Re:Coinbase stock lost over 75% value
by pingeroo on Monday May 09, 2022 @10:46PM
(#31322841)
Not sure why you're getting downvoted. I wasn't even alive during the dotcom bubble but every account I've heard of it sounds similar to the cryptosphere. Insane valuations. People blindly jumping on the bandwagon. Money blindly being thrown around left, right, and centre towards anything 'web3'. Plagued with tremendous amounts of arrogance, greed, and hubris. People buying Lamborghinis and the like. Classic gold rush mania.
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It is not the same (I was alive during the dotcom bubble).
In contrast to bitcoin/etc, it was always clear how broadly useful the internet would be.
Even while companies with inflated valuations like eBay were being battered, a broad amount of the mainstream population was using the sites every day and loving them.
It does not feel the same with cryptocoins, where owning an NFT Ape remains some peculiar niche thing and typical people have no relationship with cryptocoins at all.
Difference is that the internet was and is a real thing with real value. There were a zillion dotcoms thrown up onto it that offered no such value.
Crypto coins and NFTs are like the latter.
Generalizations are not generally valid. You are putting whole ecosystem into the same bucket. Yes, there are a lot of shitcoins.. But there is also Bitcoin.
Which is, itself, down 50%. Only 50% left to go.