Yes, there were AOLs and Yahoos and Worldcoms. But there were also Amazons, Googles, and ebaYs that proved to be legitimate investments.

Even instituational scamming took place — Long Term Capital went under, and Tether may well go under. And I am sure there were institutional failures during the gold rush.

A lot of this is the plight of the Venture Capitalists. Nobody knows what is going to succeed, and what is going to fail. Today’s perfect example is Polkadot. Great project, great team, uncertain future. But the space as a whole, will robust and mature itself to be a permanent game changer in how we live and do business. Of this I am fairly confident — unless we have an incredibly damaging event like governments banding together to restrict commerce, or if a solar EMP pulse knocks out all of our electronics.