[damoncali]

Fair point. The dishonesty is simple to me: open and shut. It's in the state filings. PrivCo at best got pretty bad information and published it without verifying it, and at worst made a bunch of stuff up to drive traffic. Not much to discuss there - it's bad.

LivingSocial's business, though, changes over time, and is worth discussing from time to time. Down rounds are always interesting to me. The decreasing margin in the deals business is interesting to me. That LS still apparently plans an IPO, in the face of a fairly brutal down round is interesting to me. That they think they can be worth $1B is interesting. (As is the current valuation when you read between the lines). The sliding liquidation preference is whole discussion unto itself. But yes, it's a pretty well trodden topic when reduced to "LS's business model is flawed". So I'm guilty there.