Everything you say makes sense, and yet... the reason it was called the "VC" plan is that the customers could expect to get many times more service than they paid for if Joyent was successful. And Joyent has been successful, although by pivoting into a different market. (I realize it wasn't an actual investment; no need to pedantically point that out.) (Edit: I see _delirium already made this argument.)

Would you call the Facebook mural artist a "bottom-feeder" for actually trying to cash in his stock because it's worth "too much"? http://bits.blogs.nytimes.com/2012/02/07/facebook-graffiti-a...