The second vignette in this article has Suster suggesting that convertible notes carry liquidation preferences and anti-dilution. Does he mean that some subtle property of convertible notes create those terms in practice, or does he literally mean that if you read the note paperwork you'll find a 2x liquidation preference and a full ratchet?
liquidation pref: a subtle property of conversion (if you buy preferred only at the cap price instead of effective price you are effectively getting >1x your preference by ending up with more shares.)
