It’s been notoriously hard to make successful Vc investments in Bitcoin companies 

Especially when Bitcoin is the hurdle rate to compete with

Hunch: Nostr is different. 

With better digital identity, user controlled data, & the app market already showing great traction, it seems a great place to deploy some capital in early stage equity 

Ie with Nostr it will be possible to scale a private business 

The key of course is to find great teams, & workable business models 

 Nostr is highly competitive. 

The marginal cost of anything on Nostr moves to zero pretty quickly.

If you're building here it's because you're passionate about what you're doing. 

 Indeed. But just because the marginal cost comes down doesn’t mean you can’t build a big business

Other levers I would look to in order to retain a decent customer LTV:

- UX/UI
- Brand 

How do exchange businesses not cannibalise each other? They compete on other things like the above