That's a *very* insightful post, thank you for sharing it.

If the answer is "no", it means that a big part of that artificial value created will soon be reduced to ashes. If the answer is "yes", then it's only a matter of time for it to become a "no".

The important question after that is "does it really matter at a global scale?". The risk does not seem systemic, so the losers will only be the ones who dared to play: entrepreneurs and VCs. No big deal: they play that game specifically because the enjoy the risky part of the (ad)venture.

At the ecosystem level, it will eventually cause a violent paradigm shift, but here again: it's the healthy cycle of the innovation funding process, as described by William Janeway.

I'm not pretending to understand everything here, so please correct me if I'm wrong.

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Good take :)

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Interesting, thanks. Maybe you can adjust the figures with the failure rates for seed and growth stages. 90% at seed stage, and ¯\_(ツ)_/¯ for growth stage.

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