[bliti]

It seems to be related to how startups are suddenly valuated at billions without much of a moat or intrinsic value. Just for having "users".

[minot]

Meh. If I give you $100 for a 1*10^-6% stake in your company with a guarantee that you will pay me back at least $100 before honoring any other debts or issue, are you really a ten billion dollar startup?

[zaroth]

It's most entertaining to subtract any preference off the top of the valuation. I wish it became a trend. Particularly for preferences with multipliers!