YC
How to Survive the Crypto Boom & Bust Cycle
@ Y Combinator
04/03/24
Takeaways
CL
Chandan Lodha
04/03/24
@ Y Combinator
I know what it takes to survive the crazy boom and bust cycle of crypto.
CL
Chandan Lodha
04/03/24
@ Y Combinator
The price of Bitcoin is surging again, showing no signs of slowing down, but another warning signal is flashing as the crypto market is crashing.
CL
Chandan Lodha
04/03/24
@ Y Combinator
When there's excitement in the market, we need to capture that excitement and use it to propel ourselves forward.
CL
Chandan Lodha
04/03/24
@ Y Combinator
During a crypto winter, we must hunker down and use our resources effectively to continue building, so we can ride the next wave of crypto adoption.
CL
Chandan Lodha
04/03/24
@ Y Combinator
CoinTracker is solving the problems of tracking portfolios across exchanges and figuring out how to file taxes, making crypto more accessible and easier to use.
CL
Chandan Lodha
04/03/24
@ Y Combinator
Our mission at CoinTracker is to enable everyone in the world to use crypto with peace of mind by building leading cryptocurrency portfolio tracking and tax compliance software.
CL
Chandan Lodha
04/03/24
@ Y Combinator
CoinTracker was built to solve the problem of tracking crypto assets, which we faced ourselves as founders.
CL
Chandan Lodha
04/03/24
@ Y Combinator
Running a company in the crypto space is particularly difficult because you're forced to evolve as the market cycles come and go.
CL
Chandan Lodha
04/03/24
@ Y Combinator
Going through a crypto winter is brutal; it's probably the lowest point I've experienced as a founder.
CL
Chandan Lodha
04/03/24
@ Y Combinator
In 2020, we were six months away from having to shutter our doors due to running out of money, which was a feeling of desperation.
CL
Chandan Lodha
04/03/24
@ Y Combinator
We got through tough times by taking a long-term view on our mission and ensuring it improves users' lives in a meaningful way.
CL
Chandan Lodha
04/03/24
@ Y Combinator
It's important to stick to first principles and communicate the reality of the situation to the team during challenging times. Having open, honest, and vulnerable conversations helped us navigate tough times in the crypto space, and companies that survive these challenges can benefit during the good times.
CL
Chandan Lodha
04/03/24
@ Y Combinator
During the last crypto bull run, CoinTracker grew 14 times, focusing on user growth during the DeFi summer of 2021.
CL
Chandan Lodha
04/03/24
@ Y Combinator
As the crypto market began to cool, we received feedback that we were losing our product edge and failing to keep up with the evolving needs of users in the crypto space.
CL
Chandan Lodha
04/03/24
@ Y Combinator
We realized we weren't solving our users' problems anymore, which led us to halt all operations for nine months to reimagine our product and company.
CL
Chandan Lodha
04/03/24
@ Y Combinator
We transformed CoinTracker by elevating user obsession, ensuring that everyone in the company, from customer support to engineering, is constantly engaging with users to gather feedback.
CL
Chandan Lodha
04/03/24
@ Y Combinator
We shifted our guiding principle from 'think long-term' to 'think long-term, ship today,' empowering our team to take risks and experiment, which accelerated our execution significantly.
CL
Chandan Lodha
04/03/24
@ Y Combinator
No matter how much we grow, we must always obsess over our users and stay updated with their evolving needs, especially in the fast-changing crypto space.
CL
Chandan Lodha
04/03/24
@ Y Combinator
The best advice for those in the crypto space is to take a long-term view, as crypto will continue to change the world in ways we can't yet imagine.
CL
Chandan Lodha
04/03/24
@ Y Combinator
Building crypto companies is challenging, but using the downturns intelligently can help you emerge as a stronger company.
CL
Chandan Lodha
04/03/24
@ Y Combinator
If you need help with crypto taxes or managing your portfolio, check out CoinTracker.