To me the thing that is shocking is that a buggy app with crap UX and only the network effect as their moat against competition could be valued at $29B. If you

To me the thing that is shocking is that a buggy app with crap UX and only the network effect as their moat against competition could be valued at $29B. If you build a product that can be cloned trivially, you should expect others to clone it. If you are relying on the network effect to beat off competitors, you'd better not have competitors with a bigger network. The question is, can Snapchat use their newly obtained war chest to make a counterplay that differentiates them from Facebook/Insta. If I had cash to gamble I'd short Snapchat and bet no, but we'll see.