@alexadelman said something profound at dinner last night, credited to @jespow: "If you're going to build a crypto business, even if it's good, you have to be prepared for it to work *really well* only 1 out of every 4 years." 1 year of prosperity, followed by 3 cockroach years to keep the business afloat to the next cycle.

Circle took 13 years to go public, and tried a dozen different products before they built $USDC. No one talks about Circlepay and all it's other moderately successful cousins who didn't find PMF. What matters is the one that hits. Longevity wins here, but so does pragmatism.