If there is a bubble, then who is the last to spend the bubble it?

"A large number of small startups will disappear and a lot of unicorns (1 billion dollars) will be closed," Montana Maik Moritz, a venture capitalist who has successfully exploited Apple and Google, said recently in an interview with the British times.

Words, the influential Silicon Valley capitalist, blew up a pot on the West coast of the United States. Sam Altman, the Silicon Valley venture accelerator YC Chairman, responded directly to the blog, refuting Moritz's comments. And said, willing to bet with any VC, lost to donate 100,000 dollars to charity.

And last week, Bill Gurley, who invested in Uber and Snapchat, said at the south-West convention that the valley is now completely out of awe, and that it has never been more of a loss-making company. Also, Chris Sacca, a Uber investor, said he had hoped to invest in a start-up company, but when he asked the company how much it valued, the founder of the company said 1 billion dollars without hesitation. There are too many 1 billion dollar companies in Silicon Valley and everyone wants to join the 1 billion dollar club.

And not just in Silicon Valley, but in Beijing, investors are also reminding entrepreneurs that the bubble is about to burst, winter is coming, don't dwell on corporate valuations, and close as soon as you can get financing.

Yes, not only in the United States, the ocean on the other side of China, entrepreneurial boom is also a wave after wave. Investment agencies, the media and the government are among the advocates, entrepreneurs are not a big B tens of millions of dollars are embarrassed to talk to the media, Beijing's taxi drivers are now also began to talk about MA, millet and the Internet.

But at the same time, the hot to purple entrepreneurial atmosphere makes some investors feel uneasy, the cordon has been from an investor's "C-turn dead" to an investor's "B-round die."

As for whether the entrepreneur is a B-round or a C-round death, it is not yet known. When the bubble burst, only to wait until the moment of collapse to know. The music stops and the devil's pace stops.

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However, the past experience is worth using for reference. As a client, Peter Thille in the new book "from 0 to 1" to describe the distance from our latest technology carnival.

In August 1995, the 16-month-old Netscape was not profitable, the initial public offering soared, rising from $28 to $75 per share. And, within 5 months, the stock price rose to 174 dollars. Yahoo, which was listed in 1996, and Amazon, which was listed in 1997, doubled the shares of each company by the spring of 1998.

The earnings of internet companies are many times more than those of internet companies. All Internet-related, hot-burning.

Every week, dozens of new companies hold lavish opening parties, which pay for thousands of dollars of banquets and attempt to pay for their start-up stock, with large numbers of people abandoning lucrative jobs, starting a company, or entering a start-up company.

Peter Thille met a more than 40-Year-old graduate student who opened 6 different companies in 1999 years. Typically, a 40-year-old graduate entrepreneur is a strange thing to do, and it's crazy to run 6 companies at a time, but in the late 90 it was considered a combination of success.

It is common sense that everyone should know that the boom cannot last, when the most "successful" companies seem to have an anti business model. In this mode, although the company in the development, but has been in the loss. But when music is playing, there is no way to blame those who dance to the music. Think of the company's name Riga ". com", the value can be doubled overnight, unreasonable will have become reasonable.

This is a Silicon Valley gold rush, said Tyre, full of gold, filled with enthusiastic but hasty prospectors.

At the end of 1998, Peter Thille and good friends set up PayPal. He said it was really scary at the time, not because he didn't trust his company, but because it seemed like everyone in Silicon Valley was ready to believe anything.

In the eye, people start the company and reform the company at their own whim. An acquaintance told me that he had planned to go public in his bedroom before setting up his own company, and that he did not think it was strange.

And it all lasted only 18 months. The Nasdaq index peaked at 5,048 in mid-March 2000, then fell to 3,321 in mid-April and October 2002 to freezing point-1114. The collapse of the market has been interpreted as a trial of the 90 's technological optimism.

Everyone is slowly starting to look at the future with an uncertain eye, and anyone who proposes an annual plan rather than a quarterly plan should be shunned as an extremist.

Things are always moving from one extreme to the other. When greed is punished, then everyone fears.

Today, BusinessInsider reported that anonymous social app secret has fallen out of the App Store rankings after a burst of growth last year. After taking a, B, a total of more than 30 million U.S. dollars in financing, two founders of their respective sets of 3 million U.S. dollars, founder and CEO David Byttow to his beloved Ferrari, the company is considering the transition, secret whether this product continues is not clear.

Mobile, social and crazy growth, so that the company after a round of less than 4 months to get the B round. The crazy pursuit of investment institutions, the creators of the work, the common interpretation of the above scene.

And just, when I brush a friend circle to such a micro-group chat screenshot, it is not able to tell whether it is a joke, the investment agencies are known to have a surname.

If there's a bubble, who's the bubble? Presumably everyone's answer will be surprisingly consistent, is your bubble ~ Mo ~.