I think this entire episode has highlighted that maybe the correct way to run early stage investing for the last decade or so is basically to more or less fund

I think this entire episode has highlighted that maybe the correct way to run early stage investing for the last decade or so is basically to more or less fund everything, and that the differentiator in terms of firm success is purely access to deals and no decision making at all. If you take the view that we really are in an everything bubble the most successful VC strategy over the last 10 years was simply to say yes. Everything was going up. You say yes, and you make sure everyone comes to you. And this strategy has worked so well that now you have a generation of leaders - such as Chris Dixon, who don't even go through the motions of what was previously thought of as the successful strategy for VC. It makes sense, if the correct strategy is to just say yes, the people who do due diligence and run the numbers and research the market before saying yes (a) lose out on deal flow to those who Just Say Yes and (b) find (good) reasons to say no which both is a losing strategy and damages your reputation. Of course the people who are investing in Crypto don't understand how the businesses would work and make money, if that was required they wouldn't be crypto investors. These grand visions and bold statements are a great way of covering for what's really behind the investment strategy - Just Say Yes.