In 2000, when my partner Ben Horowitz was CEO of the first cloud computing company, Loudcloud, the cost of a customer running a basic Internet application was approximately $150,000 a month.

The gulf between what the press and many regular people believe Bitcoin is, and what a growing critical mass of technologists believe Bitcoin is, remains enormous.

On the back end, software programming tools and Internet-based services make it easy to launch new global software-powered start-ups in many industries - without the need to invest in new infrastructure and train new employees.

I don't waste time being depressed.

It's an old - and true - cliche that VCs rarely actually say 'no' - more often they say 'maybe', or 'not right now', or 'my partners aren't sure', or 'that's interesting, let me think about it'

When I talk to entrepreneurs today, I feel like the grandfather who was in the Civil War.

At a certain point in your career - I mean, part of the answer is a personal answer, which is that at a certain point in your career, it becomes more satisfying to help entrepreneurs than to be one.