This is what I mean about the real disaster from WeWork being the opportunity cost to our industry. No one cares if the Saudis lost a bunch of our oil money on the venture. But you don't want people who took on risk to build viable businesses to feel like they were idiots.
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When I bought delicious in mid-2017, the former VCs told me I should do an initial coin offering (a then-legal form of stealing from people), which likely would have worked because the timing was right and raised at least a few million bucks. That's what tech world is today.
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It's one thing for some people to be able to take advantage of free money like this. Bless them, go with God! I am all for taking free money when offered. But when you start to feel like the asshole for *not* taking free money, spinning lies to investors and yourself, that's bad
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I have it easy. I don't have employees or kids to support, and the nature of my business means I don't have VC-backed competition that lasts very long. But imagine what it's like for small companies with employees to function in this atmosphere of "nothing matters, here's money"
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Consumers would be better off if there was an actual competitive market in technology, rather than a race to see who can spend investor money faster to grow market share, before being bought by one of the five monopolies. The VC subsidy doesn't make up for the lack of innovation
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What we've ended up instead is a fantastically inefficient way to spend central bank money to create high-paying jobs, with $800 mechanical juicers or Theranos blood boxes as a side effect. But it's been done at the cost of all creativity and real risk-taking in the tech sector.
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woah wait hold on a bit... so they want to lose less money by increasing their revenue and...decreasing their expenses...?
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