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, published a piece on social media discussing the chaotic behaviors of Crypto VCs encountered during seed and Series A rounds. ChainCatcher has compiled it as follows:

1 , The Repeated First Meeting Paradox

You meet with a partner or assistant, and the meeting goes smoothly, but they arrange another meeting with a different partner, who has no idea who you are, hasn't received any 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 occurs multiple times during fundraising, it becomes even more "interesting."

3 , The Anonymity Factor

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

I love seeing anonymous investors on the shareholder list; I’ve heard they 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’s no news at all. It’s 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, there’s again 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 delves deeply into strategy, tech stack, and analysis with you. Then there’s no follow-up, as if they vanished.

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

You’ve been used; you’ve become someone else's "wedding dress"!

8 , Mental Confusion

Just 30 seconds into the meeting, you’re 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 convince you to build a completely different business. If they actually persuade you, that would be even more "points scored."

10 , The Pseudo-Wise

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