A VC is something like Ethereum's The DAO. The smartcontract that got hacked
Had the DAO survived there's no doubt in my mind everyone would've lost their money in godawful investments. Apart from a couple of honourable exceptions, there has never been a crypto investment that wasn't an unmitigated failure.
Even the glossiest operations like Circle and Coinbase are burning countless millions hoping for a future that may never arrive. I hate to think what the average VC burn rate, but I assume they throw away everything for years and depend on one Google or Apple to redeem everything else.
Better to make a go of your own company and not lay out too much upfront.
