Crypto founders and VCs alike unconsciously underestimate the time needed for startups to work

Startups are hard and it’s common for time horizons to be 5-10 years until a liquidity event

Because liquidity could be achieved before PMF (ie. prematurely) in crypto, mindsets became warped and disconnected from reality

VCs can’t raise more funds if they don’t have any DPI. emerging managers and shitty funds are simply pushing their portfolio to do anything to help them close another tranche of funds. 

A vicious cycle