[mgkimsal]

Doesn't this sounds like 1998 all over again? I hear all the common refrains about "this time is different! we're not in a bubble!".

Yes, this time is somewhat different (huge number of people on the net - entire generation has grown up wired, etc), but the same irrationality about first movers capturing markets and money coming later that we saw in 1998 seems to be happening again.

[moadeel]

Well I was very young in 1998 - I was too interested in getting my maxpages in top rankings in the maxpage domain :) so i don't know much. But man, this is just ridiculous. Really, $500 Million! $500 Million! for a photo sharing app that has a huge list of competitors and easy to knock off?