We saw this movie before.
A quarter a century ago, we had a major financial bubble. The stock market went gaga over the Internet Age. Unfrotunately, the hype was less than reality and everything came crashing down.
Is this what we are dealing with in 2022?
The comparisons will be a lot more accurate if we get some Amazons and NEtflixs out of crypto in spite of losing the AOLs and MySpaces (or diminished stature).
It is something that we can expect. We discuss it in the video.
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BEER.Hey @taskmaster4450, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!Do you want to win SOME BEER together with your friends and draw the
BEERKING.Above all, I hope the Cryptosphere manages to shake out not so much the AOL and MySpace equivalents (They survived the fallout, after all), but the many projects that are basically little more than a White Paper, promises and vaporware... remember Pets (dot com) and the dog sock puppet? Do you remember WebVan? The online grocery delivery service that tried to be bigger in 1998 than grocery delivery is EVEN in a Covid society? Or Digiscents (a personal favorite) that actually tried to invent what was pretty much "scratch and sniff" gaming?
I really want to see the projects that are basically absoutely nothing out of the picture, since they are part of what leaves the greater public with their heads full of doubts and question marks.
=^..^=
We all know that there were a lot of superficial companies who entered the market just to get in on part of the money during the last bull market. Just take a look at NFTs because I think that 99% of them have no value. So it's time to see if it's sustainable.
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these financial bubbles will always exist so the ideal is not to exaggerate and always be in touch with reality
That is interesting. We will be on the lookout.
Summary:
In this video, Task discusses the current state of the cryptocurrency market and draws parallels to the dot-com bubble of the 1990s. He reflects on the hype and subsequent crash of that era and highlights the importance of the ongoing market correction in crypto. Task emphasizes the need for a bear market to weed out weak projects, similar to what happened post the dot-com crash. He points out the resiliency of certain projects like Hive that do not rely on VC funding or have significant debts. Task encourages viewers to see the current market challenges as a necessary part of the maturation process for the crypto industry.
Detailed Article:
Task begins by drawing comparisons between the current state of the cryptocurrency market and the dot-com bubble of the 1990s. He reflects on the euphoria surrounding the internet at that time, where many projects received substantial VC funding despite having vague business models. Task notes that while the dot-com bubble eventually burst, it paved the way for the success of companies like Amazon, Netflix, and Cisco, which continued to grow and evolve through the crash period.
Task highlights the importance of distinguishing between pre-.com and post-.com internet companies, noting that only the strong and innovative projects survived the crash. He underscores the role of market corrections in exposing weak entities and reallocating resources towards more promising ventures. Task views the ongoing crypto crash as a necessary cleansing process that will separate valuable projects from unsustainable ones.
The discussion shifts to the resilience of certain projects like Hive, which Task believes will weather the current market challenges due to their independence from VC funding and lack of debt. He contrasts these projects with flashy yet fragile ventures that may not survive the market downturn. Task emphasizes the importance of allowing the market to undergo a full correction rather than propping up failing entities, as seen in previous economic crises like the 2008 financial meltdown.
Task predicts that the post-2022 crypto market will look drastically different from the current landscape, with only robust and promising projects standing the test of time. He admits that the transition period may be challenging, but ultimately, it will clear out excesses and refocus resources on sustainable initiatives. Task concludes by encouraging viewers to exercise patience and resilience during this market turbulence, foreseeing a brighter future for the crypto industry in the long run.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.