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

agree there will be a shift to more capex heavy businesses

"crypto vc" is really just a meme - many are just investing from their hedge fund gains anyway and don't understand how "trad vc" works

so if you ask me about crypto vc - i think they'll keep investing bc they don't know what else to do

if you ask me about trad vc - i think there's a huge reckoning incoming for emerging managers and funds that aren't investing in what we used to call "deep tech"