Every bubble always has a "rational explanation" for the valuations. "This time it's different" they say. Always. This time is no different. Of course you c

Every bubble always has a "rational explanation" for the valuations. "This time it's different" they say. Always. This time is no different. Of course you can explain why paying $10M for an unlaunched site makes sense to a company that just turned down $6 billion from Google, who itself is valued at $200B. Doesn't make it any less of a bubble.