1. The document discusses three distinct layers related to cryptocurrencies: blockchains, cryptocurrencies/tokens, and ICOs. It provides an overview of each layer and debates issues around them. 2. ICOs captured nearly 6% of total tech startup financing in 2017 but this may have been an anomaly due to bitcoin price rises. ICOs lack mechanisms for governance and accountability that VCs provide. 3. Ultimately blockchains could enable a decentralized Internet 3.0 that reduces big tech companies' control over users' data and innovation, but many evangelists apply blockchains inappropriately without understanding technical limitations and costs.