It's weird that a web business with an actual revenue stream gets such a lot of flack for a high valuation. They aren't Facebook or Instagram, they are a monopoly and will make stacks of cash. But does make me think there's a market big enough for a few smaller players here...
I disagree with the comments here; they are orders of magnitude bigger than their nearest competitor. And that difference will only get larger. I think Facebook will succeed through acquisitions in the future and you can think of facebook.com as not relevant for everyone under 20.
There is very rarely a reason to go elsewhere unless you want a hostel or hotel. AirBnB the brand is a virtual monopoly, I think even the founder virtually confirms as much in his How to start a startup talk... here is the text and a link.
Q: One more question, the question is, in this particular situation with Airbnb, a lot of people think it is not necessarily a technology company, but more of a marketing company.
Brian Chesky: Good question. I will answer the question with a story.
Alfred Lin: Let me preface that question with a series of questions. Do you today have propriety technology?
