The Internet out of the "bubble" : no sacrifice is futile

Original title: "everyone is young"

Original written by: wang chao & NBSP; chief operating officer, Bitpie wallet;

Introduction: a good product idea is important, but a product market fit is even more important. In essence, it's hard to judge a good idea on its own, only if it's at the right time. Bubbles are not just about madness. Among the endless "applications" that have emerged from the older generation of infrastructure, those that can survive the bubble are also guiding the direction of the next phase of infrastructure development. Creativity is important, survival is more important, but the most important thing is to be able to adjust the level of execution as things develop, to realize the dream at the right time.

-Executive director of Multicoin Capital & NBSP; Mable Jiang

I love the golden gate bridge. It's magnificent. It's magnificent. Studying in San Francisco more than a decade ago, I chose a house with a Golden gate&cake when I rented it. Bridge  View of the house, but actually from the living room in the direction of the golden gate bridge, can only see a little red bridge tower exposed. My upstairs unit lived an old American couple, occasionally met in the corridor, polite mutual smile. I have often thought they would enjoy the beautiful bridge every day upstairs.

Once I chatted with the landlord and learned that the old couple had been renting his house for many years, and the life was very poor. He felt sorry for the old couple and never raised the rent in these years. The old couple maintained their respectability in spite of their poverty. Often see them driving an old Toyota out to buy vegetables, the car is old can not tell the year, but from the inside to the outside are clean clean. Once I bought a pile of frozen dumplings in the Chinese supermarket, boiled more than I could eat, suddenly think of them, put a big plate to take upstairs. "This is home-made dumplings, have a try." the old couple enjoyed themselves. As the saying goes, there is one family in the world, and all men are brothers, so I'm not lying. & have spent & have spent

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After being familiar with each other, once the don asked me to help him. That is a very old computer, installed win95 system, with a 33.6K phone cat, opened my eyes, I was the first time to see. The don said he bought the computer to buy and sell stocks on E*Trade. He bought a lot of tech stocks during the dotcom bubble, and most of his lifetime savings and almost all of his 401 (k) s were wiped out with the dotcom bubble, leaving him to live on a meager monthly social security allowance. Probably already accepted the reality, the don said this tone is not a ripple, but I was a little shocked. Not long after the bubble burst, jokes about the big one were still common. But after all, the story is a story, listen to is no feeling, until one day suddenly found that the people in the story is living in my side. As the saying that can often be seen recently, a grain of ashes of The Times, falling on the head of the individual, is a mountain.

& have spent

When I fixed it, I said it was a little slow, but the don said it was good enough, dialed the number, and connected to craigslist at an average speed of less than 4K to search for second-hand goods. At the time, broadband was already widespread, and the only sites that worked at dial-up speeds were those that were almost entirely text. To this day, a visit to Craigslist will make you think you've traveled back 20 years, a classic example of how to remember where you started.

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Go back to March 1999. Priceline, an online seller of airline tickets, went public at $19 and rose to $88 on its first day. It's distance from Priceline  He burned $150 million in just 11 months after the site was launched. Even so, Priceline was selling only a few hundred tickets a day and losing $30 on each. In 1999, losing money was the hallmark of a successful.com company. Everyone was losing money, but few were as creative as Priceline.

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Even worse than Priceline is a company called Webvan. More than 20 years ago, Webvan wanted to sell fresh food online and deliver it at a customer's chosen half-hour window. To achieve this goal, Webvan designed extremely advanced automated storage centers that cost $40 million to build and cover only 60 square kilometers each. They also bought a large number of trucks with GPS, which at the time was extremely rare, and designed systems that could automatically plan optimal routes.

When Webvan launched in June 1999, it was an instant hit thanks to its convenience and curiosity about the Internet economy, with a whopping 6.5% of San Francisco homes signing up for it. Webvan went public just five months later, with a peak market capitalization of $8 billion, the size of the three largest U.S. fresh food retailers combined. But the good times came and went even faster. Two years later, on July 9, Webvan suddenly announced that it would stop operating, bringing the life of the originator of fresh e-commerce to an abrupt end. In its short life, it burned through $1.2 billion and its share price fell from $35 to six cents, losing an average of $130 per sale.

There were many more, all with the same characteristics, all wanting to "change the world", with insanely high valuations and no money to be made. Most of them quickly disappeared. And it's not just app companies that are disappearing. Infrastructure operators, including the big names worldcom and global crossing, are going out of business. & have spent & have spent

But the Internet bubble left a rich legacy in the world, and even now, bubble-time fiber still accounts for more than 70 percent of the total fiber mileage in the United States. Even the long-dead dot-coms have not left anything behind. Amazon bought a robotics company called Kiva a few years ago, and now kiva-designed black tech warehouse robots run amazon's warehouses around the world, handling more than 10 million orders a day. This system is based on the Webvan system to optimize the formation. But more important than these tangible legacies is that the Internet bubble introduced the world to online life.

Many people used to think that Internet apps had no future at all, because there were too many institutions flooding in and too few real users. Two decades on, Priceline has survived with a valuation of $100 billion, 10 times higher than at its peak in 1999. The more famous amazon, which has yet to realise its dream of selling all the world's books, has seen its share price rise to $2,400, 400 times its post-bubble price. Google, Facebook, Twitter, Netflix, Airbnb, & NBSP; Uber and many more have emerged from the ashes of the fallen.

1999 had article said: "the Internet development too fast, amazing, too, is beyond the scope of human understanding and then use the word" bubble "to describe, the safest and the most appropriate nature. However, the Internet itself contains the connotation of endless, far more than our current estimate and anticipate the boldest." & have spent & have spent

Twenty years later, no one is talking about a bubble. Internet technology has changed the world and shows no sign of ending. Yet another journey has begun, this time with a younger, Wilder, more skeptical protagonist, and one destined to go even crazier.

I broke off contact with the old couple long ago. They are in good health, ten years of the situation is certainly not under the word, but that old Toyota, now estimated to have 30 years on, how to maintain it probably can not open it. I wish he had bought Priceline or amazon. Maybe he never sold them, but now he can cash out and get a new car. Maybe he can buy a house and enjoy the golden gate bridge in his own home.

Best wishes to them, and to all those who stand for the future.

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