what does worry me is that if a really determined Madoff-style fraudster gets into that ecosystem there are absolutely no controls that would stop them.
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And when the same scandal shows up in self-driving cars they won't even have the "no true SV investor" excuse
I guess I just have a fundamentally different model for how that world works. If you run a diff on "what VCs are saying" + "what VCs are doing," you get a combo of wait-and-watch positioning w/ cautious optimism & some trendy BSing that the public demands. Which is fine, IMO
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I just don't see how Theranos *isn't* a good example of circle-jerk messaging NOT ultimately having a big impact on smart money. I think you're **heavily** discounting something that on the priors is pretty incredible, a hot tech co w/ a multi-$B valuation & almost no VC backing
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But if the defence mechanism against fraud is "the geniuses who brought you Groupon are simply too smart to be fooled", that's exactly what I'm worried about; there's no institutional defence at all.
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