People seem to have completely forgotten how completely nonsensical (and often completely clueless about tech, the internet and business) tech start-ups were in 1999 compared to now.

The valuations and burn rate may be too high and up for a big correction, but most of the start-ups these days at least have some logic behind it by which they may be seen as potential hits. 1999 was largely mass hysteria with no foundation in reality whatsoever.