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“Be like Do Kwon” was VC advice to one founder back in 2022, just before Terra-Luna collapsed. For those who don’t know, Do Kwon is a modern-day Bernie Madoff.

The founder was consistently advised to bring USDT to their protocol and to act boldly like Do Kwon. The founder didn’t listen—good for him. That was part of the conversation at a Dubai investor soirée. VC’s are almost always wrong.

The majority of conversations in Dubai during Token2049 were about the sentences and prison time for different Web3 founders: Mr. Mashinsky (Celsius) just got 12 years in prison, the ex-CEO of Binance CIS was arrested—the list goes on. Some people are being pardoned—Ross Ulbricht (Silk Road), Arthur Hayes (BitMEX). Rumor has it that Sam Bankman-Fried might be pardoned by the U.S. President. To be a convicted or pardoned felon is a mark of proficiency.

The industry is maturing rapidly. Keeping up with the change is difficult. VCs are wrong all the time, news outlets are biased, and communities are hard to access.

Still we are continuing our mission to discovering the best startups in the space through pitch competitions and investor soirées.

Last chance to stop gambling and get an accelerated path to product-market fit—join our Vegas events:

  • Blockchain Founders Fund, IOHK, DraperU Ventures, Draper Dragon, XDC Network — 10 a.m. in Vegas: https://lu.ma/an3qp7ka

  • Investor soirée with Kraken in Vegas (selected investors and a few startups): https://lu.ma/kze73xc9

There is no lake, river, or sea, so we are not hosting a yacht during Bitcoin in Vegas.

If, at the end of the conference, you haven’t gotten a commitment from investors, just go gamble like the FedEx founder, who gambled the company’s last $5,000 and won $27,000. It’s possible, guys, but that’s a whole other story.

If Vegas is too much for you, at our home base in New York we are hosting a Monday pitch competition; 33 people have already secured early bird tickets — https://lu.ma/jz5gdw3g

See you in Vegas & New York! If you want us to review your startup, submit your pitch here: https://bit.ly/gainpitch

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