As long as there are constant or increasing numbers of people "thinking they're going to make $1b by making an app and getting acquired.", there's — by definition — a rush.
And rushes, by definition, inevitably end. I'm sure there were gold miners that showed up in the Sierra's and were disheartened by all of the claims everywhere. They, being in the later wave, no doubt cursed their luck at missing out on the 'easy' riches. I can tell you that very few independent miners are wandering the Sierras these days to stake a claim (surprisingly it is not zero but that is a different story).
And rushes, by definition, inevitably end. I'm sure there were gold miners that showed up in the Sierra's and were disheartened by all of the claims everywhere. They, being in the later wave, no doubt cursed their luck at missing out on the 'easy' riches. I can tell you that very few independent miners are wandering the Sierras these days to stake a claim (surprisingly it is not zero but that is a different story).