> Another way to feel better about dilution is to realize that the valuation after every round is a mutually agreed abstraction. Until some actual liquidity eve

> Another way to feel better about dilution is to realize that the valuation after every round is a mutually agreed abstraction. Until some actual liquidity event puts cash in hand, you have valuation not value. Yeah, but your ownership stake tells you how much of the value is yours. So it kinda doesn't matter that valuations are hypothetical -- 75% of $any amount is less than 50% of that amount.