E889: USV Brad Burnham: market forces, dominant players limiting innovation, conviction for crypto

Venture capital strategies must adapt to a landscape dominated by massive, consolidated tech incumbents that stifle independent innovation. Union Square Ventures co-founder Brad Burnham highlights how the shift from hardware-focused investments to the application layer of the web defined his firm's success. As dominant platforms like Facebook and Amazon increasingly internalize third-party innovations, the next wave of growth lies in decentralized, open-source protocols. These crypto-based systems offer a "trustless" alternative, preventing platforms from arbitrarily cutting off developers or extracting excessive rents. While the current infrastructure remains immature and the investment model for these protocols is still evolving, the move toward re-decentralization provides a necessary check on corporate power. By prioritizing platforms that enable broader participation at the edges, investors can foster a more resilient, efficient, and equitable digital ecosystem that avoids the pitfalls of closed, proprietary systems.