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  "notes": "The slide discusses the 'death spiral' risk in liquid funds and the persistence of decentralized protocols.",
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      "text": "An important but powerful nuance to understand about this technology cycle that is different from all the previous ones is that cryptonetworks don’t die the way businesses do. Rampant speculation allowed companies in the dot-com era to raise capital at unsustainable valuations and build organizations with large cost structures supported by investment capital and not revenues; they went bankrupt when the bottom fell out and it became impossible to raise additional capital.",
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      "text": "We expect a bumpy ride to the top with several corrections on the way. We favor spreading price and risk by building up and averaging out of positions over time rather than speculating on speculation. A committed capital structure with significant capital reserves for staged follow-ons gives us the flexibility to build up our investments independent of market sentiment. We are shielded from having to dump assets on the market to honor redemption requests, avoiding the dreaded “death spiral” which can plague more liquid fund structures.",
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      "text": "storage, content delivery, compute power, GPU flops, and so on (cryptocommodities, if you will) are particularly important but remain under-developed. There are also early opportunities in user-side infrastructure, in areas like identity, governance, communications and financial services.",
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      "text": "Cryptonetworks don’t suffer from the same problem. A significant correction can take out large chunks of the supply side of a network (as happened to a lot of Bitcoin miners following the coin’s 85% drop in 2013 and 2014), but as long as one node continues to spin, the protocol lives on. This insight shows the importance of selecting properly decentralized systems with the right cryptoeconomic models when investing with a long time horizon. These are the ones that will thrive during the frenzy, persist through the crash, and scale throughout the deployment phase of crypto.",
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      "kind": "paragraph",
      "text": "And it goes to show how everything about this space is new, fascinating and unusual.",
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      "text": "7 https://www.forbes.com/sites/greatspeculations/2010/12/13/the-biggest-ipo-flops/#2740e0c16391",
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