The Importance of Missionary vs. Mercenary Founders in Crypto

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A lot of VCs made the mistake of like there's so much talent of developers going to Solana. But from talking to a lot of these so-called blue chip teams in Solana, it just felt like a lot of mercenary founders that weren't going to stick around when crypto prices crashed. Nick: Silicon Valley type founders are generally better executors than kind of your random open source indie hacker from like someplace else in the world. The people who are the most talented are also the first people to bail and pivot to AI or something else.

Today on the Pod, we're discussing Why VCs Suck. And who better to answer that question than VCs themselves?

We're joined by Nick Tomaino and Richard Chen of 1Confirmation to discuss the role of VCs in crypto, the outlook on the markets, and how retail should prepare for the next cycle.

------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-1conf ----- 🏹 Airdrop Hunter is launching TOMORROW https://bankless.cc/HuntersGonnaHunt ------ BANKLESS SPONSOR TOOLS:

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🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku ----- Timestamps

0:00 Intro 6:00 Nick and Richard from 1Conf 7:20 The Price Cycle 11:50 The Signal Cycle 15:55 Tourist vs Purist 20:00 Why Do VCs Suck? 28:15 Raising vs Returning 32:40 How Transparency Shapes Crypto 38:30 VC Report Card 43:45 Holding Retail Accountable 48:30 Advice for Retail 51:15 How to Not Be Exit Liquidity 59:00 Should We End VCs? 1:03:10 How 1Conf Works 1:07:40 Crypto Native VCs 1:12:30 Looking to the Next Cycle 1:17:08 Prediction Markets 1:20:00 Crypto is Ready 1:24:00 Actually Using Crypto 1:28:20 L2s vs Alt L1s

----- Resources

Nick Tomaino https://twitter.com/NTmoney?s=20

Richard Chen https://twitter.com/richardchen39?s=20

1confirmation https://www.1confirmation.com/

Richard's Article https://showerthoughts.substack.com/p/thoughts-on-the-current-crypto-vc

----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠