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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    Austen Allred‏Verified account @AustenAllred 18 Dec 2017

    People who were around during the dotcom boom/bust, what were the reasons people cited for how the Internet wouldn’t work out?

    7:14 AM - 18 Dec 2017
    • 12 Retweets
    • 32 Likes
    • Austin M. Craig Eric Quinn Hargrove Arthur Camara Girl Alex Meredith McDonough Ahimsa 🎄 Sheena Paul Bekedorf Rajesh Mappu
    29 replies 12 retweets 32 likes
      1. New conversation
      2. Clay Shirky‏Verified account @cshirky 18 Dec 2017
        Replying to @AustenAllred

        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.

        1 reply 3 retweets 20 likes
      3. Clay Shirky‏Verified account @cshirky 18 Dec 2017
        Replying to @cshirky @AustenAllred

        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

        1 reply 2 retweets 15 likes
      4. 1 more reply
      1. TheGreatCdnTalkShow‏ @TGCTS 18 Dec 2017
        Replying to @AustenAllred

        "People would never buy anything off a website."

        0 replies 1 retweet 11 likes
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      1. New conversation
      2. Austin M. Craig‏ @austinmcraig 18 Dec 2017
        Replying to @AustenAllred

        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 …

        2 replies 1 retweet 8 likes
      3. Salem Stanley‏ @salemstanley 18 Dec 2017
        Replying to @austinmcraig @AustenAllred

        This was the vision of the internet before google. Most of his arguments make sense if you pretend google never existed.

        1 reply 0 retweets 1 like
      4. Austin M. Craig‏ @austinmcraig 18 Dec 2017
        Replying to @salemstanley @AustenAllred

        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 …

        0 replies 0 retweets 1 like
      5. End of conversation
      1. New conversation
      2. Christophe Démaret‏ @cdemaret 18 Dec 2017
        Replying to @AustenAllred

        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.

        1 reply 0 retweets 10 likes
      3. SpikeballChris‏ @spikeballchris 18 Dec 2017
        Replying to @cdemaret @AustenAllred

        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

        0 replies 0 retweets 2 likes
      4. End of conversation
      1. Steven Sinofsky‏Verified account @stevesi 18 Dec 2017
        Replying to @AustenAllred

        No one is in charge or owns it.

        0 replies 0 retweets 8 likes
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      1. Adam Singer‏Verified account @AdamSinger 18 Dec 2017
        Replying to @AustenAllred

        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.

        0 replies 1 retweet 3 likes
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      1. Kathrin Passig‏Verified account @kathrinpassig 18 Dec 2017
        Replying to @AustenAllred @SuMastodon

        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.

        0 replies 0 retweets 7 likes
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      1. Tony Mo‏ @tonymo 18 Dec 2017
        Replying to @AustenAllred

        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.

        0 replies 0 retweets 8 likes
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      1. Elliot Loh‏Verified account @Loh 18 Dec 2017
        Replying to @AustenAllred

        “Who’s gonna hang out online all day besides you nerds? Go outside and play.”

        0 replies 1 retweet 2 likes
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      1. New conversation
      2. Trent Read‏ @TrentRead 18 Dec 2017
        Replying to @AustenAllred

        Kind of like how Blockchain is amazing, but some of these coin offerings are from crap companies.

        1 reply 0 retweets 3 likes
      3. twalkerp‏ @twalkerp 18 Dec 2017
        Replying to @TrentRead @AustenAllred

        That’s why I think OSTK is the biggest winner right now. And will be.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. Matt Quirion‏ @mquirion 18 Dec 2017
        Replying to @AustenAllred

        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.

        0 replies 0 retweets 3 likes
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      1. Trent Read‏ @TrentRead 18 Dec 2017
        Replying to @AustenAllred

        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.

        0 replies 0 retweets 3 likes
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      1. Walter Dom‏ @WalterDom_ 18 Dec 2017
        Replying to @AustenAllred

        ▪️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.

        0 replies 0 retweets 2 likes
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