Why is the Internet economy a bubble?

Internet and bubble have been married for many years, but now they seem to be two sides of the same coin, reflecting each other. The best word for decorating the Internet is probably bubble. It is true that the development of the Internet is too fast, too magical and too exciting, which is beyond human understanding. Therefore, using the word "bubble" to describe it is naturally the safest and most appropriate. However, the Internet itself seems to contain endless connotations, far exceeding our boldest estimates and predictions at present. So when you look at the Internet, it is different to look left and right, and new discoveries will be made every once in a while. Similarly, our views on the Internet bubble must change with time. The human mind also needs to adjust its speed and frequency from time to time, although it is the least inert thing in the world. The static view of the Internet is bound to become a joke, and sometimes it is even necessary to constantly deny yourself. For example, a year ago, I was very much in favor of the Internet bubble. Half a year ago, it became suspicious Now I firmly believe that the Internet is not a simple bubble. Although the internet field is ups and downs, wave after wave, it is quite suspected of a bubble. During the period of 1720, the British Nanhai Company and the French Mississippi Company used the stock market to drive up the stock price and engage in financial fraud, which led to a stock market crash and millions of bankruptcies. The scene is like the expansion and bursting of a bubble, which was called "south sea bubble" in history. Hence the name "bubble economy". Then this kind of excessive speculation and bubble burst, or "crazy speculation-panic selling-market crash" financial drama, emerged one after another. Since the Asian financial crisis, the word "bubble" has become fashionable. After combining with "Internet", by going up one flight of stairs. The formation of bubbles is naturally the result of fanaticism and excessive speculation. When the degree of foam exceeds a certain limit, it will get out of control and explosion will occur. The composition of the internet bubble is certain, and the key to the problem is whether the bubble is reasonable, benign and will burst. We must understand that the basic core of Internet development is not technology, or even capital, but users. If the Internet is a bubble, then when the bubble bursts, it must be when users leave, that is, when investors leave. But what is the truth? We can hear people complain about the Internet every day, such as cost, speed, content, time and so on. But what we see is that we rarely see a person surfing the internet, and will decide not to surf the internet because of various dissatisfaction and never look back; It is rare for us to see a person who uses e-mail say it is expensive and never send e-mail again. In fact, as long as a person is online, he can't persist. The application of the network is also inseparable from the use. And it is impossible for many users to leave the internet one day, because the internet has a kind of attraction and charm that we can't explain clearly now. Free e-mail, search engine, news content, instant download software, all kinds of information and emerging e-commerce. It is impossible to get a similar experience in the real world. Therefore, a lot of value (intangible and tangible) created by the network is irreplaceable by the physical world, and even if there is substitution, it is overvalued. Otherwise, it is not enough to explain the attraction of the internet to people at present. After all, not everyone is forced to surf the Internet. More importantly, everything on the Internet is progressing rapidly, the service is getting better and better, the use is becoming more and more convenient, the content is getting richer and richer, the new things are getting more and more dazzling, and the attraction and charm will naturally be further enhanced. However, the speed of new netizens accessing the network has not slowed down at all, and the user group has become the most solid content of the Internet bubble. As long as the number of users continues to increase, the Internet bubble will not burst soon. Many people are most worried about investment. I'm worried that the internet will run out of investors' money at the speed of burning money. But let's open our eyes, the capital market is an internal circulation system, not an isolated black hole. The investment flowing into the internet will inevitably be reflected in consumption, and the money will flow back to the capital market through various channels. Moreover, Internet investment is dominated by retail investors, which is a force to gather sand and become a tower, making the source of funds more stable. Moreover, at present, the performance of the Internet industry is improving, the company's operating conditions are improving, and the overall trend has not failed investors. Of course, the flow of capital is selective, and more flows into the Internet will inevitably flow into other industries. Fortunately, the flow of the capital market is dominated by attention and market development. Who else is the focus of global investment besides the Internet? The most active and crazy market is the Internet market. Who else can I take? Yes, investors invest in a dream, but what dream is bigger and more real than the Internet? Of course, the Internet is now a destructive force. Just as the metabolism accelerates, there will inevitably be groups of enterprises that can't keep up with the trend, and groups of more spectacular novices will flock. From the perspective of a single enterprise and a part, we can really feel the sharp rise and bursting of the bubble, but on the whole, it is bound to grow continuously. This trend is the key to understanding the nature of the Internet. Netscape was acquired, Microsoft spent billions of dollars, and the connection was dependent on others ... These tragic stories seem to be the best evidence of the bursting of the bubble. But in fact, as long as you rush to the forefront of the internet, the worst losers will benefit more than the winners who are behind the times. The final price of Netscape is $654.38+000 billion. Think about it. If it is not the internet, but just a browser product, can it sell at such a high price? Which founder of Netscape has no big pocket? . And if Microsoft didn't have so much "waste", there would probably be no living space today, right? Not to mention the market value of $500 billion. There will certainly be more and more myths about getting rich overnight on the Internet, but with more and more contestants, the concentration and degree of getting rich will be further balanced. Some stocks will fluctuate violently and their prices will drop sharply, but the trend of the overall market value of the Internet will inevitably skyrocket with the rapid increase of users. Instead of worrying about the internet bubble, we should go forward bravely, and instead of doubting the truth of the internet, we should firmly believe. Because in this revolution, the only chance to win is to catch up with the limelight. Although the risk is great, those who doubt, curse and persist will certainly get nothing. Because the Internet is not only a technology, an application, or even a technological change, but a real technological revolution, which will correspond to a brand-new civilization and a brand-new world.