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You seem to be under the impression the value of a company is somehow related to lines of code, it's not.

It's like saying techcrunch is worthless because it's just a wordpress install with fancy theme, or flipboard is worthless because it's just an RSS reader.

Code is just a small part of what makes a business successful and defensible.

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Not really, USPs come in many forms.

But I'd be interested to hear your views on how buzzfeed is defensible?

Most probably the 25m monthly unique visitors. Building that sort of traffic is extremely hard.

Yep, I covered that in my reply to yurilifshits. The traffic is the main value prop here.

Aside: Do you have a link to the 25m figure?

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