kit don’t know who they can trust. Torn apart by competing factions and stranded on opposite sides of the world, they race to discover the truth before the world goes to war. Can they bring the past to life before it kills them all? “Walton has brought hard sci-fi roaring back to life.” –Wall Street Journal

I made my move at mile 22. I’d been trailing my nemesis for a dozen miles. The half-mile cutoff was 2:50, and I rolled through at 2:43, so I had plenty of room to spare, although, by this point, I’d given up on my goal of 5:30. My nemesis was wearing a red shirt. I could see them a quarter to a half-mile ahead of me for several hours. I’d get a little closer, and then they’d pull away.

Since Matt Levine is so effectively covering anything interesting in the world of the Twitter deal (and all kinds of bizarre, random, and complicated crypto, fraud, debt, and other financial stuff), I think I’ll stick with book reviews for the time being. Andy Dunn, who I only know indirectly, wrote an important book titled Burn Rate: Launching a Startup and Losing My Mind. While it covers the story of Andy’s company, Bonobos, it’s really about mental health and entrepreneurship.

Steve Case’s new book, The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the New American Dream, is out. I read it on Sunday, and it is outstanding. If you are interested in understanding how high-tech entrepreneurship has evolved from a primarily coastal phenomenon to one that covers the entire US in the past decade, grab this book now. Steve is a great storyteller. While he tells the entrepreneurs’ stories, he has been part of helping create them. He created Rise of Rest and did the first of many bus tours in 2014. I was part of the one in Denver, and my partner Chris Moody was part of the one in Birmingham. They were each awesome experiences.

David Cohen and I have co-hosted the Give First podcast for 71 episodes. I think our host ratio is 80/20 David/Brad, and he’s covered everything in 2021 because I was burned out on all things public-facing and needed a break. He figured a good way to get me back in the mix would be to interview me about entrepreneurship and mental health, so that’s what Episode 71 is about. Listen & subscribe to the Give First podcast on Apple Podcasts, Spotify, and more.