This is brutal.  I know someone at Square that exercised his options, and I guess he is underwater by a massive amount now.  And since VCs are generally move like flocks of birds, this will likely create a massive chill in terms of funding.  Either they are going to take a pound of flesh from the founders coming for their next round of funding, or they will just pull away.<p>It looks like 2016 is going to see a lot of unicorns take a massive hit.  You can bet Stripe and other payment companies are going to take a hit to their valuation, although Stripe seems pretty well-funded at this point.