Yes, we're in a bubble. More precisely, what's going on is that the majority of startups, numerically, do not need a lot of money; that is, most of the good id

Yes, we're in a bubble. More precisely, what's going on is that the majority of startups, numerically, do not need a lot of money; that is, most of the good ideas out there are best pursued with a small company with few employees, since there is little benefit they could gain from loads of extra cash. That, of course, is the idea behind YC. But the VCs have loads of money, and they want to be able to use it. And when you have this situation where there are tons of small startups that need a little cash, they get overexcited, and throw too much money at them. And you get stupidity like this.