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GM

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Man, now suddenly realizing another reason why startups must have a mechanism to majorly dilute / eject misbehaving backers:

(1) Startups ALWAYS raise via dilution, i.e. issuing new shares / tokens and diluting old shares / tokens.

(2) So then, and especially if current backers are short on cash to participate in the next round to prevent being diluted, and if the startup seems promising — current backers are HUGELY incentivized go behind the startups back, and try to kill the next round by trash talking the startup to prospective backers, to prevent being diluted, and by doing so, greatly increasing the chance that the startup implodes

= Broke angels can be incentivized to kill future fundraising deals, even if that elevates the risk of killing the whole startup, unless there’s some way of penalizing bad actors directly trying to kill next raises, to balance out the incentives

— Which is probably a big part of why startups ALWAYS raise via dilution, always require paying more at the next rounds to prevent dilution, and often may not even give some existing backers the option to pay more to prevent their dilution, as an emergency switch for bad actors trying to kill the venture for everyone out of their own self preservation

= MaD, properly balanced incentives, must be potential penalties even for misbehaving investors, so no party can do bad things without penalty, to keep everyone behaving well

(BTW, and not even preemption rights fully protect if there’s ever a serious down-round situation.)

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Lefties like PG have other wild theories as to why everyone in traditional startups is often so nice,

But nah, lefties hate the idea that penalties work

Lefties always trying to empty to prisons, give UBI to everyone even if they could work but just refuse to, etc — Denying that penalties ever work

But obviously that’s BS

Obviously it’s the credible threat of penalties for misbehaving that makes founders & investors in traditional startups at least always pretending to be nice to each other.

Penalties create politeness.

An armed society is a polite society.

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But really AI Agent coins continue to be hugely up

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10x on $DUNA

Maybe today will wrap up some loose ends to make this alerts tech usable by more people,

And directly expose our backtest-based predictions of what are good buys or not

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Feminization of the world

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Back to the top of the channel for $SOL

$208 $SOL

$97k $BTC

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So that’s why it’s hard to find standardized testing across countries to see where India stands

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