Not at all: 1. He is talking about how people actually make money out of E-Commerce - that is driving sales and ensuring you have a margin on what you sell. It is very myopic to believe that the technology underlying the E-Commerce solution will drive the success of E-Commerce (a situation all to common on Hacker News - yes I am aware it is technology focussed, but not the exclusion of everything) 2. Andy Dunn has backed Spree Commerce through Ayr, Bonobos, Red Swan. I imagine, he has done that because he believes proprietary all in one platform solutions have inherent limitations. Spree Commerce has the opportunity to significantly disrupt the Shopify model (and likely will impact their valuation and/or longevity).

Shopify isn't an ecommerce store–it's an ecommerce infrastructure provider.

My only beef with shopify is that I don't see any of these fast growing etailers using them. I know why (makes no sense to give up that kind of % when you're at huge scale) and I wonder if it will hurt them in the long run. They seem to just help people with the MVP of their store.