Sequoia and a16z effectively force LPs to put money in it.
Even with a tinfoil hat I can’t figure out their endgame, is it really just to make money off of greater fools?
delegitimizing themselves in the process
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> Even with a tinfoil hat I can’t figure out their endgame, is it really just to make money off of greater fools?
yes
ie: 100% downside vs 10,000%+ upside. If only 1 out of 100 such bets works out they break even. If 2 they have a profitable fund, 3+ they have knocked it out of the park.
But I think you're right that the upside is so attractive given how little they need to invest to realise significant gains.
The internet was always decentralized. That's literally the entire point of TCP/IP. The web, however, is indeed being centralized; and crypto is at the forefront of that. For all the talk of "democratizing finance", the reality is that all of these web3 proponents have no interest in anything beyond enriching themselves by reinventing the existing centralized banking system minus all that pesky regulation.