It's interesting to observe that the VC rounds that are most often casually mocked on HN --- the huge rounds like Benchmark and then DST's in Twitter --- are, as proxies for earnings expectations presumably based on some very compelling inside information, a more meaningful milestone than many of small first rounds, which are often blue-sky.

As usual, even when the conventional wisdom of HN is on to something, it's for the wrong reasons and rapidly reaches the wrong conclusions.