First Sign of a New Internet Bubble: Classmates.com
I have been contending that there is no Web 2.0 bubble, until I heard the news:
Now I am scared. Classmates is as far from Facebook as it can get on the internet, and yet is looking to cash in on the buzz around the entire social networking market. This is how a bubble gets created - by public market fund-raising that resembles pump-n-dump operations. Om agrees.

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