Mert could have launched a token at multiple points in @helius's lifecycle. A "@mert token" would have performed well. He chose not to because he's building a $10 billion company, not optimizing for a short-term liquidity event. @jmj positions this as the dividing line in digital assets venture. The 2020-2021 vintage produced mercenary founders playing short-term games who no longer have portfolio value worth considering. The current vintage produces serious founders building real companies. That's why Jeff is more excited about the current industry than most VCs

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