But he told Southwark Crown Court he was in debt, blaming 9/11 and the burst of the dotcom bubble
Just think back to the dotcom bubble
, and the struggles of Adobe and Netscape.
"If you look back to the late 1990's and 2000's -- you had this flood of really outsized tech IPOs -- and that usually marks the top," Dominguez said comparing the current IPO rush to the dotcom bubble
of the early 2000s.
These were hedged against a balance sheet of a large conglomerate; (AIG for the sub-prime crisis and in the case of the dotcom bubble
, the most famous example is AOL.
Shih compared the rapid inflation of Bitcoin to famous historic economic bubbles, like Tulip mania, the Mississippi Bubble, the South Sea Bubble, and the Dotcom Bubble
, and stated that if the Bitcoin bubble bursts it may be the largest bubble to ever pop in history.
In a statement on February 7th, Goldman Sachs predicted the value of cryptocurrencies would fail and its value would erode to zero and comparisons to the dotcom bubble
of the late 1990's were made.
For instance, during the Dotcom bubble
, there was a surge of tech IPOs as many investors were eager to invest (301 IPOs at its peak).
* Second, the dotcom bubble
of the early 2000s taught us that far more start-ups fail than actually succeed in the technology space.
Lee Byung-tae, a professor at the Korea Advanced Institute of Science and Technology (KAIST), also said cryptocurrencies and blockchain cannot be handled separately, adding that there would be no Naver, Amazon and Google without the dotcom bubble
As the dotcom bubble
proved, even the most exciting long-term technology can also inflict grievous long-term losses on you if it gets sufficiently overvalued.
SETTING THE WORLD TO RIGHTS, ONE DAY AT A TIME TWENTY years ago, as the first dotcom bubble
began to swell, the term "Millennium Bug" passed into common usage.