> This year seemed like something was off I feel like the elephant in the room here is crypto? There was some frothiness between 2009 and now, particularly aro

> This year seemed like something was off I feel like the elephant in the room here is crypto? There was some frothiness between 2009 and now, particularly around businesses with intensely negative unit economics (see: Uber, WeWork) and their sustainability. A lot of the prognostications around a crash then was specifically skepticism about these companies commanding sky-high valuations without line of sight to profitability, but at least there was some fundamental value there. Then we started going even frothier and abandoning even the pretense of fundamentals with the crypto and NFT fad. That was a lot harder of a bubble to keep going. My read is that the crypto bubble burst (as it very well had to) and it (along with rate hikes) triggered a general re-evaluation of tech that included all of the perennially unprofitable companies, and taking them down several pegs. Unclear where we go from here - but IMO the skeptics from 2009 were right on their merits (even if spectacularly off on the timing), and it took an even dumber, even bigger bubble built on top of it to cause the industry to fall over.