A long time ago, someone told me that venture capital is a high-risk industry, and investing in ten projects to get one is already good. Otherwise, why is it called Venture Capital venture capital? But in the cryptocurrency industry, this logic seems very different, especially during the last cycle when VC investors raised funds, they all wished they could make 100% money and raise a lot from outside. Then this cycle throws itself into the dead, accumulates games in the dead, and elevates the people of Tianlong to the sky. The fake big empty market, which doesn't even have a P, is directly valued at N billion. Then I will coordinate with the studio and the exchange, and directly line up to smash into the market, regardless of whether it can accept it or not, whether the narrative it previously boasted can be implemented, whether retail investors have profit margins, and whether CEX will be embarrassed (mainly @ binancezh, no one else cares). Is this still venture capital? Isn't it an exaggeration to say it's a market cancer? There may not be many first tier VCs who can make money in this cycle, but GPs have made it. High salary, 2% management fee, and various Alpha obtained from blending, Carry can get the best, but not getting it is also an industry problem. This is also one of the reasons why I spoke up when the market criticized @ DoveyWanCN a while ago. Among the first tier VCs, her @ primitivecrypto is one of the few VCs who invest their own money without relying on LP management fees. It's not that she has no problems, but compared to many venture capitalists who haven't been in the spotlight in the current market, she is much stronger. I sincerely hope that this time, VC will spend less money in the future because of this round of poor performance, save less foam in the next cycle, be tight, and have a low valuation, so that everyone can focus more on exploring high-quality projects, rather than all kinds of stinking blending harvesting bureaus. Of course, retail investors can also have more space, otherwise they will force everyone to buy BTC to bet on memes and play together.