They have a list of some ~60,000 merchants, email addresses in the tens of millions, no patents or 'moat', and they're trying to sell a dollar for fifty cents a

They have a list of some ~60,000 merchants, email addresses in the tens of millions, no patents or 'moat', and they're trying to sell a dollar for fifty cents and make a profit. Also, how do you scale when you have 8,000 employees? That's a huge fixed cost. And these aren't huge barriers to entry for your competition--Twitter/Facebook/any website with an audience can basically do this. I don't see how their model is sustainable and the entire premise of their success seems wrested on Groupon succeeding at things they haven't demonstrated yet. Also, I see Groupon as a sales company, not a tech company.