The cryptocurrency industry has experienced rapid growth and evolution over the past two to three years, drawing innovators and risk-takers from diverse backgrounds. While this influx has brought fresh ideas, it has also attracted individuals with little or no relevant experience in crypto. Expertise in other fields does not automatically translate to the skills needed to lead a successful startup, let alone a crypto venture.
This mismatch often fuels unwarranted arrogance among founders, who overestimate their abilities despite lacking the necessary knowledge and experience specific to the space. A modest approach is needed now more than ever, as the industry faces a surge of problems, including rug pulls, sham projects, and weak leadership. Here’s why modesty should become a core trait among crypto founders:
1. Too Many Rug Pulls
Crypto has unfortunately become notorious for rug pulls—scams where project founders are incompetent and cannot deliver or deliberately disappear with investors’ funds, leaving behind nothing but broken promises. This recurring problem stems from the unchecked arrogance of some founders who overpromise and underdeliver. By adopting a more modest and realistic approach, founders can earn trust and foster transparency, reducing the prevalence of scams.
2. Minimal Costs to Start a Sham Project
The barriers to entry in the crypto space are extremely low, making it easy for anyone to launch a project with little more than a flashy website and a buzzword-filled whitepaper. This low cost of entry allows overconfident founders—or even outright scammers—to disguise themselves as legitimate entrepreneurs and create deceptive ventures with minimal effort. In contrast, founders who approach their projects with humility tend to focus on meaningful progress rather than superficial hype, ultimately building trust and credibility in the process.
3. No Need for In-Person Accountability
Crypto’s digital nature often allows founders to operate anonymously or semi-anonymously, sometimes using NFTs or simple images as profile pictures, paired with nicknames or even pseudonyms. This setup can create a false sense of authority and importance, often detaching founders from accountability. Most communication occurs on platforms like Telegram, where users interact solely through handles, allowing accounts to be created instantly with no verification of identity. This lack of face-to-face interaction can embolden founders, making them overly confident about untested ideas. By embracing modesty, founders can foster greater accountability and build more genuine, transparent connections with their communities.
4. Inflated Titles with No Real Experience
Many crypto startups consist of just two or three people, yet one often claims the title of “CEO.” However, leading a two-person team does not equate to the skills, vision, and experience required to be a CEO of a large organization. These so-called “CEOs” may lack the ability to lead effectively, manage teams, or handle the complexities of a growing business. A more modest approach to titles and roles would help prevent misleading claims and set more realistic expectations.
5. Unoriginal Ventures and Weak Investor Support
Many projects in the crypto space are essentially copycats of successful ventures. With few original ideas and often no strategic backers, these founders seek to ride the coattails of proven concepts rather than build something novel. This approach, coupled with arrogance, often results in failure. Modesty encourages founders to seek experienced advisors and backers who can provide the support and resources needed to succeed.
6. Investment Doesn’t Guarantee Success
Just because a project has secured funding doesn’t mean the founder has what it takes to turn the vision into reality. Many founders focus too much on raising funds and not enough on execution. A more humble approach allows founders to recognize their limitations, seek the right help, and continuously adapt rather than assuming that investment alone is a marker of success.
Conclusion
The crypto industry is still young and evolving. For it to mature sustainably, its founders must do the same. Adopting modesty and a grounded approach can help founders build trust, deliver on promises, and contribute positively to the industry’s reputation. By focusing less on inflated titles and more on true value creation, crypto founders can drive the industry forward in a more credible and sustainable way.