not suggesting you are inferior to vcs.. let me rephrase. If you had the opportunity to invest in a seed round, and they were only willing to accept financing

not suggesting you are inferior to vcs.. let me rephrase. If you had the opportunity to invest in a seed round, and they were only willing to accept financing in the form of convertible debt with no cap on valuation, would you reject that opportunity 100% of the time? (Acknowledging a cap is superior from an investor perspective). And if so, are you not concerned about losing opportunity to invest in the series A (assuming you love the idea)? Not because VCs are superior, just based on there potentially being greater competition come Series A. Bird in hand so to speak? In essence, I am asking if this is an absolute position from your perspective or are there not scenarios where a convertible debt investment with no cap could be interesting?