8 ms·

similar empty promises were made in dot com era. Does it mean dot com period of 1995-2001 was wasted and meaningless?

by przeor 4y ago

throwmeariver1 4y ago
Whataboutism. Crypto is going on for over 12 years now. You can’t compare dotcom with crypto because 12 years after dotcom FAANG was up and running.
- przeor 4y ago
  The scale is different because back then there were circa 100 000 000 +/- mln onboarded onto the hype. Now They expect 1BLN+ to be onboarded to crypto with internet access. More growth potential takes more time to play out. Most people were ignoring crypto in 2017 like internet was ignored in 1993 by most people. Period of 2009-2016 is like 1980-1992 for the internet. Almost no one was using it beside geeks and tech passionate youngsters. Institutions are getting interested only from 2021 in a serious manner like in 1998-2001 for the internet period.
  - throwmeariver1 4y ago
    So you are saying we will see crypto crash in 2-3 years? We are living in times were onboarding is the fastest and is getting faster all the time. TikTok first to 100 Million users was 1000x faster than Facebook. I strongly believe you have it in reverse.
    - yellowapple 4y ago
      > So you are saying we will see crypto crash in 2-3 years? It's already crashed a couple times now. Each time it did, it came back a couple years later stronger than ever.
      - throwmeariver1 4y ago
        dotcom dipped and recovered all the time before the big crash... it was joke.
    - przeor 4y ago
      What in real economy in terms of "charts" and "ticks" and "emotions" happens in 20 years, in crypto it happens faster probably in 4 years. I don't know, but the way it is. People in crypto are used to 90% off within few weeks, where people in the other world probably won't experience it in a lifetime with their "traditional" investments. This is why it's so hard to explain.. It's much harder to onboard into a new currency, than to onboard to new social media platform. It's like learning to fly an airplane VS learning to drive a car. People treat their financial stuff with more caution than opening an account on TikTok.
      - throwmeariver1 4y ago
        No, crypto did not invent the financial scam either. I got lucky myself but I wouldn't tell my mom to put their retirement money into crypto and your sales pitch sounds more like a pitch for a cult than sane investment advice.
  - przeor 4y ago
    In general, people on HN doesn't get crypto and put minuses on my comments. History rhymes. Everything takes long time to play out. Internet took 40 - 50 years, crypto is just 10 years old and they say it has to bust, soon.
hocuspocus 4y ago
There were also plenty of real products being adopted, taking advantage of technical growth and penetration of the web. When we threw the bathwater out after the bubble crash, there were a few babies left. 13 years into the cryptocurrency bubble and I still don't see any productive use. Unless you're in the ransomware industry, or trying to evade sanctions.
sharkjacobs 4y ago
Good worthwhile valuable things were actually created on the web in the late nineties. The bubble was that they just didn't live up to the speculative financial hype. The problem with crypto is that all that it is is speculative financial hype. The entire worth of crypto is a bet on its future utility. The difference between the dot com bubble and web3 is that there is no web3 craigslist or geocities or usenet or altavista or webmd or ebay or amazon or anything of utility or value other than as an investment asset.
- yellowapple 4y ago
  > Good worthwhile valuable things were actually created on the web in the late nineties. And good worthwhile things are being created in the cryptocurrency/blockchain space now. Likewise, there was a lot of useless bullshit on the Web in the 90's, and a lot of useless bullshit in the blockchain space today. And likewise, there were a lot of pre-Web "experts" making the Web out to be some passing fad due to all the bullshit, and there are a lot of pre-blockchain "experts" making blockchains/cryptocurrency out to be some passing fad due to all the bullshit - in both cases ignoring the potential, only to find themselves and their opinions irrelevant. I don't know whether blockchains are going to end up being as fundamental to the world economy in the coming decades as the World Wide Web is today, but I do know that history repeats itself, and I ain't arrogant enough to assume this to be some exception.
  - sharkjacobs 4y ago
    > good worthwhile things are being created in the cryptocurrency/blockchain space now like what?
    - gumby 4y ago
      Aaand the answer to your completely reasonable question seems to be: <crickets>
    - yellowapple 4y ago
      Ask the people in the developing world using it to replace their countries' failed monetary systems. Ask the people taking out loans on DeFi platforms and not needing to worry about discrimination by some bank's underwriters. Ask the working class in my country and others who want what little savings they have to have at least some chance of appreciating in value. Ask the migrant workers in my country who are now able to send money home to their families without Western Union's predatory fees. Cryptocurrency ain't perfect, but people are using it for its intended purpose, and it ain't going away anytime soon.
weare138 4y ago
If you invested, yes. Plus this assumes technology wouldn't have advanced regardless and ignores the massive financial pullback in the tech industry that hampered progress for years after the crash.
DogOfTheGaps 4y ago
This is a very poor comparsion. Sure, many companies went bust around then. But many didn't. Plenty of real value was created by companies doing real useful things.

similar empty promises were made in dot com era. Does it mean dot com period of 1995-2001 was wasted and meaningless?

by przeor 4y ago

similar empty promises were made in dot com era. Does it mean dot com period of 1995-2001 was wasted and meaningless?

Whataboutism. Crypto is going on for over 12 years now. You can’t compare dotcom with crypto because 12 years after dotcom FAANG was up and running.

przeor 4y ago
The scale is different because back then there were circa 100 000 000 +/- mln onboarded onto the hype. Now They expect 1BLN+ to be onboarded to crypto with internet access. More growth potential takes more time to play out. Most people were ignoring crypto in 2017 like internet was ignored in 1993 by most people. Period of 2009-2016 is like 1980-1992 for the internet. Almost no one was using it beside geeks and tech passionate youngsters. Institutions are getting interested only from 2021 in a serious manner like in 1998-2001 for the internet period.
- throwmeariver1 4y ago
  So you are saying we will see crypto crash in 2-3 years? We are living in times were onboarding is the fastest and is getting faster all the time. TikTok first to 100 Million users was 1000x faster than Facebook. I strongly believe you have it in reverse.
  - yellowapple 4y ago
    > So you are saying we will see crypto crash in 2-3 years? It's already crashed a couple times now. Each time it did, it came back a couple years later stronger than ever.
    - throwmeariver1 4y ago
      dotcom dipped and recovered all the time before the big crash... it was joke.
  - przeor 4y ago
    What in real economy in terms of "charts" and "ticks" and "emotions" happens in 20 years, in crypto it happens faster probably in 4 years. I don't know, but the way it is. People in crypto are used to 90% off within few weeks, where people in the other world probably won't experience it in a lifetime with their "traditional" investments. This is why it's so hard to explain.. It's much harder to onboard into a new currency, than to onboard to new social media platform. It's like learning to fly an airplane VS learning to drive a car. People treat their financial stuff with more caution than opening an account on TikTok.
    - throwmeariver1 4y ago
      No, crypto did not invent the financial scam either. I got lucky myself but I wouldn't tell my mom to put their retirement money into crypto and your sales pitch sounds more like a pitch for a cult than sane investment advice.
- przeor 4y ago
  In general, people on HN doesn't get crypto and put minuses on my comments. History rhymes. Everything takes long time to play out. Internet took 40 - 50 years, crypto is just 10 years old and they say it has to bust, soon.

hocuspocus 4y ago

There were also plenty of real products being adopted, taking advantage of technical growth and penetration of the web. When we threw the bathwater out after the bubble crash, there were a few babies left. 13 years into the cryptocurrency bubble and I still don't see any productive use. Unless you're in the ransomware industry, or trying to evade sanctions.

sharkjacobs 4y ago

Good worthwhile valuable things were actually created on the web in the late nineties. The bubble was that they just didn't live up to the speculative financial hype. The problem with crypto is that all that it is is speculative financial hype. The entire worth of crypto is a bet on its future utility. The difference between the dot com bubble and web3 is that there is no web3 craigslist or geocities or usenet or altavista or webmd or ebay or amazon or anything of utility or value other than as an investment asset.

yellowapple 4y ago
> Good worthwhile valuable things were actually created on the web in the late nineties. And good worthwhile things are being created in the cryptocurrency/blockchain space now. Likewise, there was a lot of useless bullshit on the Web in the 90's, and a lot of useless bullshit in the blockchain space today. And likewise, there were a lot of pre-Web "experts" making the Web out to be some passing fad due to all the bullshit, and there are a lot of pre-blockchain "experts" making blockchains/cryptocurrency out to be some passing fad due to all the bullshit - in both cases ignoring the potential, only to find themselves and their opinions irrelevant. I don't know whether blockchains are going to end up being as fundamental to the world economy in the coming decades as the World Wide Web is today, but I do know that history repeats itself, and I ain't arrogant enough to assume this to be some exception.
- sharkjacobs 4y ago
  > good worthwhile things are being created in the cryptocurrency/blockchain space now like what?
  - gumby 4y ago
    Aaand the answer to your completely reasonable question seems to be: <crickets>
  - yellowapple 4y ago
    Ask the people in the developing world using it to replace their countries' failed monetary systems. Ask the people taking out loans on DeFi platforms and not needing to worry about discrimination by some bank's underwriters. Ask the working class in my country and others who want what little savings they have to have at least some chance of appreciating in value. Ask the migrant workers in my country who are now able to send money home to their families without Western Union's predatory fees. Cryptocurrency ain't perfect, but people are using it for its intended purpose, and it ain't going away anytime soon.

weare138 4y ago

If you invested, yes. Plus this assumes technology wouldn't have advanced regardless and ignores the massive financial pullback in the tech industry that hampered progress for years after the crash.

DogOfTheGaps 4y ago

This is a very poor comparsion. Sure, many companies went bust around then. But many didn't. Plenty of real value was created by companies doing real useful things.