If there’s material difference in quality of startups in YC now and 10 years again, I am not seeing it. If anything, they had 19,000 applications the batch.

If applications are not good enough, then problem is they’re not communicating what they need and a path to anyone proving they’re making progress. Per YC, this proof of progress is the best predictor of founder success.

Beyond that, they also claim their alumni network is their greatest asset. Obviously growing it requires quality control, but there’s no reason no to add “levels” to maintain quality within the network.

Simply put, there story neither adds up, nor fits their claims. To be it appears they have switch to competing on cash offers, which if true, is a bad signal.