183 - Why VCs Suck | 1confirmation's Nick Tomaino & Richard Chen
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 14 August 2023
⏱️ 81 minutes
🧾️ Download transcript
Summary
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.
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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
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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
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.4 | This is how to get started, how to get better, how to frontrun the opportunity. |
| 0:14.9 | This is Ryan Chong Adams. |
| 0:15.9 | I'm here with David Hoffman, and we're here to help you become more bankless. |
| 0:20.2 | The topic today, why VCs suck some people who would actually know we have crypto VCs |
| 0:26.3 | Nick and Richard from one confirmation on the episode. |
| 0:28.8 | You might ask, why would we have VCs on a podcast and then talk about why VCs suck? |
| 0:34.0 | My answer would be, who better to tell us the shenanigans behind the scene than actual |
| 0:39.2 | on the inside? |
| 0:40.2 | That's right. |
| 0:41.2 | And I think retail crypto investors and VCs have long had this adversarial relationship. |
| 0:46.0 | And this episode gets into the why and how to protect yourself from becoming their exit |
| 0:50.6 | liquidity. |
| 0:51.7 | Lastly, in the final part of the episode, we talk about the coming bull market. |
| 0:55.9 | What theme are Nick and Richard most excited about? |
| 0:58.5 | Are we finally going to build a crypto product that gets used by billions of users? |
| 1:03.3 | This was just a no BS conversation that I thoroughly enjoy. |
| 1:06.6 | David, what was the significance of this episode for you? |
| 1:09.3 | We'll say this in the intro, but we had Nick and Richard from one confirmation on two |
| 1:13.0 | and a half years ago. |
| 1:14.0 | I think they were some of our first VCs on bankless way back in early March of 2021. |
| 1:19.4 | And that episode was titled Authenticity in crypto. |
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