[takemikazuchi]

And it's equally possible to interpret this data positively. Perhaps VCs are becoming more selective and concentrating their money on better teams/ideas instead of casting as wide of a net as possible(I am not saying this is actually the case). I don't understand why so many journalists try to find catastrophe in the absence of contrary evidence.

[abalone]

That's negative for shitty teams/ideas, but yeah, probably positive for the health of the ecosystem.

I would apply the "San Francisco Rent Test". Are SF rents still high? Then Seed Bubble: not popped.