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Comment by bmitc | Hacker News Reader

I don’t understand the title’s relevance to what is posted/linked.

What is an LP, mentioned in the update?

Sequoia have removed the article because of how embarrassing it is in hindsight (and at the time but I guess at the time their embarrassment threshold wasn't reached). The title references the article. You can find a copy linked in this comment: https://news.ycombinator.com/item?id=33549307

Sequoia deleted the original post. Here's the cached version: https://webcache.googleusercontent.com/search?q=cache:pizI33...

With choice quotes such as “To do the most good for the world, SBF needed to find a path on which he’d be a coin toss away from going totally bust.”

My favorite quote from the article: “FTX did need money, after all. And it needed that money from credible sources so it could continue to distinguish itself from the bottom-feeders who came to crypto to fleece the suckers.”

> “Oh, yeah?” says SBF. “I would never read a book.”

If he had ever read Atlas Shrugged none of this would have happened :)

The follow up quote is even better:

“I think, if you wrote a book, you fucked up, and it should have been a six-paragraph blog post.”

Strong Vizzini energy https://www.youtube.com/watch?v=BUg2cp23rGE

Why did he do so much for Biden, someone he has never met? Well, because he said he crunched the numbers on how much impact each dollar would have if he donated it. That’s the same approach that led him to get involved with Mind the Gap, a data-driven donor group very popular in Silicon Valley led by his mother, Stanford professor Barbara Fried.

https://www.vox.com/recode/2021/3/20/22335209/sam-bankman-fr...

Any sufficiently large crypto scam is indistinguishable from an episode of "Silicon Valley" (Clark3's Law)

They should restart the show with a new cast and a crypto company. It'd probably only last a single season though.

Thank you. What's weird is that they describe Jane Street as an "under the radar" shop, which it isn't. and also a high-frequency trading shop, which it also isn't to my understanding.

Limited Partner, the people (funds) who give VCs money to invest. If you read the cached version of the content that was previously on the page (someone linked it in the comments) it's kind of maximally embarrassing for them, and really puts to rest any notion that elite VCs are smarter or better than the rest of us.

Thanks!

> really puts to rest any notion that elite VCs are smarter or better than the rest of us.

Oh, I was under no other impression. Most of these VCs got lucky in the dot com bubble days and other such scenarios. They certainly are not oracles.

https://www.investopedia.com/terms/l/limited-partner.asp

The important bits: “A limited partner's loss from the company's operations may not exceed the amount of the individual's investment.” and “Limited partnerships are pass-through or flow-through entities. That means that all partners are responsible for taxes on their share of the partnership income, rather than the partnership itself.”.

"Limited partner". Oddly as Sequoia aren't structured as a partnership, they appear to be a regular LLC. I guess you can just read "investor".

Sequoia is structured as an LLC, but they, or an affiliated "GP Co" still act as the general partner of their funds (which are limited partnerships).

Here's a couple diagrams of typical VC fund structures:

1. https://www.asimplemodel.com/wp-content/uploads/2021/10/Priv...

2. https://miro.medium.com/max/1400/1*XPPTuER9ZGAoXSMe544ZUw.pn...

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