Here's what I've noticed about crypto fundraising - most people don't really understand how deals actually get structured. The knowledge gap is wider than you'd think.

And here's the kicker: investors tend to get mad at anything that doesn't benefit them directly. Even when you're looking at something completely standalone, they'll still find a way to make it about their own interests. That bias shows up everywhere.

The education piece around structuring mechanics and fundraising realities? Pretty much non-existent for the average participant.