Ask HN: Snapchat, the harbringer of the bubble?

From their App description: "Snap a photo or a video, add a caption, and send it to a friend (or maybe a few). They'll view it, laugh, and then the snap disappears from the screen - unless your friend takes a screenshot!"

So default functionality can essentially invalidate their entire angle in the texting game. The only way this has an 800M valuation is if it is acquired, which is pure speculation. This isn't even vaporware its bluffware.