Multicoin Capital's Kyle Samani on Internet Capital Markets

The talk opens with a short montage arguing that cryptocurrency is growing in popularity and may become part of the financial future. One line claims that U.S. dollars are "the greatest product in human history," yet most people around the world who want dollars cannot get them because legacy financial rails prevent it. The montage also describes a goal of a fully real-time global market where everyone synchronizes on the same open protocol. The presenter then introduces themself as Kyle Samani, founder and managing partner of Multicoin Capital, speaking at the All-In Summit.

Before the argument begins, the presenter flashes brief disclosures and states that nothing in the presentation should be treated as financial advice. Readers should keep in mind that the speaker runs an investment firm active in this sector, and that most of what follows is a forecast of where markets are headed, not a report of outcomes that have already happened.

Please do know that nothing in this presentation should be considered financial advice.

The historical case starts with the claim that the modern financial system is about 100 years old and was "born out of crisis." According to the talk, the 1929 crash wiped out a third of the stock market's value in about a week, and the market lost about 90% of its value over the next three years. At that time, the presenter notes, there was no SEC, no disclosure regime and no standardized audits.

Congress responded with three laws that the presenter calls the foundation of today's capital markets: - The Securities Act of 1933, which required disclosures from companies issuing securities. - The Exchange Act of 1934, which created the SEC. - The Investment Company Act of 1940, which set rules for public mutual funds.