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A very long press on the power button simply turns the reader off, it doesn't reset it. There are a few different types of resets (and "resets") - from simply logging out of your Kobo account on your device (can fix some database weirdnesses), to a simple paperclip reset, to a full factory reset which returns the device to the state it came in in the box. Have a look through the Kobo forums for full details.
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