I still think about early foursquare days in 2010 NYC

Stacks is in a great position for this

Can we get the poker client and the eBay style marketplace? Any archaeological digging we can do on that?

What 🤯

trevorbtc.eth

thoughtcrime is great

embrace the slop

Wow what a list

Well said!

The logical gap is assuming that earning a follow-on guarantees access An investor could be the company’s most helpful backer and still get squeezed out by the new lead Pro rata rights protect against that disconnect between contribution and leverage

Pro rata is not just about economic upside, it's also about protecting early investors from dilution I get the argument that it doesn't incentivize participation and support if the investors already have an allocation locked in I just think it's wrong Even the best investors, by and large, do not add much value and taking away pro rata isn't going to change that Investor have the incentive to help their portfolio raise the next round, regardless Taking away pro rata just makes the economics of investing early worse When it's only going to get harder and harder to invest early and get returns There's going to be 100x more founders and people who otherwise wouldn't have started companies 10 years ago in the game because there's no other jobs Meaning we need to incentivize more vetting and investing early for the ecosystem to thrive

No worries, I'm using them interchangeably here The main point is making it more beneficial to take risk early for capital

Talking about larger asset class, became far more mainstream in past 5 years Pro rata always important Peter Thiel famously lost over $1 billion not taking pro rata in 2nd round of Facebook Make it harder for the earliest investors to get a good return, less people invest early Make it harder for (small) new funds to be successful, you have less new funds

If you optimize for avoiding conflict in life you will never achieve anything of meaning in this world

Now people want to get rid of Pro Rata? 🤦‍♂️ I think Silicon Valley is underestimating how many ppl are quitting Angel investing past few years because the returns are so abysmal 10 years ago it seemed like Angel investing was the easiest way to make money on earth

A world without conflict over the things that matter is a world I don’t wanna live in

Here is an idea: Let’s take away more and more benefits for the people who are earliest and take the biggest risk in believing in a founder and an idea when others don’t I’m sure you can see where this is going

When there’s fewer and fewer benefits to being early in the company, you will see that fewer and fewer people take the risk of doing it at all