Just coming back from Toronto Bitcoin Expo and, once again, I’m seeing smart, newly rich Bitcoin people being wooed by crap business plans.

The typical investor profile is someone who worked as a professional, maybe earned 100-200k a year and maybe had investable assets of 100-500k. Now all of the sudden, through timing and happenstance he finds himself with 20,000 coins and thinks he’s Carl Icahn or something and is throwing around investments in plans.

I’m sad to see some people in our community so easily and flippantly make six figure investments in plans which are, frankly, crap.

Please — do yourself a favor — become a limited partner in a real VC fund….not a third or fourth tier fund — I’m talking about the billion dollar funds with 20 year track records— go see real pitches from the kinds of businesses OUTSIDE this space who are getting funding. See if you can make friends with someone who is a long term successful investor or at a VC firm. I almost wish I still gave retail financial advice as I did for most of the last 20 years just to talk some sense into people. Please — don’t waste/ risk/ lose your money. If you believe in Bitcoin as I do– great— keep the coins.

Our space is still early stage — and while some business plans may seem decent compared to others in the space…..by objective investment standards they are very often substandard crap.

There are a FEW rare examples of fundable plans and teams…..a FEW.

I’m not talking about any specific investor OR business in Toronto — just in general.

Please be prudent and careful.