Tone down the snark. Also, you clearly didn't read my response carefully enough. I never said Snapchat had a 2% chance of becoming another Tencent. I said tha

Tone down the snark. Also, you clearly didn't read my response carefully enough. I never said Snapchat had a 2% chance of becoming another Tencent. I said that if Snapchat had a 2% chance, the valuation is justified. Clearly, some investors think that chance holds. Some investors think that chance does not hold, and they did not participate in the deal! I'm also not tossing out random names. Did you even read your own post, which mentions Tencent? I was addressing your argument in the context of your post. I would also argue that a16z would benefit if investors thought there was a bubble. They would get tremendously better valuations and there would be so much less competition for the best deals. Also, anyone who says Snapchat is just a sexting app for teenagers clearly doesn't understand their product, speaking as someone in college who sees Snapchat used all the time (by lower and upper year college students alike). It's already moving upstream.