The toxicity is systemic, goes beyond VC. Try to sell a 3m round to founders who hold a 15m term-sheet. http://tcrn.ch/2zSvtev
Correct me if I'm wrong, but just because you have $20 million in the bank, doesn't mean you have to spend it all on one idea...
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Blaming a VC for a founder overcommitting capital to a single idea before proving its sustainability doesn't make sense to me.
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The article describes accurately how 20m in the bank becomes a huge pressure for growth. VC and founder share the blame imho
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