The Bubble in Venture Capital There are 540 VCs in crypto. There are about 10 protocols that matter. Does this make sense to you?

The vast majority of these VCs copy cat follow one another. There is very little original thinking or focus on building real business models.

The only ‘maxis’ in crypto are ‘Me Too’ trend chasing maxis. There are maybe 5 VCs I like in Crypto.

The only ‘maxis’ in crypto are ‘Me Too’ trend chasing maxis.

Crypto is really not that dissimilar from Biotech from an EV perspective.

The real ‘win’ in crypto was DeFi - trustless borrow and lending - without a bank intermediary. We have not seen that ever in our civilization and it’s a big deal. VCs lost focus on this prize.

Neither Genius Act or Clarity Act unlock DeFi. Because many of these VCs and Crypto leaders are not serious people, they are flippers. The other innovation was trustless payments (send value without an intermediary). Thank you for attending my Ted Talk.

One would think in the wake of Chokepoint 2.0, there would be focus on (trustless) banking. Or, capital markets for small business. Or, creator economy IP rights. Or, something that actually makes sense.