Of course we (or better: silicon valley startups) are in a bubble, fueled by cheap money and short memory. And of course the VC-ecosystem is denying that for a

Of course we (or better: silicon valley startups) are in a bubble, fueled by cheap money and short memory. And of course the VC-ecosystem is denying that for as long as possible. Nobody is saying that the 1bn+ club startups are not adding value, just that it's magnitudes smaller than valuations would imply. They are driven primarely by VCs and because they constantly push it as a valid success metric. Investors have to deny it because they're betting their money on it, if they show doubt - their money is gone before they can flip it. The startup kids have to deny it because they want a shot at the big payout. Where are the future profits/dividends that validate those insane numbers? User growth was a ridiculous measure in '99, it's a ridiculous measure now. Once the cheap money dries out, the bubble will burst. AirBnB and co will probably survive but i doubt in 5years that many of them are valued >1bn. Once weakened / no longer hip, regulatory pressure will increase by a lot and bring down convenience & margins. I respect YC for what they have built over the years, especially how they can attract top talent. But boasting with valuations is insane and had me lose all respect. Let's see what's left once its portfolio rides out more than half of a economic cycle.