[ChuckMcM]

I certainly agree that reasoning by analogy can only go so far in conveying the complexity of the situation. Startups do not exist in a vacuum.

That said, while I agree with you that there are lots of reasons a perfectly functioning, operationally cash flow positive company might choose to stay private. None of those reasons apply to companies that are diluting themselves with additional investment in order to stay in business.

The money gets more and more expensive from investors, and more and more people get screwed, and then all that's left is to write the amazing journey blog entry.