Now that our fund @arringtonXRPcap is about three years old, we've really started to look at our data. We actively trade crypto, and we invest in private deals. The trading side is easy to track; the private deals less easy.

2/ With a regular venture fund, you make investments in dollars, some of those pay off, and it's fairly easy to track how you did.

3/ With crypto investments, once tokens go liquid you have to make decisions on hold/sell. And you have to track each hold or sell decision against both dollars, BTC, XRP in our case, or whatever.

4/ I once joked with @alpackaP on stage in Korea that all of our energy spent investing may actually return less than just holding BTC.

5/ We now have a good understanding if that's true or not in our case. We are sharing our data with our LPs and will do a blog post with as much of it as our lawyers will allow in a week or two. I think the way we are modeling things would be useful for other funds, too.