This argument I’m very skeptical of. The pre-Facebook internet was niched. Lots of sites for all sorts of subcultures. Online businesses that were relevant to <

This argument I’m very skeptical of. The pre-Facebook internet was niched. Lots of sites for all sorts of subcultures. Online businesses that were relevant to <=10% of the population would advertise on the sites that cater to their niche. Facebook ads as a distribution channel is all that we know in this day and age. Who knows whether online small businesses would be better or worse with a different paradigm.