Don't confuse VC's position to have more capital, closer to action, so even if their bet is shit, they'll be able to exit with profit because they entered on lows and pumped it to everyone else.
Oh I don't think they'll necessarily profit - I'm saying that they are incentivized to take a lot of risk. But I don't think that makes them either any smarter or that they'll have a guarantee of being able to get out before the walls collapse.