In the case of GNO, we're talking a "pre-order" where less than 4.2% of the product was sold, with the dev team retaining the remaining 95.8% at a current valua

In the case of GNO, we're talking a "pre-order" where less than 4.2% of the product was sold, with the dev team retaining the remaining 95.8% at a current valuation of about $900M. These assets can be sold at any time at market price (bringing the price down and diluting the market, but that's a risk I'm betting most GNO holders don't see.) And when we are talking about pre-selling functionality, we aren't talking about pre-selling a fixed amount of functionality. It's a speculative amount of functionality where you may be able to bet on a prediction market to the tune of $100, or you may be able to bet to the tune of $10,000, and you don't know until you see how successful the platform is. Your expected return curve there is very closely related to the expected return if you held equity, except a lot worse because you don't even have a claim to any non-Gnosis products that the team builds.