Chris Burniske, a partner at Placeholder, said on social media, "On the question of VCs: There are a lot of good VCs in the crypto space, and they have a low active level on X. Good VCs allow entrepreneurs to innovate without debt or innate wealth. If good decisions come from background, ability or experience, then good VCs tend to help entrepreneurs improve at least one of these areas. Quality VCs are often smeared by "fake VCs" who only want to enter the private market and accelerate liquidity. They do not provide any support, but only want to maximize profits. It is important not to confuse the two. False VCs are not respected by entrepreneurs and often struggle to build institutions with lasting impact because they offer zero or even negative value, word of mouth. The problem, however, is that the public on X is often unable to discern the difference in time, especially when many false VCs start as opinion leaders (KOLs), use their audience to raise small funds, and then engage in what I would classify as "short-term, pseudo-VC behavior." "Blaming VCs" is a common refrain, but it reveals the public's ignorance of good VCs and their limitations, often fanned by those who are most intent on misleading audiences. "