Is it a feature or a bug to have private marks that don't change with the vicissitudes of the market? In a lot of

cases, it's a feature.

Your average two- or three-year-old crypto venture fund is not going to have these questions asked to it.

It's just like it's going to be liquid at some point in the future, and I think that's it for now.

Older traditional venture funds are getting this question, and it's causing the questioning of the venture asset class more broadly, or at least the composition of it and how many firms should exist within traditional venture.

Um, the area of the market that's gotten a pass so far is just like AI related stuff where, you know, we were just on a call with, with someone who's raising $250 million for a startup that won't have a product for five years intentionally.

Um, and I think the question with a lot of these things is like, um, how much inter interrelated, you know, party transactions are there, you know, the revenue from soft bank goes to open AI, which is spent on core weave, which is spent on cursor, which is like, You know, it's like kind of like this round tripping of revenue.

So I'm kind of curious how you guys think about how sticky stablecoins are