It’s a crying shame, really. I love Medium. It’s the best writing environment on the web, and they sweat the details like nobody else. The community too is just peach. This could have been a love story for the ages.

But I don’t think we’ll grow old together, Medium and I. I suspect it’ll end quite tragic, actually. $132,000,000 is a lot of money after all, and that’s how much venture capital Medium has been dipped in. Before having a prayer or a song about how to turn into that multi-billion-dollar business—It must to satisfy the required rate of return.

The clock started running three years ago when $25,000,000 of Series A growth dynamite was rigged. That means they’re about half ways until the bomb explodes, and so far the company doesn’...