"That leaves the question of crypto..."
> That leaves the question of crypto; given its oppositional nature to the current paradigm — decentralization, encryption, and ownership — it is clearly something completely new; moreover, the capital chasing returns in crypto is clearly financial capital, not production capital.
> That suggests that crypto will continue to exist in a bit of a parallel universe, which makes sense; it already has its own currencies, after all. That is another way of saying I think that crypto is still very early in its lifecycle; 2017 wasn’t the big crash, nor will the next one be — remember that tech had its own internal boom-and-bust cycles in the three decades between the introduction of the Intel processor and the Dotcom bubble. Nor is this a bearish take: those three decades were exceptionally profitable for everyone involved — including Sequoia, which was founded in 1972. Perhaps its successor, the one that shifts to providing productive capital for crypto companies decades from now, has already been born.