Startups often want to control the timing of their financing announcement and prefer not to reveal amounts raised for competitive reasons. If more of the Form D information was confidential rather than public, compliance rates would jump dramatically.

VC firms that don't have a brand are going to struggle. Because there is a lot of money out there, you need to have a point of view, a brand, to really add value. You can't just talk about it, and say well, we are smart people.

Startups are constantly raising money, sometimes before they have even hired a lawyer.

We're going to try and prove to the market that you can do a legal coin offering. If the SEC doesn't crack down, this party will be amazing - the biggest party in town for a long time. If they do crack down, a lot of people are going to feel a lot of pain.

On AngelList, we get 100 new companies created a day. That's an insane flood.

All of the marketplaces like Prosper, LendingClub, etc., as they get larger, they flip from being retail capital to institutional capital.

If you use a bad password, your Bitcoin will get stolen.

ICOs are obviously a new and interesting form of funding for blockchain-based protocols, but it's not clear that all of them comply with U.S. securities laws or that all of them are companies that have good native use cases for new coins.

People come in. They are too gung ho. They invest too much money in things they don't know. They lose it and then they clam up and stop investing. Then they miss the actual boom. That's the nature of the market.

I don't like having managers.