How to Build Through Bull & Bear Markets With Konstantin Richter | Permissionless IV Fireside Chat | Bonus Episode
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Nothing said on Empire is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of BlockWorks. Our hosts, guests, and the BlockWorks team may hold positions in the companies, funds, or projects discussed. How you doing everybody? Good good permission list so far? Good. Good. Thank you, guys. So I wanted to bring my friend, Constantine on for a fireside chat here. I I think you're you'll see a lot of, like, product convers
No. Yeah. Happy to. And, I feel like I mean, you have a similar amount of time. And, you know, one of the the time in crypto and, the one thing I always say is, like, crypto moves in a sort of it used to move in a four year cycle, whereas a founder, one year, you look like a genius, two years nobody cares about you, and then one year you look like an idiot. But nothing actually changes in what you do, you know, kind of that's always what I find really interesting is that the market dynamics will really shape the perception that people have about what you're building and what you're doing becau
How how do you think about this idea of chasing, like, we're in such a narrative driven industry. So for BlockWorks, like, eighteen months ago, everybody and their mother's pitch telling us we gotta go launch a chain. Blockworks needs an l 2. Nine months ago, it was Blockworks needs a meme coin. Blockworks needs a token. Now, Mike and I probably get a pitch a week by from people saying, Blockworks needs to become a Bitcoin treasury company. We need to we need to take this thing public and become a Bitcoin treasury company. And obviously, we haven't chased any of those narratives and and we don
I mean, it's a hard balance. Right? Because we are definitely a narrative driven business. Right? Like, I think the the the sort of people forget that cryptographic decentralized networks and building commercial models around them is really a very deep tech novel thing. And so there isn't a playbook that you can easily apply around like SaaS multiples and and and and all those type of things. And so what that means is that, again, investors and stakeholders, you know, hear something and, you know, they don't see the metrical alignment that they're used to in a normal SaaS company. They see a t
I get a show of hands from the audience? How many people know what Blockdaemons what Blockdaemons does in their business model? Alright. Good. Not not that many. Well,
yeah. I mean, listen, which is partly by intent. Yeah.
Because you guys are such a b to b institutional business. May can maybe for the audit, can you give a a quick, like, what what is the business model today? Even for me, I mean, I've seen you guys. It was just an institutional staking business and you've got wallets as a service. I don't even fully understand the whole scope of the business. What is the business model today? Yeah.
I think, one thing I wanna highlight is the secret lies a little in the name. Right? And so daemon in computer science is an operating system that runs silently in the background. Right? And so the idea behind Blockdaemon was always that we wanna be in the background, we wanna run infrastructure, ideally, we don't wanna be known. It's a lesson I've learned the hard way. A lot of the people I know and well, like Dogo and and Sam and all those people that everyone who kinda stick stuck their head out basically ends up in an orange jumpsuit. And and, so I always felt it's much more important
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