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A manager at a $6 billion quant fund gives the best intro to cryptocurrencies we’ve heard

Patrick O’Shaughnessy of
O’Shaughnessy Asset Management.

Patrick O’Shaughnessy vividly remembers the week he used to be presented
to the global of cryptocurrencies.

O’Shaughnessy, a manager at his circle of relatives’s $6 billion quant asset
manager of the similar title, used to be talking to one in every of his analysts
over lunch at the starting of this 12 months about what they did over
the weekend.

“He informed me he purchased a bunch of cryptocurrencies: ether,
bitcoin, and litecoin,” O’Shaughnessy told Business Insider. “And
I used to be like, ‘What the hell is a cryptocurrency?'”

He figured that if one in every of his guys used to be spending time on “this
stuff,” he’d have to be informed extra.

Serendipitously, the subsequent day O’Shaughnessy were given an e-mail from
Matthew Goetz, a former vice chairman at Goldman Sachs, who
sought after to connect to O’Shaughnessy to inform him about the
cryptocurrency hedge fund he used to be taking a look to get started with Ari Paul,
previously of Susquehanna, a quantitative buying and selling company.

Today, that hedge fund is BlockTower Capital.

That weekend, O’Shaughnessy met up with Paul in Chicago to communicate
crypto. The dialog, which used to be 95% Paul answering
O’Shaughnessy’s litany of questions, brought about his adventure into
the global of cryptocurrencies.

That adventure, which O’Shaughnessy says remains to be ongoing, produced
one in every of the best introductions to blockchain that this reporter
has ever come throughout: “Hash Power.”

The audio documentary, a collaborative effort from O’Shaughnessy
and the gang at BlockTower, is supposed for beginners, however it is
weighty with interviews and insights from leaders in the box —
together with Fred Ehrsam, the cofounder of Coinbase — and a slew of

The first episode is a high-level glance at the era
underpinning bitcoin and different cryptocurrencies: blockchain. It
begins with a definition by means of Jeremiah Lowin, the director of chance
control at Kokino:

“This is a database. What’s particular about it’s it is dispensed.
It’s all throughout the global. It’s hosted by means of many, many various
computer systems in this type of peer-to-peer framework. So there is not any
one central server working this, and, significantly, there is not any one
one that has keep an eye on of it.

“So we now have this dispensed international decentralized database. So
what? Why is that attention-grabbing? What’s attention-grabbing about that is
the unique bitcoin paper produces a approach to let other people consider the
content material of this database despite the fact that they do not know who all the
folks round the global are who’re writing into it.”

The episode is additional guided by means of Naval Ravikant, the CEO of
AngelList; Peter Jubber of Fidelity; Olaf Carlson-Wee, the first
worker of Coinbase; and others. Have a concentrate:

The subsequent two episodes will quilt making an investment in
cryptocurrencies and new tasks in the

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