Being a *good* VC is one of the hardest jobs right now. 

The market has evolved in a way that's perfectly competitive (money is money). High beta, asymmetric deals are hard to come by, entrepreneurs need less money to build their businesses, and there's more money than ever chasing deals that could return the fund.

Built to Build. Angel investor. Previously at Eng and Ventures Coinbase and coherent.xyz

What I find troubling is that many of the "top tier" crypto VCs are still stuck on the thesis that tokens are a required component of the deal. You can have a company with insane potential, engineering results that are groundbreaking, great design partners and early clientele, even revenue!, but no token, no funding.

BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

> It's because they haven't been shown another way yet

This part confuses me, the other way has been there long before tokens – equity. The way my company is structured is separate from the protocol – the protocol's token is purely fair launch, token warrants aren't even possible.

It's because they haven't been shown another way yet. So far the only proven "return the fund" deals have been tokens. Monkey see monkey do. Also means there's asymmetry in deals that don't have tokens, less competition, but much much higher risk.