They are now around the 650,000 mark. I can't really imagine what is giving them such a valuation besides the veteran status of the people involved. $70 milli

They are now around the 650,000 mark. I can't really imagine what is giving them such a valuation besides the veteran status of the people involved. $70 million for < $1million users seems completely 1999 (Mint.com was valued in the $3-4 million range when they had 1 million arguably far more monetizeable users). Plus with Facebook's own check in platform coming out soon my feeling is they are about to be crushed. Am I missing something?