Mike Dudas, a crypto investor, criticizes the notion that new crypto projects (coins) have the same odds of success as established ones, stating "90% of coins don't work." This implies a high-risk environment for new crypto launches, suggesting investors should be highly skeptical of claims that new deployers have equal incentives or staying power. The insight warns against applying traditional startup models to the volatile crypto market, where project longevity is often tied to immediate performance.