Great for entrepreneurs, but eventually it will be the relatively unsophisticated angels who will get burned by these valuations. I have no problem with that,

Great for entrepreneurs, but eventually it will be the relatively unsophisticated angels who will get burned by these valuations. I have no problem with that, really. In 2001 it was different - everyone was playing with public money through IPOs. Now only a few quite established companies can afford to go public. Don't be mistaken, though - this will turn into a bubble, whether you wax romantic about "entrepreneurs just do it!" or not. It always happens - it will happen again, life will go on, but it will happen.