Refreshing — Web 2.0, by Paul Graham.
“Old news”, but sill good.
This nearly off topic comment, in particular:
Venture investors are driven by exit strategies. The reason they were funding all those laughable startups during the late 90s was that they hoped to sell them to gullible retail investors; they hoped to be laughing all the way to the bank.
And of course the conclusion:
While meaningful, the term is also rather bogus. It’s like the word “allopathic.” It just means doing things right, and it’s a bad sign when you have a special word for that.