tim draper is a smart guy.e i spoke to him a year-and-a-half ago, he said only people who don't understand innovation would be against bitcoin and against things like drones. so that much i get. however, is it too dangerous for the average investor to get in right now where you have a weekend where 20% of the value was lopped right off? >> i think it depend on provial of investors. for our fund we work with accredited investors. liz: explain what that means. the average that mow can't buy a share, right? you have to go through a process to become accredited? >> that's correct. there are certain net worth requirements and income requirements in order to invest in our fund. that is pretty standard on all the bitcoin funds right now. that is the profile of an investor in bitcoin. the investor who come in understand it as a binary investment. that is how we discuss it with investors. it makes it easier that way. liz: how is it going? how is that fund going? >> it is going well. it is a lot of work. which definitely

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joining us is the venture capitalist and founder of the dfj and draper university, tim draper. good morning you do. >> good, good morning to you. >> talk about valuations in our own words and what you are seeing out west. >> i think when people start talking about a bubble you are not anywhere near the top of a bubble. i think we got a long way to go. and i think both gurley and andreesen are very bright guys but i think companies needs to figure out their burn rate on a case by case basis. i don't think it's necessary you just take a blanket statement and say hey everybody cut back. there are plenty of opportunities out there if and if you know what you need do with your money, pour it on. >> are you seeing any sign to s toruss or tends? >> that happens all the time in our business. but it's actually pretty moderate for where we are in the cycle. i don't think there are crazy prices right now. >> tim, i'm wondering how you look at this burn rate issue? i remember back in the dotcom bust or prebust people were spending too much on offense furniture, and offices that are too big