The Icarus Syndrome

This one is for the…

“My (web3) project is starting to take off, I’m feeling momentum, I think this could be something big.”

The following is a cautionary tale from all the web3 founders that are chilling in jail right now.

They all suffered something that we call the “Icarus Syndrome”. 

For all non-greek mythology nerds, here is a short summary of the story of Icarus:

“In Greek mythology, Icarus and his father, Daedalus, were imprisoned on an island by King Minos. To escape, Daedalus – a master craftsman – created two sets of wings made of wax and feathers. He warned his son not to fly too close to the sun, as the wax would melt. He also cautioned Icarus not to fly too low, as the feathers could get wet in the sea. His warnings, however, went unheeded. Icarus was so intoxicated by the experience of flight that he went higher and higher. As the wax in his wings melted, he tumbled into the sea and drowned.”

Sounds familiar?

It’s easy to get too high in web3. When your Token or Floor Price goes up, everybody loves you, you’re the king of the world, females are charming for your attention and a loyal army of degens is at your feet.

This usually results in founders…

• Placing excessive confidence in their own judgment

• Harboring feelings of omnipotence

• Becoming reckless and restless

• Displaying contempt for the advice and criticism of others

• Ignoring the practicality, cost or damaging consequences of their various endeavors

We both had these feelings before and trust me, it’s better than any kind of drug.

But with any high - at some point, there needs to come a downfall.

Or to quote Proverb 16:18 “Pride goes before destruction, arrogance, before a fall”.

When you’re flying too high, the gods are quick to remind you that you are merely a mortal.

In web3 that’s tons and tons of fud, aggression, insults, lawsuits, and extreme pressure from all sides.

And the higher the initial pump, the longer the dump.

And if you haven’t prepared for this while flying up, this can be absolutely disastrous.

Link to all web3 founders in jail.

That’s why…

When you’re flying high, prepare for the downfall.

• Legal Opinion, good lawyers on a monthly retainer

• Karma: give love, help, and contribute … especially during the up-phase

• Always make sure that you’re doing the maximum for holders, transparency, and regulators (ex: don’t say fuck the SEC “mirror protocol”)

Or look at Cardano…

They flew high, and eventually went to 0, but never got immense fud since they kept working on the product together with the community.

Stay humble,

T&A