I think math helps here. If YC funds 400 startups, they've spent somewhere around 8 million dollars. In the late 90s one .com startup probably spent that much

I think math helps here. If YC funds 400 startups, they've spent somewhere around 8 million dollars. In the late 90s one .com startup probably spent that much on their office chairs. Granted, there are subsequent rounds of funding, and maybe some less than prudent investments, but while we may be in an 'expansion' cycle of funding, it isn't fair to say that it's 1999 all over again.