From: thepipeline_xyz
This article explores insights and challenges related to growing and sustaining a crypto podcast, drawing from the experiences of “monad only” and its inspiration, “up only.”
Origins and Aspirations [00:00:33]
The podcast “monad only” launched with inspiration from “up only,” a well-known crypto podcast, aiming to replicate its success and impact [00:00:36]. Many crypto podcast hosts look up to “up only” and have watched every episode [00:00:47].
Key Learnings for Podcast Hosts [00:01:03]
The Importance of Organic Conversation
A significant takeaway from hosting a show is the value of allowing conversation to flow freely [00:01:37]. Early on, “up only” attempted to be structured with specific questions about products, but its best shows occurred when hosts “jammed” on topics without hitting prepared questions [00:01:10]. Letting the conversation flow freely is crucial [00:01:37].
Access and Perspective
For hosts without prior experience in growing a large crypto following, starting a podcast can open doors to engaging conversations with “smart people on the right side of the curve” and “characters on the left side of the curve” [00:01:50]. This provides significant personal learning and new perspectives on crypto [00:02:29]. It addresses the challenge of acquiring good information and meaningful conversations without a large network [00:02:36].
Challenges of Sustaining a Crypto Podcast
Filling the Void [00:07:41]
After “up only” paused its episodes, a “gaping hole” appeared in the crypto podcast space, particularly for “crypto culture” podcasts [00:07:41]. Many have tried to replicate the success of “up only,” but it is difficult to pull off due to the unique dynamic of the original hosts [00:10:13].
Market and Narrative Shifts [00:08:51]
“Up only” found its best format when it was organic and unplanned [00:08:51]. The show paused after covering the FTX debacle, and an “appropriate time to press unpause” has not yet emerged [00:09:00]. While there is positive energy for its return, the prevailing “negative energy” in crypto, including trolls, can be defeating [00:09:21].
Host Availability and Future Prospects
The busy schedules of former hosts, with one running a new company and the other engaged in a CrossFit hobby, make it challenging to resume the podcast [00:11:06]. The podcast’s success in attracting high-profile guests like Balaji Srinivasan, Mark Cuban, and even Sam Bankman-Fried and Changpeng Zhao on the same show, highlights its unique reach [00:20:24]. However, a high percentage of past guests facing legal trouble (the “curse”) is noted humorously [00:10:39].
Podcast Production and Setup
Monad headquarters features a “nap room” that has been converted into a third podcast studio [00:05:19]. The setup includes a controversial body pillow/bean bag, which has a “massive negative association with bean bags and crypto” [00:06:10]. The ideal podcast production emphasizes “no edit podcasting” and live production to overcome the “greatest limitation to publishing,” which is perfection [01:11:53].
Advice for Founders and Investors in Crypto
Sustaining a Business Plan
For a builder starting out in crypto, it is crucial to have a business plan that ensures sustainability for the team long-term, ideally for 5 to 10 years, as successful startups often take over 10 years to reach sustainable revenue prior to exit [00:49:03]. Companies are going public and becoming profitable much later than in the past [00:50:09].
The “Build it and They Will Come” Fallacy
Relying solely on user growth without a clear business model is challenging; the scale of users needed is massive [00:51:11]. Having “bridge revenue” or a “cash cow” alongside efforts to build a user base is important [00:51:16]. Continuous fundraising leaves a founder at the whim of market narratives and macro conditions [00:51:33].
Meme Coins vs. Real World Utility [01:00:50]
The crypto space is often criticized for being dominated by meme coins, which are largely seen as “pump and dump schemes” [00:17:20]. Many believe they are made by a few individuals to create liquidity for themselves, preying on a “YOLO cycle” and “financial nihilism” among new investors [00:17:20]. While a small fraction of meme coins might create “real culture,” the vast majority (99.9%) are considered “absolute trash” that will go to zero [00:16:20].
The focus should be on building “something real,” such as infrastructure, application layers, financial derivatives, or putting real-world goods on-chain [00:18:42]. The idea of NFTs as titles or deeds for real-world assets, such as construction equipment with detailed metadata, is a vision for the future of crypto, distinct from current “jpeg” NFTs [00:38:40]. For real-world adoption, the crypto element needs to be “completely invisible” to the end-user [00:40:19].
Dev fatigue from meme coins is real, as talented developers may be tempted to manufacture quick gains instead of building long-term products [00:27:13]. The strong narrative around quick wealth from meme coins can be disheartening for those building legitimate projects [00:28:44].
The Problem of “Skinny Doors” [00:22:17]
Many crypto assets are characterized by “fat people and very few skinny doors,” meaning many holders trying to exit through limited liquidity [00:22:17]. When large holders (like VCs or “degenerate kings” of meme coins) decide to dump, the market can collapse, leaving others holding the bag [00:22:42]. This contrasts with assets like the S&P 500 or Timberland in Alabama, which people genuinely want to hold long-term [00:26:10].
Financial and Personal Well-being
It’s important to identify one’s “endgame” and goals for investment activities, focusing on quality of life rather than solely financial numbers [01:14:10]. People should define “enough” and be mindful of what they sacrifice to achieve it [01:14:52].
The “house money” fallacy and mental bracketing of net worth can be dangerous [00:54:50]. Even if an initial gain feels like “house money,” it becomes money owed to taxes if realized [00:54:55]. Moreover, seeing a portfolio hit a peak can mentally “bracket” one’s net worth, leading to distress if it falls, regardless of initial investment [00:55:14].
A crucial piece of advice for crypto investors is to “take some off the table” when successful, even if it feels counterintuitive [01:15:36]. Achieving significant gains (e.g., 15,000) is rare and should be secured [01:15:52]. This allows for financial security, future investments, and optimization for personal life and community [01:16:26].
Ultimately, crypto should not become one’s sole identity [01:00:26]. While invested and a believer, diversifying focus beyond crypto is healthy [01:01:09].