another thing unclear to me is what the future of venture looks like in the ai era

maybe venture shifts to focus mainly on capital intensive stuff (hard tech, foundation ai companies) and less pure software businesses

so what is the function of a crypto vc specifically in that environment?

simultaneously, until there are tokens that accrue value directly from protocol -- requiring regulatory changes

there are not really any long-term investable liquid tokens either

i dont get how anyone could raise outside capital for a new crypto fund at any stage with the above two realities in mind, that isn't like an l/s trading firm

yeah on the same page. hard to imagine funds raising unless they’re specifically investing in harder industry including compute