It is very insightful to understand the theses of venture capital, especially while they are being disrupted. Clearly, capital markets are not efficient, and VCs insights are critical and useful even under uncertainty.

Dan Morehead Pantera Capital [VC’s Missing 97% of the Trade :: Blockchain Letter, November 2017](https://medium.com/@PanteraCapital/vcs-missing-97-of-the-trade-blockchain-letter-november-2017-e02abd27c47f)

Ari Paul, CIO of BlockTower Capital [How To Think About Investing In Cryptocurrency Part 2 of 4: What *needs* to exist.](https://thecryptocurrencyinvestor.com/2017/04/17/how-to-think-about-investing-in-cryptocurrency-part-2-of-4-what-needs-to-exist/)

Chris Burniske and Joel Monegro from [Placeholder VC thesis](https://ipfs.io/ipfs/QmZL4eT1gxnE168Pmw3KyejW6fUfMNzMgeKMgcWJUfYGRj/Placeholder%20Thesis%20Summary.pdf)

Chris Dixon from [The next big thing will start out looking like a toy](http://cdixon.org/2010/01/03/the-next-big-thing-will-start-out-looking-like-a-toy/) JANUARY 3, 2010 
> Social software is an interesting special case where the strongest forces of improvement are users’ actions. 

[Introducing a16z crypto](https://cryptonews.com/exclusives/an-interview-blockchain-rival-that-invented-own-decentraliza-1756.htm)

## more general

[The fundamental difference between Venture Capital and Value Investing](https://25iq.com/2014/03/29/the-fundamental-difference-between-venture-capital-and-value-investing/)

Sunstone Capital does invest in crypto? [We're conviction investors - what does that even mean](http://blog.maxniederhofer.com/were-conviction-investors-what-does-that-even-mean)

## ... another crypto VC fund

[Exclusive: Marc Andreessen And Chris Dixon Back New Cryptocurrency Investment Firm](https://www.forbes.com/sites/jeffkauflin/2018/07/31/exclusive-marc-andreessen-and-chris-dixon-back-new-cryptocurrency-investment-firm/#54be8d35759d)
> Cryptocurrency investment firm Scalar Capital has raised money from new, high-profile investors, including Marc Andreessen and Chris Dixon. After pulling in $8 million in January, the new inflow brings Scalar’s total assets to more than $20 million