![]() > Imagine a classroom with a window on all the world's knowledge. John Sculley's job was to sell Apple Macs to classrooms, and often said stuff like this: The arguments against the Internet were not because people thought the technology was useless, but just push-back against grandiose claims that the Internet would solve war, or famine, or education. Yahoo! and Amazon were both founded in 1994. In 1994, SCO and Mosaic had already partnered with Pizza Hut to allow ordering Pizza online. In 1993, the code was released to the public and email lists were set up by CERN. ![]() The Web started as an internal CERN project in 1989. Even back when it was proprietary bulletin boards solely for use in universities, people were already communicating, and sharing news articles on it. That argument was not used in the early Internet stages. Was overvalued? Or did it just run out of runway before it could displace the incumbents? Is Crypto going to zero? Or is it simply that new technologies take time to find their footing? It's a bit ironic that the domain redirects to, given that the PetSmart LBO eight years ago, and its acquisition of Chewy five years ago, and the Chewy IPO three years ago-PetSmart sold a minority interest Chewy to protect it from PetSmart's creditors and to pay down debt-were all motivated in large part by the fact that online retail has massively supplanted in-person retail throughout the economy. Compare that to the ~$3 billion that PetSmart paid for five years ago, and 's current market cap of $12 billion (down ~75% from its high). People love to use as a symbol of excess for that era, but it might not be a great example to use to make that point.Īt its highest point, had a valuation of approximately $300 million (of which ~30% was owned by Amazon). If Bitcoin is the equivalent of Yahoo, what are the equivalents of Amazon and Google? But the most memorable headline for me from that era is this Barron's article: I think if it survives, the crypto community is in for a reckoning much like 2000.
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