RCIF II - Five bullet Friday - Issue # 41

Dear Partners,

     All of you should have received the distributions for the month of October. All of you should have received the October statements as well. We returned 67.76% growth (Net of fees) in the month of October.

1. It always surprises me that those protocols that have nothing to do with Bitcoin in any shape or form, will drop heavily when bitcoin drops. Crypto market has already emerged from the shadows of bitcoin. When we experienced the 50% drop in May, it was a real threat from China. China controlled 60% of bitcoin mining and now it is less than 5%. I don't see any real reason for the recent bitcoin drop but it set a negative market sentiment.

2. All the distributed apps (DAPPs) we see today are censorship-resistant and open-source. These Web3 protocols allow users to have digital property rights and even extend into owning real-world assets. The essential characteristic I see from all the web 3.0 applications is ownership. If Uber was a web 3.0 app, it would not have Uber the company but, the drivers and riders will engage in commerce directly and will own equity in the network.

3. I found it fascinating that an anonymous group of 17,000 people came together in five days and formed a DAO (Distributed Autonomous Organizations) and raised $30 million dollars to purchase, first edition print of the US Constitution draft. Blockchains allow small players who contribute only $100 to compete with billionaires in a major auction. That shows you the power of Web 3.0 applications. It is unfortunate that this DAO was not able to buy the constitution. It levels the playing field for small players.

4. We continue to add to our KLIMA position slowly. Since the supply available is so small, If I want to buy 1000 tokens at a time, it is not even possible. Even If I am thirsty for gallons of water, the protocol only gives us tiny drops every few days. It is quite remarkable that KLIMA already has accumulated a treasury of $100 million in just one month.

5. I am very pleased that KLIMA managed to purchase 3% of all the carbon offsets registered at Verra. So in one year, if the current trend continues in one year it will eat up 36% of the world's carbon offsets in just one year. Here is our Zapper portfolio link: https://zapper.fi/account/0x168fa4917e7cd18f4ed3dc313c4975851ca9e5e7 Please note that our Zapper is not integrated with Polygon in showing our transaction history. We are buying but it does not show these polygon transactions on zapper.

Ravi Avadhanam and I enjoyed meeting some of the partners in the recent WAMAAPI event in Washington DC last weekend. We had fantastic Diwali celebrations with Indian music and a sumptuous dinner.

Have a wonderful weekend!

Sam Ikkurty