It's not a bubble - it's the consequences of the dramatically lowered cost required to start a technology business. Money is just not worth as much to an entrep

It's not a bubble - it's the consequences of the dramatically lowered cost required to start a technology business. Money is just not worth as much to an entrepreneur as it used to be, so the valuations are higher. Not only do entrepreneurs not value cash as much, but the capital required to open up shop as a "VC" has come down as well. The result? Lots of money chasing entrepreneurs who are basically indifferent to investment dollars (at least when compared to past times). A bubble implies a greater fool - I think what we're seeing is a fundamental shift in the economics of high tech startup finance. Not that the above line of reasoning would make me comfortable in the shoes a VC, but they're at least making a rational bet that the model will shake itself out and leave realistic profit for everyone. It's not a pump-and-dump scheme like it was in the late 90's.