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.