1x preference I think has meaning and it's reasonable. Basically, the VC's are 'getting their money back first' - after all, they put the money in. So if they

1x preference I think has meaning and it's reasonable. Basically, the VC's are 'getting their money back first' - after all, they put the money in. So if they put $1M in and the company sells for $1M ... should they only get $200K back? Or their $1M? Is the question. Arguments can be made either way, but a 1x preference I think is something quite fundamentally different from multiples of preference.