BubbleWatch Alert #006

Really, a direct quote is the only real way to get across the craziness of Paul Kedrovsky's take on Twitter's latest round of funding:

spotting the associated incredulity about Evan's company not having a business plan, reminded me of something: Whatever your feelings about Twitter, business plans are overrated, and profits perhaps even more so.

So a few weeks ago we heard "it's all about eyeballs" again, and this week business plans and profitability are no longer necessary. It's like we're perpetrating a deliberate parody of the dot-com boom, except nobody's laughing and VCs are once again blowing tens of millions of other people's money on laughably poor business ideas.

To be clear: I have nothing against Twitter. It's an intrinsic part of this blog and my everyday life, and I think it would be relatively easy for them to flick the switch that turns on advertising and start turning a profit. However, the bubbliness of the market as a whole scares me.