That is the problem with it being uncapped. The trend from Ycomb were capped convertible notes that put a limit on how much the series A could be priced at. This acts as a type of anti-dilution for the angels who know what their percentage ownership will be on the next round. The problem with uncapped is that you can be diluted to very little ownership depending on the valuation for the series A which sets a share price and conversion number for your note. In this sense you have the potential to be substantially squeezed down in the round which is how I was using diluted.