One indication that Bubble 2.0 is getting out of hand: I was walking down the dark Atherton street to Michael Arrington's house for the latest TechCrunch meetup/party, and a guy approached me from across the street. Before I could tell who it was -- practically before I could see him, actually -- he said, "Rafe Needleman! How are you? Here's my card!" It was the fastest greeting-to-card transition I have ever experienced. It was either really presumptuous or really smart, because once inside Michael's house, it was pandemonium. Which is, of course, the other indication that we're deep into Bubble 2.0.
I will say, though, that it's a sweet and rather innocent little bubble. There's money, sure, but not too much. And everybody is doing these clever and very personal startups. And they're sharing ideas, and mashing up others' work with their own. And going to crowded parties and having a good time. As long as the venture guys don't over-react and start over-funding these startups, this could work out nicely.