PANews reported on November 8th that Nick Tomaino, founder of 1confirmation, stated on the X platform that Silicon Valley venture capital firms have been trying to control the entire crypto industry, and to some extent, they have succeeded. However, most of these firms failed between 2021 and 2023 because they invested heavily in zero-sum games—projects that, while attracting retail investors, offered no benefit to the world. Now, Silicon Valley VCs are struggling, as evidenced by their overwhelming advertising and poorly made products. Bitcoin and Ethereum have never received investment from Silicon Valley VCs, yet their combined value exceeds $2.5 trillion and they dominate the crypto market.