Another incredibly underwhelming launch today:

Aztec
They raised $157M and are now trading at $59M market cap, $215M FDV. Even that feels too expensive.
Their public sale two months ago was at a $480M FDV, immediate losses of over -50%.
Retail is down bad. a16z and other tOp TiEr investors are probably down even worse.
This reflects everything that’s wrong with the industry:
- Massively overfunded VCs bidding valuations to infinity
- Founders with ego issues allowing bids to infinity
- Too much focus on infra and academic experiments instead of real businesses with revenue
- Blind public investors aping for quick flips without understanding what they’re buying
Stop complaining, because as long as you won't show more discipline with your investments, nothing will change.