Irrational exuberance 2.0

February 2, 2011, 11:11 PM UTC

[Crossposted from Fortune Finance]

That's a mighty big bubble

The tech bubble is so yesterday. We’ve now entered a dizzying new world whose end may be more Hindenburg than pricked birthday balloon.

Just take a look at this story from TechCrunch, about how Path turned down a $100 million buyout offer from Google (GOOG). Don’t know what Path is? Don’t worry, neither do most people. TC reports that the company — which makes an app for sharing photos and short video clips with a circle of 50 close friends — only has “hundreds of thousands” of users. In other words, it’s getting its butt kicked by rival Instagram, which today announced 1.75 million users.

For the full story, see Dan Primack’s Term Sheet.