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My optimism for blockchain-based tech has also gone through ups and downs. Just as I worried for the viability of my index funds every time crypto prices went vertical, I’ve also wondered whether it was the final straw for Bitcoin and friends every time the web3 hype cycle imploded. But no matter how high the high, how low the low, or how fast the transition between the two, crypto has managed to come back in one form or another. The Exchange explores startups, markets and money. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. At some point you give up trying to predict what will happen and when, and you must simply watch. Investors are not playing the same game. The venture market by its nature is a wager-placing activity. VCs think up a thesis, find what they consider to be outstanding startups that fit their market hypothesis, fund them, and then try to help those startups become big. So long as some of the companies that they pick do well, they can earn back all the capital they invested and share in the profits. Missing Attachment It’s often useful. Bessemer’s regular cloud reports discuss a portion of that firm’s investing thesis. And since the Bessemer documents are chock-full of useful data, and are often unsparing in their market diagnosis, are worth reading. It was with that vibe that I dug into the most recent a16z crypto market update.

Computer or casino? by Alex Wilhelm originally published on TechCrunch

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