(I wrote the original article) Ok, I'm convinced that he's not a VC for the reasons you mention and because he says in this thread that he's not a VC. On top of that the incubation support and the genuine care he gives to the founders is very non-VC.

However, none of that makes me want to change my argument which is based on the exit pressures and structure by which YC recoups it's investment. That pressure is very VC.