Original link: "Cardinal sins of crypto VCs"

Original author: Mike Silagadze, founder of Ether fi

Original translation: Pomelo, ChainCatcher

Today, Ether.Fi founder Mike Silagadze posted on social media: The chaos encountered in the seed round and A round by Crypto VC, which ChainCatcher has compiled as follows:

1. Multiple encounters with strange loops

You meet with a partner or assistant and the meeting goes well, but they schedule another meeting with the other partner, and in the next meeting, the partner has no idea who you are, hasn't received the briefing, hasn't read the notes, and you have another first meeting, which is even more "wonderful" if that happens three or more times.

2. Suddenly change of mind

A partner actively contacted you, saying that you are fundraising and requested a meeting. However, at the meeting, the partner did not show up but instead sent a colleague as a substitute. It would be even more "interesting" if this situation occurred repeatedly in multiple fundraising processes.

3. Anonymous

Someone introduced you to a VC (venture capitalist), and they seem to be interested in the project, so you arranged a meeting. However, during the video conference, the VC remains anonymous and uses a damn Wassie pfp (referring to a default avatar on a certain social media or chat app).

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

4, Disappeared without a trace

You have met with the venture capitalists many times. They asked a lot of follow-up questions: requesting more data, financial statements, and a roadmap, but suddenly, there was no more news, which is really strange.

5. 'Options' Game

You spent two weeks meeting with a foundation, answering questions and conducting due diligence, and then there was a period of time when you didn't hear anything, and you thought you were being "left out".

Suddenly, you received another message: 'How's the financing progress? Let's talk on the phone again.' After the call, there was no news again.

This situation has been repeated several times, is it "gone"? No, just experimenting with a free "option".

6. Self-promotion

A conversation with a partner lasted for 30 minutes, of which 25 minutes were spent listening to him talk about himself.

7, Other people's 'wedding dress'

A fund agreed to meet and had in-depth discussions with them about strategy, technology stack, and analysis. Then there was no follow-up, as if it disappeared.

One week later, they announced a round of funding to your competitors.

You have been used and made into someone else's "wedding dress"!

8. Mental Disorder

Only 30 seconds into the meeting, you are convinced that the venture capitalist is on steroids, as they become more and more aggressive and refute every word you say, the situation starts to deteriorate.

At the end of the meeting, they will also say "let me know how I can help".

9. Deviation from the main theme

The partner knows nothing about the project you are building. Throughout the meeting, he has been trying to persuade you to build a completely different business. If they really convince you, that would be even more "bonus".

10, Pseudo Sage

You had a phone call with a 22-year-old assistant, whose experience is limited to a 3-month internship at Goldman Sachs and losing bonuses in gambling on meme coins. He talked non-stop in the meeting, giving you advice.