Facebook isn’t worth $100bn…

I really enjoyed reading Jason Calacanis’ post here about Facebook Junkies going nuts on valuation claims.

Link: Facebook Reality Check: It’s not worth $100B, and it won’t crush MySpace or Google (but it does rock)

At the Social Graphing conference on Tuesday our industry went in full-blown madness. A panel filled with Facebook fans (and some investors) got so worked up they claimed–among other things–that:

a) Facebook was worth $100 billion dollars
b) Facebook would crush Google
c) Facebook would crush MySpace
d) Facebook application platform is as important an innovation as the graphical user interface
e) The top Facebook applications were worth $500M

No, I’m not making any of that up. Those were the claims, and as Mike Arrington of TechCrunch correctly pointed out, this is the kind of madness that got us in trouble the last time around (i.e. 1999).

I think Facebook is done. It’s smart, it will continue to dominate the niche. But the moment I started being spammed with rubbish zombie shit, I flicked a switch in my head and Facebook became rather annoying. Still rate it, totally. But I’m pleased to see reality being discussed.