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Thinking back on the different dead ends, I figure that H.264 is just a reasonable evolutionary stage.

Now, Pixelon...that was probably magic.

Somehow I missed this dot-com crash story. The number of things wrong with it is amazing: https://www.wired.com/2000/05/perilous-fall-of-pixelon/

If stories like this interest you, I highly recommend Nat Geo's Valley of the Boom. I don't even like "history shows" but it's a funny and self-aware take on SV in the 90s with solid acting and a pretty low budget.

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