Vandelay Technologies, Inc.

honestly sometimes these days I do feel like a lot of crypto is smart-looking vaporware propped up by ZIRP VC dollars that need to be allocated

you're not wrong

VCs invest in things that have a good story of how they *could* be huge ("huge" meaning 10b+ exit)

and startups literally don't work until they do

so until the startup works, it looks like vaporware and the VCs look dumb

when the startup works, it looks "real" and VCs look smart

a non crypto example:

- notion looked like a failure for the first 5 years
- they laid everyone off and moved to kyoto
- they rebuilt the whole thing
- people loved it
- notion is now a unicorn+ company

if we looked at it in year 1, we'd say "oh its vaporware, who wants to fund another note taking app?"

if we look at it now, it makes more sense