{
  "docId": "019f6b8f-52dd-703b-97fe-389e7a00b8ad",
  "docSlug": "jarvis-placeholder-thesis-summary",
  "documentTitle": "Placeholder Thesis Summary",
  "authorId": "placeholder-thesis-summary",
  "authorName": null,
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": null,
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 19,
  "pageCount": 19,
  "prevPage": 18,
  "nextPage": null,
  "slideType": "other",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes a footnote link to a Medium article by Chris Burniske.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/19",
  "deckHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad",
  "deckJsonHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json",
  "deckAnchorHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.02,
        "w": 0.43,
        "x": 0.118,
        "y": 0.895
      },
      "kind": "other",
      "text": "9 https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c93334e9-f0ff-45dc-93f0-5af204c6cd44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.764,
        "x": 0.118,
        "y": 0.094
      },
      "kind": "paragraph",
      "text": "A share of stock represents a proportional right to a permanent stream of cash flows generated by a business, meaning it derives all of its value from profits and margins. Tokens are more like national currencies in that their value tracks the overall activity within a network.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "201388af-9049-470c-bb56-59a4576ad298",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.131,
        "w": 0.764,
        "x": 0.118,
        "y": 0.341
      },
      "kind": "paragraph",
      "text": "We’ve been working on this problem since 2015 (or about 20 crypto-years). Chris’ recent post on the topic goes a bit into the history, and much deeper into how we apply these insights to build network models that help us identify the right metrics to track. These are all experiments, bound to change as our understanding of the industry evolves, networks scale more, and new use cases emerge. Eventually we’ll understand crypto as well as we understand equities; between now and then, we will continue driving the conversation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c819e89-b118-41aa-9b86-9713d536d8d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.098,
        "w": 0.764,
        "x": 0.118,
        "y": 0.203
      },
      "kind": "paragraph",
      "text": "Classic macroeconomic models turn out to be quite useful in this context. For instance, we can apply the equation of exchange (MV=PQ) to a network model to reveal how elements like velocity (how often a unit of currency turns over in a given time period) may affect the price of a token as the network scales.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a82698e-914e-4e86-bd0b-4caae38705e8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "equation-of-exchange",
      "slug": null,
      "matchId": "a7b2493f-ab15-4be1-8bad-708bea0ad925",
      "evidence": "MV=PQ",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 19,
      "from": 2,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9",
      "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression",
      "position": 0,
      "objective": "Why open standards and open source data drive investment returns",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}