Facebook’s acquisition of Instagram was driven by fear, not greed. It’s no different than when Yahoo tried to buy Facebook for a billion dollars seven years ago.

It’s about taking a competitor out at the knees before they have time to actually be a competitor.

That’s not a bubble. It’s just smart.

So when Bilton says directly “When this next bubble pops — and it will pop” and gets a source to say “This is 1999 all over again, but this time, it’s gotten worse,” I just shake my head.

Tune in again in April 2013 for the next installment of the blubble.