The transition from a new growth industry to a mature industry under conditions of nearly interest free loans and low aggregate consumer demand. In this essay,

The transition from a new growth industry to a mature industry under conditions of nearly interest free loans and low aggregate consumer demand. In this essay, it seems clear that the kinds of designs matter a bit, but lots of companies choose different technologies and practices and survive. The obvious conclusion is that market conditions matter more than the technology stack for a space of "reasonable" choices about it. I expect, until the next big thing hits, the market conditions to be dominated by consolidation. Bitcoin was supposed to bit it, but that was a scam. VR was also a scam (Zuck tried to sell us non-existent real estate), but maybe it'll turn into something more useful soon.