[il]

Airbnb is frequenty cited as a counterpoint to all the bubble talk because they have a real business model and are making money. Same goes for all the other highly valued YC companies(Dropbox,OMGPOP,Heroku,etc).

[mentat]

There seem to be non-trivial possible legal landmines though which are likely to multiply internationally.

[philwelch]

That's not unusual--PayPal was in the same boat and they made billions.