> EOD, "anti-competitive" is evaluated on the outcome -- does the success of the company running the discounts make the market more or less competitive if they succeed?

This doesn't seem right. If they are price dumping then it will immediately affect the competition. No need to wait for an outcome or interpretation.

> Comparison: when a new restaurant opens, it's very common to hand out coupons in the neighborhood for discounts or free meals.

I'd say this is only acceptable because it is small scale (only few restaurants fit in a neighborhood) and the amount of money isn't endless like it (often) is with VC money. The short duration makes it possible for the competition to overcome the negative effects.

The problem with VC money is that all too often it is used to destroy competition and build monopolies.