This talk of bubbles reminds me of 2007 when everyone, including all the experts, was certain Facebook was a bubble at a valuation of $15 billion after Microsoft invested; now it's worth $200+ billion. Then in 2012 after Facebook's hugely publicized botched IPO and Nasdaq error, all the experts again said the web 2.0 bubble had burst; the stock price and earnings have since doubled. Unlike the big blowups of Friendster, Myspace, Digg, etc..these post-2008 web 2.0 valuations have proven to be extremely sticky. Pinterest, Twitter, Dropbox, Air B&B, Tinder, Snapchat, Whatsapp, Uber, Instagram...all keep going up with no end in sight, year after year until either IPO (which finally creates volatility) or buyout. There's hardly any big failures or blowups, except perhaps Zynga and Groupon (although it's still worth $5 billion). My prediction is these web 2.0 valuations will keep rising for many years to come because that is the path of least resistance, and the investor demand and user growth for these companies is seemingly unquenchable. The unending web 2.0 boom and unending wrong predictions about its demise show how these 'obvious' parallels to the old tech bubble of 1995-2000 are just so wrong. There's more at play here, such as the investor flight to quality (more money chasing fewer companies), huge user growth, huge monetization potential from smartphone engagement, the very large millennial population that use these services, and ability of these web 2.0 companies to carve out niche dominance and then keep it. Within the next year or two, we're probably going to see Uber being worth $100 billion before IPO, Snaphat $50 billion, Tinder $10 billion, Air B&B $50 billion, etc. Take every valuation and quadruple it. Back in the 90's, $100 million was a big deal; now that's just a rounding error or the equity of just a single early employee. Insane, but very prosperous times we're living in. And it's got a long way to go.