I would be ecstatic to learn that only 2% of Y-Combinator companies that ever hit $100mm were engaged in serious fraud, and presume the true number is far higher.
And yes, YC does do that and Matt Levine frequently talks about the optimal amount of fraud (from the perspective of a VC) being not zero. For them, this is a feature, not a bug, up to a (very high) point.
I would hope we would feel differently, and also EA/rationality has had (checks notes) zero companies/people bigger than FTX/SBF unless you count any of Anthropic, OpenAI and DeepMind. In which case, well, other issues, and perhaps other types of fraud.
I would be ecstatic to learn that only 2% of Y-Combinator companies that ever hit $100mm were engaged in serious fraud, and presume the true number is far higher.
And yes, YC does do that and Matt Levine frequently talks about the optimal amount of fraud (from the perspective of a VC) being not zero. For them, this is a feature, not a bug, up to a (very high) point.
I would hope we would feel differently, and also EA/rationality has had (checks notes) zero companies/people bigger than FTX/SBF unless you count any of Anthropic, OpenAI and DeepMind. In which case, well, other issues, and perhaps other types of fraud.
Oh yeah, just because it’s a reference point that doesn’t mean that we should copy them