E104: Dragonfly Managing Partner: How to get Rich by mastering crypto investing (without getting lucky)
Jan 16, 2025
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Haseeb Qureshi, managing partner at Dragonfly, shares his journey from professional poker player to crypto investing expert. He emphasizes the collaborative nature of venture capital, the unique advantages of being an outsider, and the lessons learned from failures. Haseeb discusses the importance of intuition in making investment decisions, the evolving perceptions of psychedelics in the wellness scene, and the empowering potential of cryptocurrency. His insights reveal how teamwork and genuine relationships in the crypto space can pave the way for success.
Successful crypto investing requires a deep understanding of technology and human behavior to effectively evaluate founders and their potential under pressure.
Venture capital in crypto operates on a slow feedback loop, necessitating patience and resilience in managing expectations and outcomes over time.
Building a personal brand in the crypto space through sharing insights and documenting one's journey fosters community engagement and collaboration opportunities.
Deep dives
Understanding the Role of Venture Capital in Crypto
Venture capital in the crypto space revolves around the process of identifying promising founders and helping them succeed. The essence of this investment style is rooted in the long-term approach, where success is tied closely to the growth and performance of the teams behind these ventures. Junior investors often face challenges as they develop their understanding of technology and business, requiring a shift from mere credential assessment to trusting their instincts about the people they consider investing in. This nuanced approach necessitates a deep grasp of both technology and human behavior, allowing investors to evaluate how founders might react under pressure.
Navigating the Emotional Landscape of Investing
Investing operates within a slow feedback loop, particularly in venture capital, where outcomes are assessed over several years rather than days or weeks. Unlike fast-paced environments such as poker or day trading, where results are immediate, venture capitalists must cultivate patience and resilience as they await the eventual outcomes of their investments. The challenge lies in managing expectations and emotions, especially when faced with potential failures or poor investment choices. Observing how successful entrepreneurs build impactful companies over time can provide valuable insights, reinforcing the notion that patience is crucial in the investment journey.
The Importance of Technical Understanding in Crypto
A solid grasp of technical concepts is essential for anyone looking to succeed in the crypto space. Investors who deepen their understanding of technology, from coding basics to the intricacies of blockchain systems, enhance their ability to evaluate future developments and innovations. This knowledge helps individuals distinguish between feasible projects and those that rely on hype without substantive backing. Consequently, aspiring investors are encouraged to cultivate a technical mindset as a foundational skill that complements other expertise areas they may possess.
Building a Personal Brand Through Public Engagement
Creating a personal brand within the crypto sector involves sharing insights and experiences through writing, social media, or podcasting. Sharing knowledge, even from a beginner's perspective, can attract followers seeking guidance and learning opportunities. Early contributions may lack polish but represent an essential part of personal growth and establishing credibility over time. By documenting their journey and engaging with others, aspiring crypto advocates can build a network that fosters collaboration and opportunities within the community.
Learning from Investment Mistakes
The venture capital landscape is characterized by missed opportunities rather than poor choices in investments themselves; hence, it's critical for investors to learn from these experiences. One significant lesson is the importance of recognizing the potential of foundational ideas while avoiding over-analysis based on data that may not capture future trends. Many investors, including experienced ones, recount passing on projects that later achieved remarkable success due to their established reputations. Embracing these learning moments can refine an investor's decision-making process and cultivate a better understanding of emerging project potentials.
Effect of Market Dynamics on Perception and Reputation
In the rapidly evolving world of crypto, public perception can shift dramatically, impacting individuals' reputations based on the prevailing sentiment in the market. The rise of influential figures can transform them into highly regarded icons, while downturns can quickly label them as outcasts or scammers. This fluctuation emphasizes the need for transparency and maintaining integrity throughout one's career in venture capital. Navigating these changes requires savvy and resilience, allowing investors to adapt quickly and continue to provide value to their networks, regardless of external perceptions.
In this episode, I sit down with Haseeb Qureshi, managing partner at Dragonfly, a global crypto-focused investment fund.
From his fascinating journey as a professional poker player to becoming one of crypto's most respected investors, Haseeb shares deep insights about finding success in Web3, the art of venture investing, and how to build lasting influence in the space.'
This episode covers:
• Turning Crypto Into a Team Sport
• The Weirdo Advantage in Crypto
• Why Money Doesn’t Buy Happiness
• Imposter Syndrome
• How to Make It In Crypto
• What New Investors Always Get Wrong
• Outsider Advantage in Investing
• From Rockstar to Outcast in Crypto
& much more!
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PARTNERS
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https://www.mantle.xyz
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FOLLOW HASEEB & DRAGONFL
• Twitter:
https://x.com/hosseeb
https://x.com/dragonfly_xyz
FOLLOW KEVIN & WHEN SHIFT HAPPENS👇
Twitter (X): https://x.com/KevinWSHPod
Instagram: https://www.instagram.com/kevinwshpod/
TikTok: https://www.tiktok.com/@kevinfollonier_
Linkedin: https://www.linkedin.com/in/kevinfollonier/
Website: https://www.podpage.com/when-shift-happens/
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DISCLAIMER
The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.
#Entrepreneurship #Crypto #news
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0:00 Trailer
1:35 Partnerships
2:35 California’s Yin and Yang
4:28 Tech Giants and Psychedelics
8:46 Trezor Partnership
9:38 Psychology of Good Bets
15:50 Who is Haseeb Qureshi?
16:25 Turning Crypto Into a Team Sport
18:49 Mastering Unstructured Learning
23:04 The Weirdo Advantage in Crypto
27:15 Why Money Doesn’t Buy Happiness
34:32 Starting Over with $10K
38:54 Imposter Syndrome
40:19 Outsider Advantage in Investing
44:41 Donating Money and Effective Altruism
46:36 Corruption of Effective Altruism
51:59 Crypto World Fascination
53:35 Crypto is Inevitable
59:33 How to Make It In Crypto
1:00:15 Get More Technical
1:01:46 Start Writing & Talking in Public
1:05:14 What New Investors Always Get Wrong
1:06:28 Becoming a Crypto Native
1:09:00 Followers ≠ Influence
1:14:46 What is Dragonfly?
1:15:46 Joining Dragonfly
1:19:35 Missing Uniswap: A $200M Lesson
1:26:06 From Rockstar to Outcast in Crypto
1:29:28 Prediction for the next 12 Months
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