Sequoia's Restructuring

Luna Luna: Venture itself like tier one, it's going through a pretty,pretty bad moment. I mean, just historically returns have compressed pretty dramatically. A lot of these guys like pushed up valuations to the extreme, you know, paying like 20 times 30 times forward ARR and that combined with companies not IPOing in 10 plus years, it makes it really difficult,. And so I think Michael, I'd be curious, if the big, if the traditional venture guys are not showing up, how are you thinking about just competition and investing in crypto when you go in and look at these rounds? He says he feels like we can be a very strong player in the space.

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