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Garry Tan Profile picture
@garrytan
Jul 17, 2019 • 6 tweets • 2 min read • Read on X
The Libra hearings with @davidmarcus are streaming live right now. Face to face with the Financial Services Committee with @RepMaxineWaters

Rep Waters started off by pointing to her draft bill, the “Keep Big Tech Out of Finance Act.” 🤔

This is pretty bald faced regulatory capture, isn’t it? Big tech presents problems to society, but does big finance need the protection of the government? 🔨
Rep Sherman seems to misunderstand that crypto is far more traceable than the way terrorism and drug dealing is enabled today: giant blocks of $100 bills in cash.

He also seems to misunderstand that Libra and Collibra will be different entities.
Rep Davidson points out lack of proper regulatory clarity is forcing crypto innovation overseas and that’s a lost American opportunity. 👌
Rep Gottheimer points out that Libra Association is in Switzerland because there was not regulatory clarity. He is leading the Token Taxonomy Act to keep American innovation at the forefront.

Forward thinking.
Rep Budd namechecks @coincenter which is awesome. This set of reps really get it.

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More from @garrytan

Garry Tan Profile picture
Jun 7
PSA notice to founders considering YC

Doing YC more than pays for the 7% equity you give up

When you combine that with the clear speed up and community that helps you (and that your % likelihood of success goes up a lot more too) this means YC is clearly worth it Image
The “avg ARR” stat is completely useless as a metric because the vast majority of YC startups start with just an idea or with no revenue. This means the vast majority of ARR at YC demo day pitches was done in 10 weeks

Your avg non-YC deal has revenue from 10 months not 10 weeks
Objects in motion stay in motion.

Objects at rest stay at rest.

Net net as an investor you want to be in the startup that grows fast (slope) instead of has a high ARR number (y intercept)

Basic and obvious
Read 4 tweets
Garry Tan Profile picture
May 28
San Francisco schools is trying its absolute hardest to make sure all middle income families who could move out of the city do so right away

“Grading for Equity” is going to be a real disaster and I guess this is a boon for SF private schools and Burlingame housing prices Image
Image
For education bureaucrats who ruin our public schools with the most unfair and anti-merit polices: BUSINESS IS BOOMING

Someone needs to investigate the Schools of Education that spawn these policies because it is a real danger to public schools everywhere
Image
Read 4 tweets
Garry Tan Profile picture
Jan 31, 2024
What metrics did it take to raise Series A in 2023? On average:

6X annual rev growth
80% gross margin
Image
Image
It’s not a fast money time. The bar is high and will remain high.

news.crunchbase.com/venture/seed-t…
Burn multiple matters: you can’t just sell $20 bills for a discount anymore

Read 4 tweets
Garry Tan Profile picture
Jun 28, 2023
Maximum Karen energy

The wife of the creator of Farmville pictured below doxxed my home address and forced me to move because I got politically active

Let’s work hard to vote out their favored elected officials and root out their corrupt cronies
In 2019 The Richmond Democratic Club honored her with some kind of award alongside Peter Lauterborn, a manager in the SF Ethics Dept

Having friends in the Ethics dept is awfully handy if your political machine might need the dept to look the other way

This was the same event with a truly rotten cast of corrupt politicians including Allison Collins who was recalled for making instruction worse for kids, removed Algebra from middle schools and merit from Lowell (and calling Asians house n-words)
Read 9 tweets
Garry Tan Profile picture
Apr 12, 2023
The difference between an overhyped startup failure and a valuable real business that makes it the long haul is sometimes as simple as:

Do the founders themselves believe in what they are doing to the point where they will not quit?
This is where definite optimism matters: If startup ideas were people…

an indefinite optimist looks for more optionality, searching around the room at the party for the more interesting person to talk to. Image
A definite optimist engages deeply and finds themselves engrossed in the person they are talking to now.

For their startup, the problem or way to solve becomes a calling. It isn’t just words to trick people into giving them capital or to come work for them.
Read 4 tweets
Garry Tan Profile picture
Apr 3, 2023
People know me to be nice, but one of the biggest things I had to learn is to properly tune my response to things when knives came out

The key: be authoritative, not authoritarian, and not a pushover
Authoritarian responses come from a place of insecurity, as do pushover responses.

What will they think of me? Let me overcorrect.

Or, what choice do I have? The consequences may be too much.
The antidote is in the middle: authoritative responses focus on what needs to be done, versus what one fears. Clear

A place of secure authority knows: just enough. Not too much, and not too little.
Read 5 tweets

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