Bankless 183 - Why VCs Suck | 1confirmation's Nick Tomaino & Richard Chen
4 snips
Aug 14, 2023 
Join Nick Tomaino and Richard Chen from 1Confirmation, a forward-thinking VC fund in crypto, as they unpack the intriguing topic of why VCs often get a bad rap. They discuss the shifting dynamics between VCs and retail investors, highlighting the importance of transparency and market understanding. Listeners will learn about cyclical trends in crypto, the impact of venture capital on retail investors, and key strategies for navigating future market cycles. Plus, they share insights on the evolving landscape of token distribution and the promise of Web3 innovations.
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Goldilocks Zone
- The current crypto market is in a "Goldilocks" phase, with reduced pain and hype.
- Builders focus on fundamentals, while tourists and bad actors have left.
Crypto as a Video Game
- Nick Tomaino compares crypto to a video game, where "NPCs" like SBF and Do Kwon try to mislead investors.
- He suggests sticking to authentic crypto products to succeed in the long run.
Purist vs. Tourist Founders
- Founders should balance "purist" knowledge with "tourist" user focus.
- During bull markets, tourist founders often look good on paper but lack deep understanding, while purists may struggle to connect with mainstream audiences.