I am not personally a fan of Patreon but this analysis is weird. They took VC instead of a bank loan because they were too risky for a bank to give them a loan. The VCs are demanding higher returns because they have to cover the losses of all the startups that *didn’t* succeed.https://twitter.com/FoldableHuman/status/1092846201374892032 …
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A steelman version of the argument is that Patreon is perhaps a business that should be bootstrapped or not built at all because it creates messed up incentives all around if built with OPM.
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Replying to @vgr
I see it playing right into your "locust economy" framing from way back. (ok not quite a perfect fit, but "smells" similar)
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Replying to @BillSeitz
Yes, it’s the same dynamic. Let’s call it the Culture Vulture economy/
6:23 PM - 5 Feb 2019
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