I like to look at it this way: bad ideas, or bad executions of good ideas, or bad fits for VC, that somehow get funding and die before going public, or even bet

I like to look at it this way: bad ideas, or bad executions of good ideas, or bad fits for VC, that somehow get funding and die before going public, or even better, get purchased by some bloated old company with too much money; the end result is a wealth transfer from the ultra-wealthy to the middle class. Paychecks get paid out. Stock options liquidate for something usually. Services get purchased to support the business even though they may not be worth supporting. Right now, the VCs behind Medium are doing the world an amazing service. They're going to see almost no return on investment, but why would any of us "normal people" care about that? Its their money they're wasting. They're paying employees, probably a great wage. Probably providing a ton of benefits to attract talent, including lots of options, great insurance, snacks in the office, unlimited PTO. They're producing a product that is actively teaching competitors like write.as and ghost what Not To Do. I'd bet even most of their employees hate the direction they're going, which means they're learning as well.