A major reason entrepreneurs like convertible notes is that they break up collusive behavior by investors. (Early investors like this, too.)
@bmann If you assume the presence of an investor willing to be a lead not conditional on others the coordination problem goes away, yes.
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@patio11 yep. There is beginning to be no functional difference between the two mechanisms. Getting to an acceptable valuation however...Thanks. Twitter will use this to make your timeline better. UndoUndo
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