3:30 PM -- U.K. company CacheLogic Ltd. recently came out with a study showing that the most unfortunately named of all P2P networks, eDonkey, is now the leading P2P application on the Internet.

A full copy of the presentation is here. But here's the gist: You can't shut down P2P networks, since they will always migrate to a new one. And they consume boatloads of Internet traffic.

Following the "it's big so we must buy it"logic of EBay's (Nasdaq: EBAY) purchase of Skype Technologies SA, I'm wondering if somebody's in the market for an eDonkey (see EBay Buys Skype for $2.6B).

This, of course breeds the possibility for more exciting Internet names. Skype and eDonkey could form a new telecom application called Skonkey. Or, EBay could merge with eDonkey to form EBonkey. And of course, Yahoo and eDonkey would form a partnership to be called Ya-honkey.

It's good to have the Internet bubble back. Now I remember why it was fun to write about it.

— R. Scott Raynovich, US Editor, Light Reading