Opinion by Adam Lashinsky: Why the crypto bubble has finally imploded
and are still vital almost 150 years later. The promise of email in the 1990s — and its dot-com derivatives — was real and epochal. Even badly abused subprime mortgages were a lamentable innovation on hard-to-get loans for home purchasers — a market that survived the financial crisis of 2008.
In our system, entrepreneurs, and the investors who back them, provide a valuable service by taking risks on unproven ideas. Without them, we wouldn’t have Apple or Google — or Post-it notes. But we now know the crop of swaggering financiers who dreamed up the new category of investments casually known as web3 have been kidding themselves.
What emerged instead is another example of one of the worst ills that afflicts Sand Hill Road, the heart of Silicon Valley’s venture-capital industry: confirmation bias. The enthusiasm the VCs mistook for an investment thesis was often just the result of too much cash chasing too few truly good ideas.Nerds aren’t stupid: If someone offers them oodles of money to chase a fad, they’ll start coding. Hence, crypto.
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