Barry Silbert cautions that speculation is outrunning substance in crypto—and that most tokens may end up worthless. The core issues: weak product–market fit, thin liquidity, poor governance, and tokenomics built on hype instead of utility.
What to prioritize: real users, recurring fees or revenues, audited code, transparent supply schedules, and deep organic liquidity. Red flags: fully diluted valuations detached from usage, aggressive unlock calendars, and marketing-driven pumps.
For investors: size positions conservatively, diversify, and stress-test assumptions. Focus on networks with durable utility, credible teams, and regulatory awareness. For founders: solve real problems, align incentives with long-term holders, and treat security and compliance as features.
Bubbles pop; useful networks endure. Focus on fundamentals.