Ten31
@Ten31vc
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The world's leading bitcoin technology investor. Founded and backed by bitcoiners. Management fees directed to no strings attached open source grants.
Joined February 2021
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Investing $100MM into the Bitcoin Ecosystem
We are proud to be partners with over 30 leading bitcoin companies and significant supporters of the open source movement. We are just getting started. 🫡
Read Our Full Update:
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Ten31 is excited to announce the closing of Strike’s Series B capital raise, for which we served as lead investor
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WE SUBMITTED A LEGAL RESPONSE TO FINCEN'S PROPOSED BITCOIN SURVEILLANCE RULES ALONGSIDE 25 OTHER BITCOIN COMPANIES.
ONWARD 🫡
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Just heard
@jimcramer
on
@CNBC
say the energy companies need to use flare gas to mine for
#bitcoin
. Cc
@MartyBent
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Ten31 Marks First Public Listing for a Bitcoin Focused Venture Fund with GRIID Infrastructure
- Continued Leadership in Bitcoin Technology Investment
- Launch of Two New Investment Funds
-
@harry_sudock
Joining as an Advisor
- Grant for
@callebtc
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Ten31 is excited to announce a strategic partnership with
@Seetee_io
. As part of the partnership, Seetee has directly invested in Ten31's most recent fund, Low Time Preference Fund II, becoming a leading investor with Ten31.
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Bitcoin and Lightning + Sphinx Freedom Technology Stack
Bitcoin base layer:
Freedom to receive
Freedom to hold
Freedom to send (h/t
@BitcoinIsSaving
)
Payments and communication layer 2:
Freedom to assemble
Freedom to speak
Freedom to publish
Freedom to earn
cc
@RyanTheGentry
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Umm…no, FTX does not underscore the importance of “DeFi.”
Correction: FTX underscores the importance of
#bitcoin
and holding your own private keys.
Use a
@COLDCARDwallet
or download
@SamouraiWallet
. Consider multisig with
@unchainedcap
. Don’t get tricked again by crypto bros
FTX underscores the importance of what we are building here – a more efficient, decentralized, and open financial ecosystem.
As my co-CIO
@joeykrug
writes: "The journey may not always be easy or smooth, but it is necessary."
Thoughts on this week:
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In addition to our commitment to
@OpenSats
, we are excited to announce a grant to
@BitcoinQ_A
in support of his work in creating educational content for the
#Bitcoin
community.
Q+A is incredibly generous in giving back to the ecosystem! Read his stuff at
We are excited to be an initial contributor to
@OpenSats
!
We are using management fees from Ten31's Low Time Preference Fund to contribute back to the ecosystem with developer grants.
This will create a recurring developer support model that we hope other funds will consider!
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10/31 is a special day which forever reshaped the trajectory of mankind
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Now is a good time to re-read
@parkeralewis
“Bitcoin Cannot Be Banned”. The moment a G-7 “democratic” country attempts to ban
#bitcoin
, it will prove bitcoin is functional as money and will be the fait accompli for the fiat system.
The rise of the Common Man is upon us and they are afraid. Very afraid. Keep pushing.
#Bitcoin
is winning.
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*fiat VCs are the problem
We flip the script. Low time preference approach. Bitcoin as North Star. Grants to developers and other contributors to open source ecosystem. Build a better future for our children.
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The Blackrock Bitcoin ETF may be the most significant ETF launch of all time.
As the largest asset manager in the world dives head first into bitcoin - Ten31 Managing Partner
@GRANTGILLIAMBTC
goes deep on potential implications.
Read the Full Post:
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Strike’s Series B thus helps push forward many of the key themes the Ten31 team is most passionate about, and we’re thrilled to help Strike take the next step toward these ambitious and crucial goals
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Bitcoin 2021 Conference Ticket Giveaway:
We are looking for developers and technologists who are curious about Bitcoin and the Lightning Network and would like to attend the Bitcoin 2021 conference in Miami.
We are offering 3 general admission (GA) tickets to Bitcoin 2021.
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Don’t fall for rehypothecation risk and don’t trust banks to hold your bitcoin
GOLDMAN SACHS, OTHER WALL STREET BANKS EXPLORING BITCOIN-BACKED LOANS - COINDESK
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At Ten31, we believe the Bitcoin and Lightning stack is collectively the best monetary and settlement protocol in history. Over time, more businesses and consumers will gravitate to this superior asset and payments network
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Capital misallocation into crypto intensifies
Today, ConsenSys announced the close of a $450 million USD financing round, bringing its valuation to $7 billion USD.
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Our team at Ten31 are proud to support
@primal_app
.
Primal is our first investment in the growing nostr ecosystem. Nostr is an open communication protocol with bitcoin payments integrated.
Primal's goal is to make nostr accessible to billions worldwide.
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1/ It’s clear to anyone paying attention that recent advancements in machine learning and artificial intelligence (namely, generative AI) have the potential to pave the way for seismic shifts in the human-computer relationship that will affect every industry and individual.
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Bitcoin is superior monetary technology, and as knowledge of it distributes over time, there is no self-interested economic actor in the world that will be able to ignore it.
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A key aspect of Strike’s model is that a consumer or merchant using Strike’s infrastructure does not need to understand bitcoin and Lightning to benefit from its attractive properties and can choose to continue operating in their native fiat currency
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Similar to the early evolution of the internet, where the most significant value accrued to those companies providing the best user experiences, the winners in this new payments paradigm will be those providing the best value to consumers on the one end and merchants on the other
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Very open book showing no focus on supporting bitcoin companies, but let’s be honest no bitcoin company would want to take money from Conbase
“One deal every 2.5 days”…sounds like a lot of diligence was done evaluating the merits of each investment 🎰
⭐️⭐️⭐️⭐️⭐️
2021 was a record year for Coinbase Ventures, with just under 150 new deals.
This edition of Around The Block peers into the future through the lens of last year’s venture activity.
Learn more 👇
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Our strategy:
• Investing in Bitcoin-native companies.
• Focused on advancing individual sovereignty.
• Low time preference philosophy.
• Management fees directed toward Bitcoin core and Lightning developers. 2/13
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The companies providing the best tools and most value for the next billion users will be the most important financial platforms of the coming decades. We believe Strike has the potential to become one such company as it leads the transition to an open, global monetary standard
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PROUD TO SUPPORT AND WORK CLOSELY WITH THE BEST FOUNDERS IN THE WORLD.
ONWARD 🫡
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On the consumer side, Strike is building a suite of products to become the go-to bitcoin-native fintech platform of the future, including a debit card, an app for P2P payments over Lightning or traditional rails, consumer rewards, international remittance, micropayments, and more
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As Strike scales to target consumers and merchants globally, the platform will serve as a catalyst for adoption of bitcoin and Lightning more broadly
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TEN31 TIMESTAMP 831,825
While we’re bullish on the potential of AI and take no view on Nvidia’s valuation, this increasing reliance on a concentrated set of tech behemoths to serve as the de facto savings and retirement account for the developed world gives us pause.
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Legacy payment systems supporting commerce today are ripe for disruption. Card transactions may seem simple at the point of sale, but they typically involve several layers of intermediaries, including an issuing bank, payment processors, a card network, and an acquiring bank
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• Bitcoin will become the next World Reserve Asset
• It is still early: Bitcoin is still misunderstood by most and its upside underestimated
• A new decentralized economic & monetary system will be based on Bitcoin, with a monetary policy governed by rules, not rulers... 6/13
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Strike manages the complex liquidity, legal, and tax implications in the background to deliver a superior payments and financial experience to users, an approach that is unique in the space and which we believe has the power to accelerate bitcoin adoption globally
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Instead of value being extracted by intermediaries with regulatory moats and bloated fixed costs, consumers and merchants can now directly facilitate cash-final value transfer through an open network protocol not controlled by third parties, in which anyone can compete
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Excited to see what Cathedra Bitcoin will do. Couldn’t have better people than
@ajscalia
and
@btc_buddhist
at the helm.
1/9 When
@btc_buddhist
and I joined Fortress in September, we set out to build a category-defining company at the intersection of bitcoin mining and energy:
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As legacy institutional financial barriers give way to open competition and rapid innovation, the resulting backdrop will be a boon for increasing financial inclusion, individual freedoms and ultimately human flourishing
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The difficulty adjustment of fiat keeps going more negative. It is becoming exponentially easier for government miners to mine fiat, despite ever increasing mining. Seems like a bug in the protocol.
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Our Thesis:
• Bitcoin is the most important technology development in a generation (or more): an open source protocol for transmitting value over space and time; the first non-state monetary asset with provable digital scarcity and a supply entirely unaffected by demand... 5/13
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With Seetee we are gaining a great partner with a long term vision and alignment on values in the ethos of bitcoin. We are excited about working more closely together to help usher in hyperbitcoinization.
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Seetee and Ten31 will each continue to independently invest directly in Bitcoin companies, with Ten31 serving as Seetee's preferred lead partner for investments pursued together or alongside one another.
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We are excited to be an initial contributor to
@OpenSats
!
We are using management fees from Ten31's Low Time Preference Fund to contribute back to the ecosystem with developer grants.
This will create a recurring developer support model that we hope other funds will consider!
Additionally, some individuals and projects in the space have already generously given their support/tools including:
@FossGregfoss
@jlppfeffer
@Coinkite
@Ten31_io
@ledger
@JeremyRubin
@SwanBitcoin
@bottlepay
@silvergatebank
@nodl_it
@BtcpayServer
@SwanBitcoin
@TheBtcCompany
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The growing adoption of bitcoin and the Lightning Network can significantly improve this dynamic. A Lightning transaction transfers value via bitcoin with immediate settlement from one party to another. With bitcoin on Lightning, the payment message *is* the settlement
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When all is said and done, the relevant financial intermediaries typically end up extracting 3% or more of the payment value through interchange fees, fixed swipe fees and other processing costs
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A card swipe triggers a variety of relaying messages between these parties to authorize and clear a transaction, but final settlement of value typically will not occur for 2-15 days thereafter. In that sense, a *credit obligation* is therefore transferred in every swipe
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We admire what
@FulgurVentures
, TVP (cc
@mecee
), and
@BitcoinerVC
are doing in the space, and we hope to emulate the success they have had so far.
We have formed our first fund, Low Time Preference Fund I, to actively support and invest in exciting Bitcoin companies. 4/13
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When also factoring in the risk, prevalence and cost of fraud, chargebacks and reversals, the burden on merchants is even more significant and in many cases outright prohibitive, an operating and financial environment that has only become more restrictive over time
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We look forward to providing further updates. Don’t hesitate to reach out if you would like to connect.
13/13.
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Elon is joking about something as important as freedom money and bringing sound money to humanity. It’s a shame no one is calling him out for terrible takes.
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Political bitcoin endorsements are clearly high-upside, low-stakes gestures at this point and we put little stock in the promises of politicians trying to win elections, we at least find it notable that bitcoiners have become a recognized voting bloc.
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We believe our partnership will allow for a more positive overall impact on the ecosystem, with the overarching goals of facilitating further bitcoin adoption, advancing individual freedoms, and enabling human flourishing.
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We are excited to already back a number of very promising companies in the space. To date, our portfolio includes
@SwanBitcoin
,
@unchainedcap
,
@satoshienergy21
and
@start9labs
.
cc
@coryklippsten
@josephkelly
@parkeralewis
@acmyers
@_MattHill_
11/13
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Silicon Valley VC hires more cantillionaires to aggressively pursue strategy of regulatory capture, surveillance and control to further enrich insiders.
Ten31 strategy: do the opposite of traditional VC and crypto funds
THREAD: The venture capital firm Andreessen Horowitz—aka A16Z—has bet billions on world fueled by crypto, saying it will disrupt industries dominated by entrenched middlemen and is good for everyone. But they need new rules for this decentralized future.
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Love to see it
Yo.
Lightning is live with Clover.
Strike is officially an integrated partner of the payments giant
@Fiserv
and we've launched our public pilot with
@CloverCommerce
point-of-sale terminals!
Clover merchants can now accept cheaper, faster, cash-final USD over Lightning.
🚀⚡️🍀
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On the merchant side, its offerings are underpinned by the Strike API, which empowers merchants to accept payments over Lightning at lower cost and with superior settlement characteristics
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We are not paying ourselves salaries and will be going out of pocket to cover fund expenses. We believe this will be the first time a fund has directed its management fees to developers and believe this signals strong alignment with and support for the ecosystem. 10/13
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Ten31 was formed by Bitcoiners looking to support the Bitcoin ecosystem by investing in Bitcoin-native companies building the world’s future infrastructure. 3/13
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Capital misallocation into crypto intensifies
Introducing
@HaunVentures
, a firm built for the next generation of the internet. We’ve raised $1.5 billion across two funds to invest in web3. An exciting first step, but the real work begins now.
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We support and invest in the best bitcoin companies in the world.
Join us:
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"If you build it, they will come."
Field of Dreams, Austin Bitdevs edition. cc
@parkeralewis
@phil_geiger
@MTanguma
@21Bullish
January Bitdevs vs April Bitdevs
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Capital misallocation into crypto intensifies
ⓘ This tweet may be misleading. Find out why leading venture capital firms like a16z and other expert investors like Raoul Pal and Mike Novogratz find crypto investing to be low risk.
ICYMI: OP Crypto targets $100 million for fund to back early-stage crypto fund managers
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Capital misallocation into crypto intensifies
Exclusive: Why star VC Katie Haun departed Andreessen Horowitz with an audacious plan to build a $1 billion crypto investing juggernaut
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We are singularly focused on Bitcoin and have named our platform Ten31 after the date of Satoshi’s whitepaper. The Ten31 logo is a hat tip to the proof of work diagram. The fund name, Low Time Preference Fund I, embodies a long term philosophy and investment for the future. 8/13
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• Bitcoin is a force for good that will reshape humanity, help alleviate inequality and allow humans to flourish.
• Ten31 is investing in companies forming the foundation of this new world through technological innovation. 7/13
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We expect to focus on a number of areas in the Bitcoin ecosystem, including:
• Financial services
• Bitcoin mining / energy services
• Personal sovereignty
• Layer 2 / Lightning network (e.g. payments infrastructure; applications for earning sats; gaming)
• Privacy. 12/13
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Congrats to entire
@unchainedcap
team. They are a great group of bitcoiners who are guided by
#bitcoin
as their North Star. We are thrilled to continue supporting them and are excited for what is yet to come!
Excited to announce our Series A led by NYDIG and its parent company Stone Ridge Holdings Group.
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One of the most bullish aspects of
#bitcoin
: the smartest independent thinkers are gravitating to it. The more you understand it, the more you believe in it. If you are against it you either are ignorant, uninformed, scared to take responsibility for yourself, or are corrupt.
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One of the ideas we are most excited about is supporting Bitcoin and Lightning developers with the management fees generated by our fund. We have admired the efforts to support open source developers by
@sqcrypto
and
@HRF
, among many others.
cc
@gladstein
@PeterMcCormack
9/13
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As central planners grew more concerned and the market partied like it was 1999, bitcoin took a 10% leg up on the week, closing in on new multi-year highs as ETF inflows remained strong and GBTC outflows appear to have abated for the time being.
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💯
Today is a great day to re-center around your values and mission.
Bitcoin price and mainstream adoption is exciting but ultimately futile if we lose the spirit of personal freedom and fail to build the tools (and communities) of self sovereignty.
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@nashbitcoiners
gm see you in Nashville for a great
#bitcoin
privacy discussion. Be on the lookout for rare
@SamouraiWallet
gear and come say hi
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Parker’s dedication to bitcoin and leadership in helping build Unchained and as well as the Austin and Houston bitcoin communities have been incredibly valuable to the space. We are proud to have one of the most prolific orange pillers and the future mayor of Austin on our team!
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Ten31 uses mgmt fees to support developers and contributors to the open source network
We believe being mission-driven is the way. No one is bringing as much fire to the Bitcoin mission as
@JackMallers
We are supporting the Bitcoin Car. You should too:
This will go down as the biggest Bitcoin open-source funding event in the asset's history.
To donate:
- Bitcoin address: 3GCLkEZrhQ7AdPA7t3SvhoBixQWs1he6SQ
- Lightning Network and/or on-chain:
- Email racing
@strike
.me for larger donations
🚀🏎💸
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TEN31 TIMESTAMP 833,904
Bitcoin’s latest +10% week was coupled with more volatility in the banking sector, as troubled bank New York Community Bancrop – 28th largest bank in the US – saw its stock plunge ~50% on Wednesday before the announcement of a $1 billion rescue deal.
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