[joeldidit]

There is no way Snapchat is worth $3 billion. I don't think the idea is even worth $100 million. The funding round alone was insane. I don't know what is going on in the valley and San Francisco these days, but I guess these startups have to be funded somehow and these VCs want their return so everyone will be rooting for transactions like these to happen.

If I had stumbled onto Snapchat and Facebook offered me $3 billion, I would've grabbed the money before I could blink. I'd probably even throw them a party to thank them for being so nice.

There will be too many imitators, and this privacy problem will be solved in other ways. It will all cause Snapchat to die off. It will never realize these lofty valuations.