At a per-investment level, you have a point, but in aggregate, none of the crypto startups have done much beyond creating digital trading cards for speculation

At a per-investment level, you have a point, but in aggregate, none of the crypto startups have done much beyond creating digital trading cards for speculation and illegal transactions, and most have failed to even do that. It's the premise of the fund, so it's not like they have a choice, but it's almost a meta bet on the space. Despite the space having produced so little, there are smart people who will figure out something for the space, and then the team you bet on will execute on it.