Facebook has already demonstrated that it can easily clone Snapchat. It wouldn't make much sense for any other company to buy Snapchat. So, worth half a billion to whom? Yahoo? Sprint? How would Snapchat possibly make money? Ads? Charging to download? Making you take photos of logos? Why wouldn't a potential buyer just rip them off? For now, none of these problems are Snapchat's—they'll be happy with the money. I'd suggest only that they use part of that $100 million to rethink privacy.