Juan Orbea

A popular misunderstanding of smart contract technology is that smart contracts work “automatically” without human intervention. Smart contracts are just passive object code stored on the blockchain. This code is called by miners/validators when users request it to be called by offering to pay miners for making such calls. In other words, smart... See more

Should SaaS companies trade at a 24x Enterprise Value (EV) to Next Twelve Month (NTM) Revenue multiple as they did in November 2021? Probably not and we think 10x (May 2022) seems more in line with the historical trend.

A classic problem in computer science is hill climbing. Imagine you are dropped at a random spot on a hilly terrain, where you can only see a few feet in each direction (assume it’s foggy or something). The goal is to get to the highest hill.

The first? Selling things online. Bezos was a trader with some exposure to internet companies, but this wasn't a years-long journey of discovery and understanding. This was a dude who read a stat on some random website, and thought "there's something here." Early on, most of that skepticism came from an inability for a startup to compete with large... See more