As some crypto startups seek to avoid investor oversight, VCs pass on board seats to win deals; investors in FTX, which has raised $1.8B+, have no board seats

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Bill Gurley 11mos

Great article. Some issues are crypto specific (avoiding legal risk, relying on POS power) but others are just competitive. Always “fair” to trade whatever you need to win. But might also expose you to natural selection.