> Was it very poor?

Clearly yes.

If you think there has been no damage to startups since Thursday... well, you're wrong. This episode just made us all poorer. There will be more regulation, there will be exponentially less goodwill (and our industry was already struggling on this front). Any remnant of an image of "tech" being smart or special somehow is totally shot.

So yeah, spending just a bit more time thinking about how to manage risk would have been a more wise approach.

Does the outcome justify the risk if the outcome could have gone radically differently?

Is driving without a seatbelt not a poor decision if one walks away from the wreck?

What seatbelt was someone not wearing in this case?

The normal retail banks are TERRIBLE. I did my startup using a retail bank to start (BofA), and it was an absolute nightmare.

I ended up at First Republic, and they’ve been great.

I didn't know about this until reading things throughout this weekend (which is somewhat telling), but evidently there are a number of approaches that businesses use to avoid having essentially all of their money held as uninsured deposits in a single bank. Those approaches are the seatbelt that we seem to have largely chosen not to wear.

You are referring to insured sweep accounts?

It’s also something that I have only learned this weekend although I was never in a position to need one

Yeah pretty much.