Why the Crypto Winter Is Different From the Dot-com Crash

be radical Briefing | July 18th, 2022


Dear Friend,

Earlier this week, we got full access to OpenAI’s DALL-E, the AI system that can create realistic images and art from a description in natural language. The results range from stunning to hilarious — it surely is a powerful glimpse into a world where AI-based systems will co-exist with human creativity. A friend asked us to generate a set of DALL-E images from prompts — not for him to use the actual image, but as stimulation for his art works.

And now, this…

Practical Futurism // Decode. Disrupt. Transform.

The implosion of pretty much the whole crypto space right this moment is often compared to the dot-com crash in 2000. Crypto believers like to reference to the implosion of crypto company after crypto company as the “crypto winter” — as to indicate that this is just a “phase” and spring is around the corner.

It is no secret that we, at be radical, have been skeptical about many of the claimed “revolutions” in the space for quite a while (NFTs anyone?!?) — but we also have a slightly different vantage point on the dot-com crash in 2000 than many of the pundits who are too young to have been around for the glorious “popping of the bubble”: We lived through it. And not just as a passive observer, but as the founders of companies which got swept up in the sudden deflation of the dot-com bubble.

And here is where the Internet in the year 2000 and today’s crypto world differs dramatically: During and after the dot-com crash, Internet usage didn’t shrink — it kept steady and then grew (exponentially). Crypto usage collapsed (and continues to do so).

That is all to say: I don’t think we have found the actual use-cases for crypto (if there are any). Time will tell… (via Pascal)

What We Are Reading

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Radically yours, take good care, friend!

— Pascal, Mafe and the three Js (Jane, Jeffrey, and Julian)