The New York Post ‘s Tim Arango reports that YouTube could go for a billion dollars. Chad Hurley, YouTube founder, could make $400 million in the transaction.

These YouTube guys haven’t paid a bit of attention to my rants since I’ve been blogging about them for the past 6 months. But trust me in that Chad Hurley will be the Internet’s poster child for morons if he doesn’t sell right now.

YouTube is wonderful pre-Internet-bubble puffery, and the big media companies want a piece of the online video space. YouTube is white hot, with the largest share of the online video pie and constant media coverage. No business model proven, and major copyright issues ahead.

Sell, Chad. In about 3 months you’ll be grateful for a tenth of that. I don’t know a lot, but I know two things well… entrepreneurship and online video. Trust me on this one.