Agreed. Growing competition, encouraged by low barriers to entry, no network effects, no strategic competitive advantage... They're looking for a valuation higher than that of the Campbell Soup Company. Would Andy Warhold have turned a Groupon coupon into pop-art? I don't think so.

Groupon could pivot its way into a more tech-focused strategy (see http://goo.gl/qi8xa for an example) but I doubt their management has the wit to do so.

I'll bet $1,000 that, over the next year, the Campbell Soup Company will prove to be a better investment than Groupon.