I think that's a false dichotomy. You're suggesting that either ExpressVPN was a really good business with sophisticated secret sauce, strong technical chops,

I think that's a false dichotomy. You're suggesting that either ExpressVPN was a really good business with sophisticated secret sauce, strong technical chops, and capital assets probably worth $1B (validated by people with lots of money being willing to pay for it), or that I and other HN commenters are wrong about the sophistication and it's really worth peanuts because OpenVPN can be run on most routers or any Linux box. The latter is obviously false, but the former is not necessarily true - instead, what I and other users are pointing out is that they're really selling is their users, and implying that the buyer expects to be able to extract more than $1,000,000,000.00 of value from them. As you pointed out, you see this sort of comment when a social network or many other kinds of startups with lots of users are sold. The point is that the users are the product in this transaction.