Look how the other income-hemorrhaging tech sites performed in the last 5 years. FB, LNKD, AMZN, whatsapp. Twitter and Tumblr did poorly.
Still, we're in a bull market. Rising tide, and all that. Snapchat has a huge userbase. Either they get bought or they find a way to monetize it.... Tumblr got bought.
The money is in the userbase. That's what makes it a good play. Same with Uber. 1 chance out of 6 they can't make it work and the stock falls. I'd say those are good odds. Wait until after IPO > big pullback > long.