Smoke. Mirrors.

Because I'm telling you, Netflix would have been in the cash crunch it refuses to call a cash crunch (it did the same thing at the end of 2011) with or without original programming. Traditional content acquisition and international expansion does a fine job of burning the company's cash.

So, proceed with extreme caution. At the same time as so much has changed for the better at Netflix, the same toxic ingredients that render its business unsustainable remain.

--Written by Rocco Pendola in Santa Monica, Calif.
Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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