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On the other hand, people said this about Amazon, Google, Meta/Facebook, and loads of other huge tech things that are now wildly profitable.

It hasn't been a reliable predictive metric so far. All runaway growth tech sectors and businesses tend to look economically insane until they're not.

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Yes, they said that about a lot of companies that dumped product until the competition was eliminated, then abused their monopoly position and resultant political connections to do whatever they wanted. Their sites are worse than ever. Literally worse than the day after launch.

> and loads of other huge tech things that are now wildly profitable.

They also said it about loads of other huge tech things that died. Pointing at the ones that made it is literally survivor bias.

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