First, I was in China in 2011, and that felt like a bubble. First, we are not even close to that yet. Second the author doesn't really seem to understand how va

First, I was in China in 2011, and that felt like a bubble. First, we are not even close to that yet. Second the author doesn't really seem to understand how valuations work. When $5-trillion of value was wiped out, it doesn't really mean that $5-trillion was lost, that's just the aggregate change in valuation. Facebook is a $250b company, but people didn't put $250b into it, more like $25b. Similarly, If I go out and raise $100k at a $5M valuation, and the company goes bankrupt, yes there has been a $5M loss of wealth, but only $100k of real money was lost.