I think you missed my point - I never mentioned code or servers - I never argued that the likes of AirBnB as a business were just a collection of CPU cycles. I

I think you missed my point - I never mentioned code or servers - I never argued that the likes of AirBnB as a business were just a collection of CPU cycles. I was illustrating that building a primarily online-based business (including code, servers, network, marketplace, branding, awareness, good people, etc) is faster and simpler than a classic business like a hotel chain (which requires all of the above, plus significant investments into geographically disperse physical structures. I'm absolutely not saying it's "easy", I'm just reflecting on the market valuation of an organization that (in my opinion) is more at risk of competition than a classic business.