Welcome back to the Gwart Show! We got Round II of the Crypto VC debate with Gwart and Haseeb. Are tokens actually worth anything? Do VCs provide real signal value? What's the right benchmark for success? The conversation gets spicy as they examine Dragonfly's portfolio performance, discuss whether tokens truly capture value, and question if early-stage crypto investments can ever live up to their promises. With occasional moderation from Tarun, this debate exposes the tension between VC optimism and market skepticism.

Follow our guests: @tarunchitra @hosseeb

# Notes:

• Tokens launched in bull markets typically underperform

• Bitcoin has decoupled from alts as a "macro asset"

• VCs typically invest at much lower valuations pre-listing

• Zora launched at $200M valuation as a "fun token"

• Crypto VC returns are power-law distributed

Timestamps:

00:00 Start

00:03 THE tweet heard around the world

01:17 Tokens must be traded

07:36 BTC dominance

10:50 Pricing tokens

17:03 Apples to apples

20:44 VC is going to ZERO

37:09 Uniswap token

44:56 Different reality

50:14 Moving the goalpost

1:01:14 Infinite money printer

1:05:24 Who's the fool?

1:17:06 Claim on cashflows

1:24:53 Steel-man my argument

1:36:41 Investor protection

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