VCs in the dot com bubble were not confused about whether companies should make money or not. VCs knew exactly what they were doing: making money for themselves

VCs in the dot com bubble were not confused about whether companies should make money or not. VCs knew exactly what they were doing: making money for themselves. They were raking in millions by pumping up companies and dumping them on the public market. A classic ponzi scheme. Eventually the public market realized what was going on and the party stopped.