In my free time in the last years, I have helped (for free) some VCs and friends to figure out what are good opportunities in the cryptography field. I’m at an excellent position to see what is serious cryptography, and even what a promising start up looks like. This is because my day-to-day job is to audit them.

It turns out that it is often quite easy to quickly spot the bad grapes by noticing common red flags. Here’s a list of key words that you should probably stay away from: patented, proprietary protocol, one-time pad, AES-256, unbreakable, post-quantum, ICO, supply-chain, AI, machine learning, prime numbers, re-inventing TLS, etc.

In general, if a company focuses its pitch on the actual crypto they use instead of the problems they solve, you might want to turn around. If something doesn’t seem right, find an expert to help you. Even Ycombinator got fooled.