This is why I'm conceptually attracted to convertible notes. Valuations always seemed like an illusion...but then caps became status quo as stand-in for valuati

This is why I'm conceptually attracted to convertible notes. Valuations always seemed like an illusion...but then caps became status quo as stand-in for valuation. I understand, buyers want to know the price they're paying... But it's still an illusion. That said, there seems to be a very functional solution: discounts. I don't understand why they are not used more. Why not develop industry models for expected value increase from seed > A > B, then invest with convertible notes discounted accordingly? Do this for each round... until there is a liquidation event. The notes themselves would have to offer slightly more protections with each round, but in general, it creates a model of relative value, while that value scale is still being determined... rather than fixating upon some arbitrary valuation.