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> Its going to be interesting to see what happens when either the US economy takes a dump, or interest rates rise and VC funding dries up... We just had a fina
by Curmudgel 13y ago
> Its going to be interesting to see what happens when either the US economy takes a dump, or interest rates rise and VC funding dries up...
We just had a financial crisis 6 years ago in which the U.S economy "took a dump" and caused a global panic/recession/depression (pick your favorite euphemism). Investors poured their money into Treasury bills, and in such numbers that in 2008, monthly T-bill rates were actually negative. Don't count on people rushing to Bitcoin during the next financial crisis.
- hendzen 13y agoMy point was that during the next financial crisis, everyone might just sell all their Bitcoin, not that everyone would run to it.
- kylebrown 13y agoAnd everyone might stop using Facebook. Or WhatsApp. Then Mark Zuckerberg would look silly. Like AOL did after buying MySpace. Is there a deeper point here which I'm not gleaning?
- dragonwriter 13y agoDidn't AOL buy MySpace after everyone stopped using it?
- georgemcbay 13y agoI don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)? But in any case, myspace was still really popular when it was sold and was still growing for a couple of years after; it didn't start getting creamed by Facebook until 2007/2008.
- dragonwriter 13y ago> I don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)? I suspect the first poster may have been referring to the sale to Fox, I actually saw the reference to AOL purchasing MySpace and made a false connection to the sale by Fox misidentifying AOL as the purchaser.
- eigenvalue 13y agoNo, but AOL did buy the social networking site Bebo for $850mm in March of 2008, which promptly died and became worthless.
- kylebrown 13y agoYou're right, my mistake. I'm old enough that I should remember, did it look silly when Time Warner was bought by AOL for $164B shortly before AOL's growth and profits stalled (leading to a $99B write-off and tanking the stock from a market cap of $224B down to $20B)? Yeah, maybe a little.
- teacup50 13y agoI hope you can understand the difference between a currency and a social network.
- krrrh 13y agoOr the difference between a currency or a payment system, possibly cheaper method of keeping books, or political movement? Any one of these (including currency) can collapse faster than you can say Friendster.
- Curmudgel 13y agoOops. Sorry about that.