Actually twitter has close to 200M uniques. Not all of those are active accounts. They are more like youtube than facebook in that respect.

I would be the first to criticize twitter for past product and performance issues. But I have to also observe that their product improvements recently have been stellar, e.g. twitter for ipad or new twitter. Also, their performance is much, much better.

You don't really tie a logical connection between twitter failing and the entire industry. I certainly don't see a connection between the performance of funds of twitter's investors and the super angels. Except for people like Chris Sacca, they aren't the same people.

I disagree with this talk of bubbles when fundamentals of most of the companies in the industry are strong.