Great episode. I mostly agree with @tomhschmidt and @hosseeb that this is a self-correcting problem. Also agree with @VannaCharmer that one thing that would help accelerate this is for LPs in VC funds to take losses as this would impose greater standards of rigor for investment from VCs. However, I would even add that we can accelerate this further by having infinitely more tokens. The issue with the current casino-industrial complex is that the rate of new token production is way way too low. If you think about every layer of the stack for this complex from exchanges to MMs to VCs to projects, there is an implicit unintentional benefit VCs, projects, and to some extent MMs receive from OPEC-like supply constriction. In other words the presence of “hallucinatory yield” is a direct consequence of lack of supply. If there were 100x or 1000x the number of tokens launching per fixed unit of time, the amount of fictitious premium on each token will on average go down substantially hence reducing overall tail vol where token price “randomly” drops 90% overnight. This is why the wildcat ICO model from yesteryear was a better model than the current slow drip token production model. Smaller but more plentiful seed rounds at lower valuations with only retail, angel and accelerator participation followed by larger but fewer VC Series A rounds would be a healthier structure. In the long run, VCs will make more money buying retail bags than trying to have retail buy their bags. Other than that, there also needs to be more short sellers. This hastens the feedback cycle for bad projects so capital can be reallocated to better projects more quickly. For that to happen more efficiently, we need to rebuild credit facilities so tokens can be more easily borrowed. Perp shorting is insufficient when token production rate is orders of magnitude higher. So to summarize 1) a higher rate of new token production and 2) easier borrowing for shorting will reduce fictitious or hallucinatory premia and hence create a more balanced ecosystem where retail will be more willing to participate and anti-VC sentiment will also be reduced. VCs will make less money per project but more money overall from a greater number of projects.