The former Paypal COO believes cyrptocurrency is fulfilling the company's original vision of a database of money where it never left the system. As far as ethereum and the ICO market, David says the "technology is probably 1995 and the pricing is either 1999 or getting close," the true combination of something real with a whole lot of speculation.
David Sacks was PayPal's COO back in its early days, and says cryptocurrency is now fulfilling that company's original vision of creating a "database of money." He says we're poised for a correction in valuations but he hopes it'll be a softer landing than the dot-com boom-and-bust. He explains why he thinks cryptocurrency is a long-term threat to the venture capital model. David Sacks is one of the best-known entrepreneurs and investors in Silicon Valley. He was the COO of PayPal more than 15 years ago, which made him a charter member of the so-called PayPal Mafia, a group of influential Silicon Valley investors and execs that also includes LinkedIn founder Reid Hoffman and early Facebook investor Peter Thiel.