I Just Invested in Tezos

Thursday, Jun 1, 2017

Tezos

I just invested in the Tezos presale.

It was a hectic day. We just finished moving (in the sense that all of our belongings are in a new place, though not unpacked), the guy setting up the fiber line just left and I've locked myself in my new office to carefully buy Tezos with Bitcoin.

I bought a rather large amount and given the value (and potential future value) I took every precaution possible. This included running everything on an air-gapped computer, encrypting all digital info and copying all secrets onto paper and putting that in a safe.

In the future this will get transferred to hardware wallet.

Why did I buy? I think crypto is a good investment and the most valuable investments are in teams that are creating new, forward looking blockchain technology (as opposed to projects built on top of Ethereum or Bitcoin). In other words, infrastructure is key. Tezos has a very attractive mix: Smart team, formal verification, good base language (OCaml), proof of stake (no mining capex or electricity burn) and, most interestingly, on-chain voting. The voting means the network can decide on how to evolve, potentially avoiding hard forks.

(Forking may be good for short term gains, but I think it weakens coins overall.)

I think it will take a while to really take off. I predict two or three major downturns in the crypto market, probably over a 5-year timeframe, and then good things will happen.