[SkyMarshal]

> but totally non-obvious to the simple and gullible marks on Sand Hill Road

You mean the ones who also invested in Theranos, WeWork, and FTX? They don’t always make the wisest investment decisions. They’re not complete idiots, but they’re sucsceptible to same biases and misjudgements as the rest of us. And I’m sure they‘re aware of some or all of WC’s flaws, and are just investing b/c Sam Altman, or because they invested back in the 2018-2021 crypto bubble. There’s also some time pressure, they’ve gotta put that money somewhere within a year (standard VC LP contract), or give it back.

> Perhaps it takes a little more effort to understand than just piling on to the reflexive groupthink cynicism which passes for conventional wisdom around here.

Molly already put extensive effort into just that in the OP, as did several other folks she references and links to. If you have any critiques of her critiques and why she may be wrong, love to hear it. But without that, it’s not her or us that’s being reflexive here.