NEW YORK ( TheStreet) -- I received quite a bit of hate mail for suggesting what Wall Street already knows -- local deals giant Groupon ( GRPN) was essentially about to expire. I offered my opinion and what I thought was a pretty good argument.My premise was simple -- although the company has a great idea, it just does not seem sustainable -- at least not in its current format. As we are currently finding out with Facebook ( FB) not every idea makes a great investment. Like Facebook, Groupon has seen "its share" of turmoil -- both literally and figuratively. What has resulted is a drastic drop of over 70% in value since reaching its six-month high of $25.84. The question however is not so much "why?" but rather, "what has taken the market so long to come to its senses?" I guess you can say Groupon is no longer being accepted. Aside from a business model where it puts merchants at some possible severe disadvantages to the extent of revenue losses in the areas of 50% to 70% below their standard rate for their product or service, but also what exactly would it take to launch a Groupon-like service? It would take little to no investment at all. So the question is, how exactly can a company with little to no competitive leverage ever earn a profit -- one that could justify a long-term investment? With the stock's precipitous decline the only conclusion one can safely draw is that investors have seen the light. They now realize that Amazon ( AMZN), a rejuvenated Yahoo! ( YHOO), Google ( GOOG) and Facebook could easily take whatever business Groupon has. They only need to want it bad enough. What's more, even if a company does not have a prominent name like the ones mentioned above, it might only take a targeted mailing list to select clients based on existing spending habits to send Groupon out of business. The perfect example is Open Table ( OPEN) was when it first launched its OpenTable Spotlight. The result was overwhelmingly successful as it stole a great portion of Groupon's restaurant market share. So just imagine what Amazon or Yahoo! might be able to do.