Original Link: 《Cardinal sins of crypto VCs》

Author: Mike Silagadze, Founder of Ether.Fi

Translation: Xiyou, ChainCatcher

Today, Ether.Fi founder Mike Silagadze published a post on social media discussing the chaotic behaviors of crypto VCs encountered during seed and Series A rounds. ChainCatcher has compiled it as follows:

1. Repeated First Meetings

You meet with a partner or assistant, and the meeting goes smoothly, but they schedule 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 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. Anonymity

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

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

4. Disappearance

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, which is quite bizarre.

5. The "Options" Game

You spend two weeks meeting with a fund, answering questions and undergoing due diligence, then you don’t hear anything for a while, and you think you’ve been "left hanging."

Suddenly, you receive a message: "How is the fundraising going? Let’s have another call." After the call, there’s again no news.

This situation repeats several times. Is it "disappearance"? No, they are just testing a free "option."

6. Self-Promotion

A call with one partner lasts 30 minutes, during which 25 minutes are spent listening to him talk about himself.

7. Someone Else's "Wedding Dress"

A fund agrees to meet and discusses strategy, tech stack, and analysis in depth. 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

Only 30 seconds into the meeting, you are convinced this VC is on stimulants, as they become increasingly aggressive and counter every word you say, and the situation worsens.

By 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 are trying to persuade you to build a completely different business. If they actually convince you, that would be even more "points."

10. Pseudo-Wisdom

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

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