Sure, it's not a universal law. We can imagine all kinds of scenarios where raising gobs of seed money at absurd valuations is the better choice. We aren't dis

Sure, it's not a universal law. We can imagine all kinds of scenarios where raising gobs of seed money at absurd valuations is the better choice. We aren't discussing hypotheticals, though. We're talking about the actual seed landscape today, which to be clear is fantastic for founders, and the actual predicaments of a bunch of companies that raised in the last two-odd years at nonsensical valuations and are now forced to accept whatever investors offer (which in many cases will be nothing -- a down round is actually a luxury).