This is why I think lending will largely go away, and most everything will be equity investing. I know you used an extreme number to illustrate your point, but the negative rate would trend toward the inverse of productivity minus storage costs. Something like -2 or 3%. Just give me the equity upside to part with my sats.
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I disagree. Because (modern) equity requires governance control. Most modern “entrepreneurs” are cucked by their equity investors. Public and private and venture equity…they all control the entrepreneur.
A good entrepreneur worth a damn won’t part with the equity. Which means most entrepreneurs will seek debt funding (priority claims) vs. giving up control and upside of their ventures.