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Deep Dive with Damon Nam, Founder at @CoinvestHQ

Founder at @CoinvestHQ. 16 year @Microsoft alumnus. Digital nomad with a passion for technology and giving LIVE Feb 22nd at 10am PT.

posted 2 years ago

with or if you'd like to join the discussion.
Soona Amhaz
One of the biggest learnings from working on Coinvest so far:
Damon Nam

I'll respond to this answer more broadly around startups (as I made a transition from 16 years in corporate at Microsoft to the startup world).

I’ve learned that no one cares about your business but you (and your team). In the corporate world, you have support, infrastructure, and leadership to ensure that you don’t fail; in the startup world, you have nothing. Everyone is busy in their own life aspirations and business goals. You either work your ass off to make it work, or you fail trying. The startup community has a lot of resources you can tap into in order to learn, grow, and reduce your overall risk. However, success is your sole responsibility. You have full control of your destiny and there are no excuses.
Damon Nam
I'd love to hear what everyone's thoughts are on how investing and spending cryptocurrencies could be made easier.
Ben Tossell
How did you get into crypto?
Damon Nam

I've always been a technologist that is passionate about emerging technologies, products, and services. Like many in this space, I learned about cryptocurrency and blockchain technology back in 2008 - 2009. However, did not pull the trigger in getting deeply involved due to skepticism. With limited adoption in the market, I waited on the sidelines before getting heavily engaged myself.

In 2014, I had personally started to see more momentum in the industry and from there began to explore mining, etc. Over the past few years, I've gradually purchased and sold assets. Through this experience, and even from having a technical background, I learned how difficult it was to manage these assets, explain the concept to friends / family, etc. While I believe that blockchain technology is transformative and has the potential to disrupt industries, the current complexity is a barrier to entry to average consumers which will restrict it from becoming mainstream

I was determined to solve my personal problem to overcome this barrier and this is why and how Coinvest was born.
Ben Tossell
What advice would you give to evaluate crypto investment opps?
Damon Nam

I evaluate my investments with the same framework regardless of industry or vertical. This always begins with the following three tenets:
- Team
- Traction
- Idea / Concept

First and foremost, I invest in people. The questions I ask are:
- Are these individuals I can trust and share the same values with?
- What experience does the team have in this space and is it relative to the problem they are solving?
- Is there specific IP that the team has that offers a competitive advantage?

Traction enables me to understand someone's passion, hustle, and results over a period of time. The question I ask here is:
- What traction has the team achieved over the past quarter, six months, etc?
- Is there a proof-of-concept, MVP, prototype, or live product?

Idea / Concept
It's never about the idea. It's always about the execution. Hence why this ranks lower than traction. The questions I ask are:
- What problem does this solve?
- Is there utility in the coin other than a means of exchange?
- Is this an idea that I'm passionate about and care to offer value to?
- Is the idea / concept aligned with my values?

The answers to all of these questions give me a good sense on whether or not I should continue diligence and invest. While it is still possible to profit from momentum investing, I tend to lean on value investing and have a long-term strategy.
@damon_nam Currently it is about judging and finding gems in pre-sale. How do gauge the traction or hype for a project that in early pre-sale and has a non-blockchain product which is now moving to blockchain (see : PolicyPal or Nexo)?
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Soona Amhaz
One common thing people get wrong about this space: