> I still cannot understand what investors were thinking and doing. Dumb money (like pension funds) was just following "smart money" like Sequoia. Smart money

> I still cannot understand what investors were thinking and doing. Dumb money (like pension funds) was just following "smart money" like Sequoia. Smart money was investing based on his political, media, and regulatory connections and not the financials. They'll say different publicly, but I doubt anyone really cared if the books were cooked and it was all a house of cards, as long as they stood a good chance of getting out before it crumbled. VC's have been riding crypto pump and dump schemes for years now.