For the first time in a long time, some of venture capital's biggest names are openly worried. Sky-high valuations, easy money, and mounting burn rates are on everyone's mind (and in everyone's blog posts). But what's the private reaction?

What do we do if Evan Spiegel wasn't just arrogant, but right? What if Snapchat turned down $3 billion in order to someday make much, much more? A new report out of Bloomberg says the app's valuation is in the stratosphere.

Three years ago, the powerhouse tech investors at Sequoia Capital announced they were putting $10 million into The Melt, a small chain of grilled cheese sandwich restaurants. Today, The Melt is not only still around, but somehow dumber than ever.

If you can't birth a genuinely good idea, there's a mounting body of evidence saying you should try the most deliberately stupid idea possible. How about a storage unit company that's calling itself a technology startup?

Pinterest and Snapchat have two very important things in common: they were both recently, insanely valued by investors at around $4 billion, and neither of them has made a single dime in the entirety of their existence. How is this not a bubble, and why aren't more people saying this is crazy?

When beloved dot com disaster Kozmo.com first teased a relaunch yesterday, we crossed our fingers that cofounders Joseph Park (now the CEO of Bluefly) and Yong Kang (who ended up at Lehman Brothers after Kozmo) were dusting off their grand piano to yell “IPO! IPO!” again. Sadly, no. But the domain’s new owners also hail from that era, albeit post-crash.

This is the idea behind a startup named Outbox: a private company of strangers will take your (mostly junk) mail, open it, scan it, and then email it to you. This is questionable for a few dozen reasons, but investors disagree—it just nabbed a $5 million check.

It's easy to mock Zynga right now as it starts to grip its stomach and collapse—but where were the skeptics before the IPO boom and bust? Too busy heaping praise on a company that sold virtual hay bales on Facebook—and it sure looks bad in retrospect.