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If you track the venture capital industry it would be hard to miss the conversation going on this week over AngelList “Syndicates.”

From the hyperbolic Jason Calacanis weighing in that “The petty VC’s did everything to deride (Naval, the co-founder of AngelList)” as though the industry was collectively shitting its pants that AngelList was going to put us out of business. But Jason is one of the smartest thinkers in our industry so while style points in his eye-poking post might be low, he’s definitely scratching at something important.