Angel investors are super rich people who invest their own money in tech startups at a very early stage. This is opposed to venture capitalists who generally invest other people's money at all stages of a firm's growth. Angelgate is the allegation that these angels regularly meet to fix prices and ensure they all make as much profit as possible, that is to say they are the very definition of a trust.
This accusation has brought us the non-news that Nerds are terrible, covertly racist and greedy selfish assholes in the form of an incoherent incensed word vomit of denial from David McClure, one of those who profited from Paypal. His APS (ad hominems per second) and anger level suggest there is some truth to Michael Arrington's claims. Even if there aren't by God McClure is just awful. I thought YOSPOS was the exception, alas it seems to be the rule.
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