"Nowadays, most of the liquidity is happening for large companies paying for startups and hedge funds buying into the latest round. So when this crash happens, it's mostly going to affect the later-stage investors," Blank says. That's different from what happened when the bubble burst previously, inasmuch as "It [the '99 crash] destroyed a lot of public value, not just private capital. Your grandmother got hurt as well."

Newspapers were complaining about the public being unable to invest in unicorns, with all the benefits going to wealthy private investors. Then people on HN started echoing these sentiments (the part where stuff from newspapers gets planted into the heads of normal people and becomes their opinion is really scary, I guess it must be happening to me, too. Really scary to watch this happen though, reading some weird idea in a newspaper and then reading/hearing it repeated by people the next month.)

Will newspapers remember to thank wealthy private investors for taking the hit when the bubble pops? (BTW, what AFAIK doesn't exist but could is a VC fund with publicly traded shares. Of course the average VC produces below-average returns.)