Key ideas from Yat Siu

• Animoca Brands has over 600 portfolio companies and generated $300 million revenue with $95 million EBITDA in the last year
• Gaming retention is fundamentally about social networks - 80% of players are 'socializers' who play because their friends do
• China's manufacturing dominance is staggering: one Chinese shipyard has more capacity than all US shipyards combined
• The Internet increases variance on everything - from 9-to-5 salaries to billionaires, 30-minute sitcoms to 30-second clips
• Digital borders and physical borders will coincide within 20-30 years as the geography of the cloud crystallizes
• Bitcoin has reached a trillion-dollar valuation without violence, armies, or traditional enforcement mechanisms
• American anarchy and Chinese control represent two extremes, with network states offering a middle path between them