[RichardKim]

Groupon has billions of dollars of value still left but yeah, market cap at this price is still way too high. Deal fatigue takes time to hit for majority of users and the barriers to entry (currently - having the immediate ability to reach out to hundreds of thousands of local users) are too low (I can't do it but google and others can).

However, I find huge SaaS value in their latest move of introducing the bookability concept. I think under the right platform and execution, it should result in a more winner-takes-all business model with sustainable/repeatable revenue streams.

But on the other hand, I'm still unconvinced of the ROI for most vendors and their NEED for recurring Groupon offers. I believe, in the end, the entire system (whether local restaurants or spas or whatever) is worse off as dollars leave the system and go to the hands of consumers and Groupon. Nevertheless, the concept of Groupon can't be undone; it's just a matter of how much smaller piece of the pie Groupon will get and whether that pie size will shrink in the near future.