A YouTube-backed celebrity attacking Facebook in an op-ed for "cheating," "lying" and "stealing" its way to the top of the streaming business is just the latest development in what has become an "awesome dogfight," in the words of angel investor and Inside.com CEO Jason Calacanis.
For its part, Facebook defended its shorter definition of what constitutes a "view," but it's an aside to the main theme for investors—Facebook is seriously ramping up its push into video and coming for YouTube.
"The truth is Facebook is the biggest threat to YouTube," Calacanis told CNBC's "Squawk on the Street" in an interview. "It will take four or five years, but they are going to be a very viable competitor."
Part of the reason why he thinks so has to do with what the social media giant has done as of late to incentivize users to side with Facebook over YouTube when it comes to hosting video. For example, Facebook's algorithm might only pass posted YouTube content to a few users, whereas video on Facebook's servers might be seen by four to five times as many people, Calacanis said.
"That is a really aggressive tactic and they are sharing revenue which is a direct attack on YouTube's model," he said.