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      "kind": "paragraph",
      "text": "This is a brand new asset class with fundamentally different drivers of value that are poorly understood today. The first step in making sense of the numbers is to remind ourselves that cryptonetworks are not companies, and that few of the tools and principles we’ve developed over generations of equity investors apply to this market.",
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      "text": "We continue to work closely with core developers following the release and actively involve ourselves in the community. This work helps us understand the people behind the token - in particular, we pay attention to the ratio of users vs. speculators, and how that ratio evolves over time. We also become a “node” on the network when it goes live, which gives us a direct view into its performance outside of the market for its token. This helps us understand the rate at which the network’s utility value is growing independent of the price of its token, which in turn informs how we build up (or scale down) positions over time.",
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      "text": "Also new is the possibility of voluntary early exits, which could affect how we build the portfolio in interesting ways. In venture capital, it’s difficult to get out of a bad investment. In crypto, the range of options extends from simply selling the position in the open market, to promoting and funding a fork of the network if we continue to believe in the protocol and its community but lose faith in the core developer team.",
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      "text": "Unlike a traditional venture fund, the decision to sell falls on us. Of course, it is impossible to define a perfect point where it is a good time to exit any position. Internally, we use a simple heuristic for deciding when to exit: we look for the moment when the thesis is fully played out and the protocol’s vision becomes reality. For a cryptonetwork like Steem, for example, that might be when the service grows to surpass Reddit; for Filecoin it might be when millions of machines support the network.",
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      "text": "8. Value and valuations",
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