Failure: is it brave or is it reckless?

Yplan recently shut down in London and there's been some unbelievable (literally un-believable) commentary on their demise.

Half of the people in startups seem to think they were a bunch of gallivanting pirates living off VC cash with no hope of a return.

The other half believe the team were a bunch of brave swashbuckling entrepreneurs trying to change the world, willing to die trying.

Made me think a lot about failure, which is inevitable of course, but sometimes I think it's reckless and other times I think it's brave...