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传统的风险投资公司通常会投资年轻、快速增长的技术初创公司股权。每项投资都有风险：在得到风投支持的公司中， 75％ 没有给予投资者回报。风险投资者依赖于这样一个事实：正确投资的回报不仅足以弥补错误投资损失，还会超出。
风险基金可能会进行 20 项投资：其中 15 项完全没有回报；3 或 4 项可获得 5-10 倍的回报；1 或 2 项的回报率甚至会高达 20-30 倍。尽管 75% 的投资回报率为 0，但基于以上假设，该基金的整体回报率将会达到 2-4 倍。
这种投资组合策略称为“风险投资经济”。投资组合中少数几项投资的巨大回报足以实现整个投资组合的回报。
传统风险基金的投资缺乏流动性。一旦风险投资已投入，必须等到公司出售或首次公开募股（IPO）时，基金才能够获取回报。正因为如此，那些将资金投入风险基金的有限合伙人必须承诺持有 7-13 年。只有少数投资者能够承担得起这样的时间尺度。
由于同样的非流动性限制，风险投资基金一旦投资，就无法改变对投资的看法。即使收到新的信息，风险投资基金也无法清算或减少其投资。
通常情况下，风险基金不会投资于投资组合公司的直接竞争对手，以避免利益冲突（这在私人投资的最后几个阶段会有不同，但通常不会是 A/B/C 轮）。这意味着风投公司在竞争激烈的环境下，在同一个领域只会投资一家公司，即使这个领域足够大，可容纳多家成功公司。风险投资者必须作出选择，Uber 还是 Lyft 。Facebook 还是 Linkedin。Pandora 还是 Spotify。Postmates 还是 Doordash。 这样做蕴藏着很大的风险，因为它没有将分散投资作为对冲风险的一种方式。
一般而言，Multicoin Capital 可两全其美：风险投资经济，但具有公开市场流动性。我们体验了风险投资经济——我们投资于有前景的新生协议，我们的目标是在每一项投资上获得超额回报。但 Multicoin Capital 投资的大部分资产都具有流动性。这意味着我们可改变对某项给定投资的看法。
如果我们认为一笔投资可以获得 10 倍回报，当发现已上涨 2 倍，则视为收益上限变为 2.5 倍，此时我们就可以取走利润。另一方面，如果一笔投资亏损了 50% ，我们可以卖掉，拿回一半本金。许多风险基金试图通过挽救公司来实现这一点，但这通常是一个艰难的过程。当选择减少损失的时候，我们可在一夜之间以最少的麻烦做到这一点。
最重要的是，Multicoin Capital 可以投资于相互竞争的协议，而不必在竞争领域中只挑选一个赢家。这样会极大地降低投资者风险。通常，发现趋势比选择特定赢家更容易。例如，现在有许多智能合约平台：以太坊、NEO、Stratis、Lisk、Aeternity、Tezos、EOS 等。尽管以太坊是当今市场上的领先者，但有很多案例表明智能合约平台不会是赢家通吃的平台，以太坊也可能会被竞争对手取代。因此，如果用以太坊网络 300 亿美元市值 1/100 的估值来投资小型平台，确实有机会。
从历史上看，投资技术趋势意味着投资非流动资产。这会带来风险，因为在技术发展和市场变化的同时，资本却被锁住。加密资产可提供一种独特、新颖的投资组合，结合风险投资风格的上行潜力，但由于资产流动性，它的风险更低，承诺期也更短。换句话说，是具有公开市场流动性的风险投资经济。
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