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  "notes": "References Carlota Perez's 'Technological Revolutions and Financial Capital' as the theoretical basis for the market cycle analysis.",
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      "text": "6 https://www.amazon.com/Technological-Revolutions-Financial-Capital-Dynamics/dp/1843763311",
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      "kind": "paragraph",
      "text": "Understanding the drivers of supply and demand is key to developing a long-term investment strategy. Most of the growth we’re experiencing today is driven by the supply side of the market.",
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      "text": "Overall demand for this new kind of online service is coming from a variety of sources. Very broadly, all-time-high levels of distrust in institutions (government, financials, corporate multinationals) together with brewing socio-economic anxiety, driven in part by pervasive wealth inequality with no solution in sight. This lack of trust in the establishment is now extending to GAFA. We trust the networks, but not the operators: their business models are simply incompatible with the long-term needs of users. Cryptonetworks alleviate both of these problems by decentralizing power structures and distributing most of the value to the users in a way that better aligns incentives.",
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      "kind": "paragraph",
      "text": "Using the work of Carlota Perez in Technological Revolutions and Financial Capital (2002) as a framework, we believe crypto is transitioning from irruption to frenzy. Through the frenzy, asset prices balloon as financial capital (speculative value) rushes into the market faster than production capital (utility value), bubbling up to an inevitable “crash”. But the associated technologies establish themselves as the new default and many of the application platforms that come to define the industry emerge during this period. So it’s an opportunity for investors with long-term conviction to capture some of the highest returns throughout the cycle.",
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      "text": "Bitcoin and Ethereum’s financial success combined with diminishing returns on the web are pulling more and more entrepreneurs and investors away from consumer web and into crypto. By no means is it trivial to design, deploy and scale a functioning cryptonetwork, but it’s so much cheaper than trying to compete with Google, Apple, Facebook, Amazon (GAFA), and the potential returns so astronomical that the rush is almost inevitable.",
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      "text": "5. Investing through the technology cycle",
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