Yeah I've thought about this a lot too. My only guess is that these VCs never really felt the pain from the previous cycle collapses.
I made and subsequently lost a very large sum of money from 2015 to 2018. This happened because I bought into the ICO craze and after seeing 1000x gains I saw almost all of it evaporate. So to me, NFTs reeked of the same odor.
I was smart enough this cycle to stick with projects that made sense to me. NFTs didn't make sense, and even though I saw people making money on them, I knew the risk was too high. I think another learning point for me was letting go of romanticizing crypto as a technology and embracing it for what it truly is, which is gambling.
I don't think crypto is the future of anything other than online gambling and speculation. Which isn't necessarily a bad thing, but it's the reality.
VCs seem stuck in that romantic phase coupled with a lack of technical understanding. I think after they get burned this cycle they'll be less likely to invest in the next. They'll have the experience to know.
In hindsight, that May 2021 was a good thing. Taught me how much these coins can collapse. I did much better at securing profits in the second half of this run
I made and subsequently lost a very large sum of money from 2015 to 2018. This happened because I bought into the ICO craze and after seeing 1000x gains I saw almost all of it evaporate. So to me, NFTs reeked of the same odor.
I was smart enough this cycle to stick with projects that made sense to me. NFTs didn't make sense, and even though I saw people making money on them, I knew the risk was too high. I think another learning point for me was letting go of romanticizing crypto as a technology and embracing it for what it truly is, which is gambling.
I don't think crypto is the future of anything other than online gambling and speculation. Which isn't necessarily a bad thing, but it's the reality.
VCs seem stuck in that romantic phase coupled with a lack of technical understanding. I think after they get burned this cycle they'll be less likely to invest in the next. They'll have the experience to know.