I disagree that a viable market exists. What set of arrangements exist there may be viable, for select few people, but it's not a market. A market implies that

I disagree that a viable market exists. What set of arrangements exist there may be viable, for select few people, but it's not a market. A market implies that people are allowed to compete on price. If a participant can only compete after receiving investment from certain VCs (and otherwise can't participate, at any price point), then it's not a market. Also I'm not claiming anything about the past. I'm just saying today, there's no market.