Mm, I am a pretty big fan of capitalism and innovation... but I still think that when we encounter cases of fraud (especially fraud that went undetected for years), we should update at least a little towards "the system doesn't work as well as we thought"
tbh, I assumed Theranos was an example of some dangerously gameable incentives in VC, at least in an environment flush w/ cash relative to the strength of the field... but someone pointed out that there actually wasn't much VC money in Theranos, & aside from DFJ mostly no-names
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Agree Theranos doesn't reflect badly on Silicon Valley VC. I suspect it does reflect badly on other institutions, or parts of society (in the sense that the fact Holmes got away w/fraud for so long is a sign that *something* is working suboptimally), but too hard to say what rn
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My point was just that counting Theranos as a *positive* update about society just because we eventually discovered it (which Jonathan seemed to be doing) was unwarranted If we followed that logic then any fraud we discover = good sign about society
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