[jsun]

Wow. this is misleading. Convertible notes are the best things to happen to startup founders in the history of fundraising.

Take a modern convertible note to an angel investor from the pre-bubble 90's and they'd laugh you out of whatever coffee shop you happen to be sitting in.

All of the "examples" shown in the blog post make irrational arguments. Show me one scenario (in numbers) where using a convertible note for a seed round was suboptimal compared to an obtainable equity deal.

If I didn't know better I'd think this was an example of a VC trying to smear an awesome instrument so hopefully they won't have to compete with investors willing to write them.