A16Z announces $4.5B fund for crypto and blockchain startups
&gt; There has been a major computing cycle every 10-15 years.<p>&gt; We believe blockchains will power the next major computing cycle, which we call crypto or web3<p>&gt; For example, with mobile computing, the golden era was 2009-11, when companies like Uber, Venmo, Snap, and Instagram were started.<p>&gt; We think we are now entering the golden era of web3.<p>Prior cycles were pushed by demand after a key innovation (computers, internet, smartphones) changed our habits. Uber became popular because taxi companies were slow to adapt to smartphones. Venmo become popular because the banks were slow to adapt to smartphones. Snap and Instagram become popular because everyone suddenly had a camera on them.<p>Cryptocurrencies became popular due to distrust in the economy, but they did not prove to be a viable replacement. The dream of buying a pizza with Bitcoin is still a dream. At some point venture capitalists realized that they can pump and dump shitcoins, they just have to convince greater fools that they are useful, that they are the future. This is why we have this NFT and Web3 bonanza. There is no demand for them, they don&#x27;t solve any problem, nor they try to. They are just shiny things for bagholders to look at. Rather than blockchain technology, it&#x27;s distrust, desperation and greed what&#x27;s behind it all.