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Naval Ravikant, a prominent angel investor in Silicon Valley, has highlighted a critical issue within the crypto industry: many crypto projects fail because their founding teams become wealthy too quickly. This early financial success often leads to a lack of motivation and difficulty in recruiting talented individuals. Kyle, the co-founder of Multicoin, concurs with Ravikant's assessment, emphasizing that the most successful founders are driven by vision rather than financial gain. This phenomenon, often referred to as the 'Lambo mentality,' suggests that early cashouts are detrimental to long-term success in the crypto space. The term 'Crypto Graveyard' has been used to describe the numerous failed projects due to this issue. Additionally, many crypto founders become prolific angel investors soon after raising money, even before launching their projects.
Crypto Graveyard: Early Cashouts Are the Silent Killer Naval’s right on the money: "Most crypto projects die because the founding team gets rich too early, and you can’t recruit your way out of that." Kyle from Multicoin nailed it, too - true visionaries aren’t blinded by the… https://t.co/o0xKvYdDY5
Lambo Mentality Wrecks the Crypto Dream Naval’s got it nailed: “Most crypto projects crash because founders hit payday too soon, then can’t just make their way to success in those silk sheets. Kyle from Multicoin backs it up, suggesting the best founders are fuelled by vision,… https://t.co/7UYk00pSWE
Naval Ravikant, a well-known angel investor in Silicon Valley, said: Most crypto projects die because the founding team gets rich too early and you can’t recruit your way out of that. Kyle, the co-founder of Muliticoin, agreed and said that the best founders are not completely…