In all, this is rather sad. I've pitched USV before, I've read AVC for years, and I've found then to be among the more thoughtful of investors.
Given their recent decsent into madness - I wouldn't touch them with a 10ft pole.
But the idea that crypto is 'worthless' is comically naive. Ideas A LOT dumber than a cryptographic mechanism to store a record of value that can be accessed in short time anywhere in the world without third parties have grains of worth.
And the argument is all the more ridiculous when the thing you compare it to (fiat) derives its value on the same abstract indirect "worth" (yeah I get it, a guy wearing a suit signed some papers that say the fiat case is special, and some judges agree, which does matter, but is not the only way things in the world derive value)
But in my mind you lose your seat at the adult table when you make the mataphysical worth argument. It just doesn't hold water at all.