> you will lose your reputation.

He's talking from personal experience, he did loose a lot of reputation when a company he invested in went bankrupt. So he's not wrong.

> Hasn't that caused a lot of problems?

It depends - if you are holding assets that belong to the customer, or have a contract to do something for a customer then yes.

But if you have a business like his, museum, then there is no reason to say anything - if you go under, at worst someone will be disappointed they can't get in, but they will not loose anything.

This was why P. T. and many of his contemporaries were privately held.

It has caused a lot of problems, but on the web this advice is followed religiously by everyone (yes, You and me included). Otherwise known as good old "fake it till you make it". Also think of that New Yorker cartoon from 1990s "On the internet no one knows you are a dog".

All these fancy looking startups bleeding money by barrels are inseparable from those actually making money.

This is probably his only point that I wouldn't necessarily agree with. The rest of the advice I think is as valuable and timely today as it was then.