It's an interesting way to look at it, and I guess I'd never thought of it that way. I'm still not convinced Pinterest and Etsy are substitutes, or at least not

It's an interesting way to look at it, and I guess I'd never thought of it that way. I'm still not convinced Pinterest and Etsy are substitutes, or at least not that they always have been. But I do agree that (from what I can tell) Pinterest is the more ambitious and strategic company, and that it has Etsy in a corner it can easily choose to close off at this stage in the game.