When the Internet bubble burst in the early 2000s, it didn’t just wipe out capital. It wiped out ideas that never should have existed in the first place. Companies with no real users, no viable business models, and no sustainable economics disappeared. Pets.com didn’t survive. Webvan didn’t limp along for another decade pretending to matter. The market was ruthless, and in retrospect, that ruthlessness was healthy. It forced the Internet industry to self-clean. Crypto has not had that moment....
