Suppose there are no companies such as Boo.com today. It doesn't mean there's no bubble. To say that there is no bubble, you'd have to make a convincing argument that the valuations companies are in line with the (future) demand for their services.

I'd really love to read a fair analysis of whether there is a bubble, but I fear the completely understandable bias of TechCrunch and HN is preventing it. Still, I like to think of us as a curious bunch and I hope we will talk about this honestly at some point.