Not everyone was going to own a computer. Only geeks would use the net for matchmaking/credit card transactions/job searches/anything. Existing institutions were perfectly suited to real-world needs.
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There's no quality control. People love traditional institutions. Advertisers don't trust upstart businesses. Life online isn't real. People are loyal to newspapers/TV stations/local malls. Consumer behavior rarely changes. You can buy books online, but not food/clothes/shoes/etc
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"People would never buy anything off a website."
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I love revisiting this article from Newsweek. "WHY THE WEB WON'T BE NIRVANA"http://www.newsweek.com/clifford-stoll-why-web-wont-be-nirvana-185306 …
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This was the vision of the internet before google. Most of his arguments make sense if you pretend google never existed.
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But Google DID happen! And now the Blockchain is happening, and who could have fully predicted that? Milton Freedman predicted "anonymous e-cash", and
@Kevin2Kelly predicted something very blockchain-esque in his 2007 TED talk. But nobody really knew.https://www.ted.com/talks/kevin_kelly_on_the_next_5_000_days_of_the_web?utm_campaign=tedspread--a&utm_medium=referral&utm_source=tedcomshare …
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I am not sure it was really "the Internet won't work" but "people are investing millions in dumb ideas without a business model". That was actually true for many dotcoms. The issue was not that investors were wrong, but some were right too early => no revenue.
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Christophe hit the nail on the head. Valuations were out of control for co’s w little to no revenue. Co’s were trying to go public before releasing a product. Absolute insanity
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No one is in charge or owns it.
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People knew it would work out I think the valuations just got ahead of themselves. Meanwhile comparing the whole internet to cryptocurrency is way overzealous if that is what you are doing. Not everything is gonna be tokenized.
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The network is already overloaded and things are only going to get worse. It's too expensive, most people can't afford it, and it will become even more expensive. Women will never want to use it, which means there will never be a market for online shopping.
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The big criticism was that none of the dot coms made money, and had poor unit economics. The internet people who defend it by saying eyeballs were all that mattered. I don’t think people doubted the popularity per se. Maybe I am remembering wrong.
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“Who’s gonna hang out online all day besides you nerds? Go outside and play.”
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Kind of like how Blockchain is amazing, but some of these coin offerings are from crap companies.
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That’s why I think OSTK is the biggest winner right now. And will be.
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You'll never get lots of businesses to agree on how to communicate with one another. People love the social aspect of "going shopping." It's too slow for high quality video. Things are too hard to find. Nobody knows who to trust. "Eyeballs" aren't money.
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It was too many crappy companies with lofty valuations based on the halo effect of how revolutionary the Internet would be, but the companies with the huge market caps not having real business models. Not a repudiation of the Internet, a realization that co’s like Webvan sucked.
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Nobody knows how to use it, only the geeks.
It is insecure, I'll never put my personal info in there.
Computers are slow and expensive.
There is no intrinsic value in something digital.
It's impossible to buy something without actually touching it.Thanks. Twitter will use this to make your timeline better. UndoUndo
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