Antoinette Schoar: An Unconflicted Analysis of Crypto, Blockchain, and NFTs
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The conversation between Guy Kawasaki and Professor Antoinette Schoar covers a range of topics related to cryptocurrency, blockchain, non-fungible tokens (NFTs), venture capital, and investment decisions. Professor Schoar, an expert in finance and entrepreneurship, offers valuable insights into these technologies and their potential applications, as well as the challenges and opportunities they present.
They discuss the distinction between irrational exuberance and revolutionary change in new technologies, with Professor Schoar explaining the connection between the two. She distinguishes between cryptocurrency and blockchain, seeing real applications for blockchain technology but viewing Bitcoin as an unproductive asset. They also explore the potential applications of NFTs in contracting and record-keeping.
The conversation delves into the challenges and opportunities for existing companies in adopting blockchain technology, with Professor Schoar acknowledging the fear of cannibalizing existing businesses. They also discuss the desirable characteristics of a currency and the limitations of cryptocurrencies like Bitcoin.
The trustworthiness of cryptocurrencies and the role of venture capital as an asset class are also examined. Professor Schoar emphasizes the need for trust in the Bitcoin ecosystem and discusses the heterogeneity in returns among different venture capital funds.
The conversation touches on the impact of regulations on access to venture capital investments and the challenges of investing in risky startups. Professor Schoar advises her students to gain experience in startups before becoming venture capitalists and discusses gender differences in investment decisions.
They also discuss changes in the investment model, such as the emergence of the "spray and pray" approach in venture capital and the concentration of funding in established funds. The potential of crowdfunding is explored, with Professor Schoar highlighting its suitability for certain products.
Overall, the conversation provides valuable insights into various aspects of cryptocurrency, blockchain, NFTs, venture capital, and investment decisions, offering a realistic and unbiased perspective on these topics.
The conversation between Guy Kawasaki and Professor Antoinette Schoar covers a range of topics relat