Paperhanding is a pronounced phenomenon in crypto. 

Having both >1000x opportunities AND liquidity makes this difficult. 

In venture there isn’t anywhere near as much liquidity, so it’s easier to invest with the assumption it’s a 0 or 1000x and do nothing in between (you’re forced into this position) 

In crypto it’s a much more active and constant consideration, in an extremely noisy environment.

smart traders learn their lesson, though

if you continue to paperhand repeatedly, you're not critically evaluating your own system

this is part of what makes crypto so interesting, fun and volatile