Ether.Fi Founder Reveals: The Top Ten Chaos in Crypto VC

Original link: 《Cardinal sins of crypto VCs》

Original author: Mike Silagadze, founder of Ether fi

Compiled by: Xiyou, ChainCatcher

Today, Mike Silagadze, founder of Ether.Fi, posted on social media about the chaotic situations encountered with Crypto VCs during seed and Series A rounds. ChainCatcher has compiled it as follows:

1 , The Strange Loop of First Meetings

You meet with a partner or assistant, and the meeting goes smoothly, but they then arrange another meeting with a different partner, who has no idea who you are, hasn't received any relevant briefings, and hasn't read the notes. Thus, you experience another first meeting. If this happens three times or more, it becomes even more "exciting."

2 , Sudden Change of Heart

A partner reaches out to you, having heard that you are raising funds, and requests a meeting. However, during the meeting, the partner does not show up and sends a colleague instead. If this happens multiple times during fundraising, it becomes even more "interesting."

3 , The Anonymity Game

Someone introduces you to a VC who seems very interested in the project, so you arrange a meeting. But during the video call, this VC is anonymous and uses a damn Wassie pfp (referring to a default avatar on some social media or chat platforms).

I like to see anonymous investors on the shareholder list; I've heard these investors are the most rational and helpful.

4 , Disappearing Act

You meet with the VC multiple times, and they ask many follow-up questions: requesting more data, financial statements, and roadmaps. But suddenly, there is no news at all, which is truly bizarre.

5 , The "Options" Game

You spend two weeks meeting with a fund, answering questions and undergoing due diligence, then you hear nothing for a while, and you think you’ve been "left hanging."

Suddenly, you receive a message: "How's the fundraising going? Let's have another call." After the call, again, there is no news.

This situation repeats several times. Is it "disappearing"? No, they are just testing a free "option."

6 , Self-Promotion

A call with one partner lasts 30 minutes, with 25 minutes spent listening to him talk about himself.

7 , Someone Else's "Wedding Dress"

A fund agrees to meet, and you delve into discussions about strategy, tech stack, and analysis. Then there’s no follow-up, as if they vanished.

A week later, they announce an investment round in your competitor.

You were used; you became someone else's "wedding dress"!

8 , Mental Confusion

Only 30 seconds into the meeting, you are convinced this VC is on stimulants, as they become increasingly aggressive and counter every word you say, and the situation worsens.

At the end of the meeting, they still say, "Let me know how I can help."

9 , Off-Topic

The partner knows nothing about the project you are building. Throughout the meeting, they try to persuade you to establish a completely different business. If they actually convince you, that would be even more "points scored."

10 , Pseudo-Wisdom

You have a call with a 22-year-old assistant whose experience is limited to a 3-month internship at Goldman Sachs and losing bonuses while gambling on meme coins. He rambles on in the meeting, offering you advice.