I agree this is an easy short now, and I think there will be some hard times ahead as the Web 7.0 bubble pops, but I am also thinking GRPN could be the AMZN or EBAY of this bubble. They are little more than a mass marketer/broker, and they do not rely solely on their clients' preference for their interface as an outlet for narcissism like so many other social media sites. When the hangover is over, GRPN may be viewed as one of the few companies actually providing value to people. I know, crazy to hear me say that.
Turning this comment into a very long coverage. This is not my ideal entry point and I'd rather wait for a real bust -- I think GRPN will go much lower -- but I think by buying now, you can take advantage of either a hysterical run-up or a longer term post-bust trend.