https://medium.com/lightspeed-venture-partners/fat-protocols-vs-fat-dapps-vs-fat-wallets-4d33ead29130

The crypto space was a lot less complicated 18 months ago. Back then, risk was systemic. The macro outcomes were binary: the crypto industry either survived or it didn’t. The most likely outcome was that the industry would fall victim to a fatal technical fault, a hack, or government crackdown. Even if one of these didn’t kill crypto, widespread adoption seemed unlikely.

Lightspeed and a handful of other VCs made some targeted investments in crypto before 2016, but only a few people had the conviction to bet the house on it.