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What you wrote sounds to me like this: if SnapChat were something else, and not (just?) SnapChat, maybe in the same "space", it could be worth a lot.

Edit: I am deeply skeptical that a market filled primarily with people who have little or no income will support an ad-based revenue stream valued at $10bn. I would be even more skeptical if the revenue for SnapChat were supposed to come from a pricing structure.

They may have a chance of becoming a useful communication platform, but at $10bn, there's not a huge amount of upside left. I'm struggling to see how the very substantial risk of not becoming that platform could have been priced into the investment.

So were ICQ, AIM, MSN, Google Chat, texting, maybe FB messenger, WhatsApp.

I myself have migrated my primary messaging platform through half that list. Isn't there a tremendous risk snapchat users leave that platform the way users have moved from one messaging platform to another for years?

and, quite importantly one that is not yet owned by facebook.