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12) But this isn't a case of founder deception or company fraud. Because everyone involved believes their company is the revolutionary one, whether or not they correctly implemented robust optimistic rollups; whether their volume is organic or trans-mining.

13) The truth is, right now, it's relatively speaking easy to create a token in crypto with a $100m market cap--way easier than building a brick and mortar business. And way easier than actually making $100m unincentivized net profit.

14) It's easy, in crypto, to mistake the simple paths towards valuation for the excellence of the product built.

15) This confuses the hell out of investors and users. But worse it confuses the companies themselves, sometimes. They think they've already built tech that will change the world, and so try to go for adoption.

16) And maybe their idea actually was potentially huge! The problem is that they skip the step where they _actually build a great product_, because early valuation success makes it seem like maybe they already have.

17) And so you get video game on blockchain companies that don't even realize their vision for a game requires more throughput than a blockchain can theoretically have, instead of thinking critically about what the right fit is and starting with a successful game or team.

18) And you get DeFi apps with revolutionary ideas that go for mass adoption before fixing prohibitive fees, or NFTs that make no sense and obviously won't have mass appeal, or exchanges with dysfunctional technology riddled with fake volume.

19) Or, you just get crazy projections.

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Jan 11, 2021

1) BAKKT is about to go public. There are a number of "interesting" things in their deck. sec.gov/Archives/edgar

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20) And these can help, sometimes, short term. But long term they don't set crypto up for success. Long term, there's only one thing that can make us succeed: building great products, piece by piece, with rapid iteration and flexible tech and great user experiences

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