Learned harsh angel investing lessons; no longer invests in projects without products or via informal channels.

And after launching Breakout and selling it, one of the first things I did is I went through all of these angel checks that I'd written, and I'm like, motherfucker, like I wrote you this check, and in the time since I wrote you this check, I started built and sold a company. And like you haven't even like tweeted in three months, like what are we doing? And I've learned some very difficult lessons about angel investing over this last cycle. I'm no longer investing in some sort of random Google form that my buddy sends me being like, oh, these guys are gonna cook. Like I'm just not interested. I understand in angel investing, you know, you're trying to hit one out of 10 and that one's a unicorn, but in crypto especially, I think there's such a misaligned incentive where people are either launching the token or raising the money before they actually even have a product, whereas in the traditional world, they can build a business and then you raise money and maybe IPO one day, whereas in crypto, the liquidity event happens right away.