Forums have immense momentum. Reddit, for example, maintained its character through years of mis- and no management. So my bet about the future of Tw… - Paul Graham

People commonly use the word 'procrastination' to describe what they do on the Internet. It seems to me too mild to describe what's happening as merely not-doing-work. We don’t call it procrastination when someone gets drunk instead of working.

Don't fear competitors who've raised a lot, unless you can say precisely how all that extra money is going to make them beat you. E.g. if ads are the only way to acquire users, and they can buy all the ads, you're in trouble. But money per se is not dangerous.

The advantage of a medium of exchange is that it makes trade work. The disadvantage is that it tends to obscure what trade really means.