Valleywag perpetuated the mythology of Silicon Valley, which claims that financial success goes hand-in-hand with intelligence and hard work, and it enforced the anti-conspicuous ethos of consumption that prioritized gadgets and travel over designer clothes or fancy cars. It was okay if people were visible or extremely rich, as long as this was backed up by entrepreneurship, intelligence, hard work, and creativity. Excessive displays of wealth or publicly courting attention undermined the meritocratic myth of Silicon Valley by suggesting that success was not necessarily based on intrinsic personal characteristics.

Alice E. Marwick, Status Update, loc. 367