1/ Reading obscure dot-com "history" is a useful way to inform your model on future cycles. Just read https://www.amazon.com/Internet-Bubble-Anthony-B-Perkins/dp/0066640016 …. It's a contested narrative, but it has some gems:
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8/ In case my friend replies, I am not giving away ETH.
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This clearly makes a big difference in trajectory, but maybe it's because most of today's firms just aren't equipped to do the same?
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