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Like others have said, this smells so much like the late nineties dot com burst it's ridiculous. Back then internet sites that had no way of making money and publicly said so were selling for huge amounts. The thought was that you just get a ton of people looking at your site and find a way to make money later. It didn't work then and it doesn't work now. It's like a siren song, those huge traffic sites that people just know they can make money with somehow if they just figure it out.
Unless Google has an amazing, game changing idea, YouTube is going to slowly fade away. And I wouldn't hold my breath on Google having an amazing idea. With all their money in all this time they have ONE profitable product, Adwords. The rest is all this Beta crap and pie in the sky notions like "cloud computing" that sound great during the stockholder conference calls but never materialize into anything that actually makes money.
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