zlacker

>>donsup+(OP)
The last few weeks (months, really) has highlighted an incredible lack of discernment in the VC-verse wrt the thing we call web3. Now. I have no experience doing what YC does and don’t claim to, but the jig here was so transparent that the smallest drop of “street smart” should’ve been enough to set off some alarms.

We’re approaching a point where being passed over for “culture fit” is a compliment. Hopefully the embarrassment is enough to expand the founder vetting checkboxes.

>>okwubo+x7
I remember YC stating that they will "forfeit" (probably not the right legal term) their shares in companies that turn out to do unethical things. Now, let's see if they stick to their principles.

>>shafyy+R9
> I remember YC stating that they will "forfeit" their shares in companies that turn out to do unethical things.

Shares in a company are typically "forfeit" when the company you invested in goes bust.

While its a nice virtue signalling headline - giving up something worth 0 (only not worth a large negative number as shares are limited in liability) is not at all noble.

>>blitza+Dc
Sure, but if I remember correctly they said that they would give the shares back for free or something. So even if the unethical company didn't go bust but exited, they wouldn't get any cash.

>>shafyy+Kc
Wouldn't that create an incentive for successful companies to be unethical?

>>ALittl+re
I don't think YC would ever forfeit their shares from a successful company.

>>patric+0g
It would be an interesting side bet, wouldn't it?