That's exactly what happened during the 2000 crash -- much of the "revenue" being booked by internet companies was imaginary (in the form of contract swaps), an

That's exactly what happened during the 2000 crash -- much of the "revenue" being booked by internet companies was imaginary (in the form of contract swaps), and much of that was driven by intra-industry advertising. Everyone was paying everyone else to advertise, and it all fell apart more quickly than you'd expect given top-line revenue numbers. I suspect something similar will happen this time around -- there will be a slowdown in the real economy for some unpredictable reason, and the imaginary, startup-servicing-startups economy will implode.