If you aren’t embarrassed by your first version of your product, you’ve launched to late late.
— Reid Hoffman (Co-founder of LinkedIn)
Brian Gilliam writes a daily newsletter for Blockworks, and I thought he made some excellent points.
Here are some snippets from yesterday’s email:
Here’s why I’m confident the next crypto bear market is going to be followed, eventually, by much higher highs: The user experience in DeFi is lousy and people are still clamoring for it.
DeFi is messy, complicated, hack-prone and crazy expensive—and that is how I know it’s going to get much, much bigger.
Because the best way to test proof-of-concept is to start with a lousy product.
If you find that lots of people are willing to use the crappy version of your product, that’s when you want to pour money in—because you’ll know for sure your on to something big.
The money line:
New products and services will be a success when they fulfill a real need—and the best way to determine if they do is to see how willing people are to tolerate buggy, expensive, inconvenient experiences.
I’ve just started playing around with these new products, and Brian’s right. They are buggy, slow (relative to other apps we use daily), and expensive (👋 $89 gas fee). Even Coinbase’s app is kind of clunky. And it’s worth $70 billion on the public market.
However, that’s a good thing if you’re looking for Alpha opportunities. When my wife can seamlessly use these products, the best time to invest might have passed.