<story><title>ZeroStableCoin is out from stealth mode</title><url>https://twitter.com/zerostablecoin/status/1534131126209499138</url></story><parent_chain><item><author>legutierr</author><text>&amp;gt; I think if it survives, the crypto community is in for a reckoning much like 2000.&lt;p&gt;You very well may be right.  But the most memorable headline for me from that era is this Barron&amp;#x27;s article:&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;twitter.com&amp;#x2F;JeffBezos&amp;#x2F;status&amp;#x2F;1447403828505088011&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;twitter.com&amp;#x2F;JeffBezos&amp;#x2F;status&amp;#x2F;1447403828505088011&lt;/a&gt;&lt;p&gt;If Bitcoin is the equivalent of Yahoo, what are the equivalents of Amazon and Google?&lt;p&gt;People love to use Pets.com as a symbol of excess for that era, but it might not be a great example to use to make that point.&lt;p&gt;At its highest point, Pets.com had a valuation of approximately $300 million (of which ~30% was owned by Amazon).  Compare that to the ~$3 billion that PetSmart paid for Chewey.com five years ago, and Chewy.com&amp;#x27;s current market cap of $12 billion (down ~75% from its high).&lt;p&gt;It&amp;#x27;s a bit ironic that the pets.com domain redirects to petsmart.com, given that the PetSmart LBO eight years ago, and its acquisition of Chewy five years ago, and the Chewy IPO three years ago—PetSmart sold a minority interest Chewy to protect it from PetSmart&amp;#x27;s creditors and to pay down debt—were all motivated in large part by the fact that online retail has massively supplanted in-person retail throughout the economy.&lt;p&gt;Was Pets.com overvalued?  Or did it just run out of runway before it could displace the incumbents?  Is Crypto going to zero?  Or is it simply that new technologies take time to find their footing?</text></item><item><author>jmacd</author><text>I think the fact that this is so obviously satirical and well executed, but I had to closely read the white paper and fight against the &amp;quot;these crypto things have so much momentum, clearly people understand things I don&amp;#x27;t&amp;quot; bias that has developed in my brain around these ridiculous projects probably tells us something about what has passed for real in the last 3 years.&lt;p&gt;I&amp;#x27;ve gone from being unengaged bystander on crypto to feeling pretty strongly that almost everything crypto is going to zero.&lt;p&gt;I think if it survives, the crypto community is in for a reckoning much like 2000. Bitcoin will be the Yahoo (a brand that survives, but does not create new value, and stagnates) and all the alt-coins are the Pets.com etc of the era. Poof, gone, vanished.</text></item></parent_chain><comment><author>dub</author><text>A challenge for the crypto world is that the values of being decentralized and trustworthy seem a bit at odds with the value of rapidly evolving.&lt;p&gt;If you compare the Amazon or Google of 1999 vs today, they&amp;#x27;re practically different businesses. Most well-funded, centralized businesses have a hard time evolving at all, let alone to that degree.&lt;p&gt;Seems like the challenges facing a decentralized organization wanting to evolve would be even larger.</text></comment>
<story><title>ZeroStableCoin is out from stealth mode</title><url>https://twitter.com/zerostablecoin/status/1534131126209499138</url></story><parent_chain><item><author>legutierr</author><text>&amp;gt; I think if it survives, the crypto community is in for a reckoning much like 2000.&lt;p&gt;You very well may be right.  But the most memorable headline for me from that era is this Barron&amp;#x27;s article:&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;twitter.com&amp;#x2F;JeffBezos&amp;#x2F;status&amp;#x2F;1447403828505088011&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;twitter.com&amp;#x2F;JeffBezos&amp;#x2F;status&amp;#x2F;1447403828505088011&lt;/a&gt;&lt;p&gt;If Bitcoin is the equivalent of Yahoo, what are the equivalents of Amazon and Google?&lt;p&gt;People love to use Pets.com as a symbol of excess for that era, but it might not be a great example to use to make that point.&lt;p&gt;At its highest point, Pets.com had a valuation of approximately $300 million (of which ~30% was owned by Amazon).  Compare that to the ~$3 billion that PetSmart paid for Chewey.com five years ago, and Chewy.com&amp;#x27;s current market cap of $12 billion (down ~75% from its high).&lt;p&gt;It&amp;#x27;s a bit ironic that the pets.com domain redirects to petsmart.com, given that the PetSmart LBO eight years ago, and its acquisition of Chewy five years ago, and the Chewy IPO three years ago—PetSmart sold a minority interest Chewy to protect it from PetSmart&amp;#x27;s creditors and to pay down debt—were all motivated in large part by the fact that online retail has massively supplanted in-person retail throughout the economy.&lt;p&gt;Was Pets.com overvalued?  Or did it just run out of runway before it could displace the incumbents?  Is Crypto going to zero?  Or is it simply that new technologies take time to find their footing?</text></item><item><author>jmacd</author><text>I think the fact that this is so obviously satirical and well executed, but I had to closely read the white paper and fight against the &amp;quot;these crypto things have so much momentum, clearly people understand things I don&amp;#x27;t&amp;quot; bias that has developed in my brain around these ridiculous projects probably tells us something about what has passed for real in the last 3 years.&lt;p&gt;I&amp;#x27;ve gone from being unengaged bystander on crypto to feeling pretty strongly that almost everything crypto is going to zero.&lt;p&gt;I think if it survives, the crypto community is in for a reckoning much like 2000. Bitcoin will be the Yahoo (a brand that survives, but does not create new value, and stagnates) and all the alt-coins are the Pets.com etc of the era. Poof, gone, vanished.</text></item></parent_chain><comment><author>highwaylights</author><text>Who are the equivalents of Amazon and Google?&lt;p&gt;Amazon and Google.&lt;p&gt;This has been my biggest issue with cultocurrency since it’s inception.&lt;p&gt;The market cap of the whole lot is made up of &lt;i&gt;maybe&lt;/i&gt; 0.04% innovative signing and 99.96% magic beans.&lt;p&gt;Useful use cases of the smidge of innovation can be exploited by the megacaps to extract whatever actual value there is - this current cesspit of Ponzi schemes will not be required.</text></comment>