May 26, 2022
People have been forecasting the doom and gloom for some time and it feels like the slowdown is finally happening. Should we be surprised? No. Should we be scared? No. Should we keep working, learning, and pushing forward? Yes. I worked and lived through the early 2000s tech crash. I was a recent graduate working for a fast-growing software company in the bay area that is now well known and massive. It was a combination of fun, challenging and frenetic all compressed into a few years. I was in my early 20s and remember someone telling me at a party that we were living in the modern renaissance and this period would be discussed in history books. I thought it was ridiculous, but I loved the thought at the same time.
A few months later the bottom fell out of the tech community and there was a sink hole in Silicon Valley where once stood a hive of activity. My commute from the city south to my office turned into a landscape of empty buildings littering the 101. It was surreal. I was one of the lucky ones as my company was insulated with cash flow, incredible developers and one of the best sales teams in existence. Yet, we still had some large reductions in headcount. I remember one evening a group of 20 or so employees took over an entire floor of a large office building that was no longer being used and we played capture the flag while getting shit faced. I distinctly remember being worried about the economy and my work life, but we all were freaking at that time. However, we were also worried about our work life and careers during the boom time before the crash. Nobody knew what was going to happen next, but it was clear that technology and the Internet was not going anywhere.
Fast forward to 2022 (I’m in my 40s), .com turned into web2 and web3 has been growing quietly yet loudly in some respects over the past several years. This period in tech feels like the early 2000s. There were lots of people cheering for the Internet to fail, just like there are lots of people that are anti crypto, hate NFTs and believe that programmable blockchain is vaporware. If you are working for a web3 startup or trying to build a new company, keep working and tune out the external noise. Web3 technology like the Internet is not going anywhere and will scale massively. We might experience a sink hole like explosion akin to what we felt in 2000-2002, but it will pass, and you’ll look back in 20 years and remember the friends you made, the products you built and the insane market conditions that you surfed.
What about NFTs? NFTs are only going to grow in relevance. Do I think 95% of the NFTs in existence today will be worthless? No, I think it’s more like 99.99%, but this type of thinking centered around “will the price of my NFT go up?” is all noise. Just in the last few months we have seen an award-winning short film receive funding to make a full-length movie. The amount of creativity and various projects that will appear over the next few years will be incredible.
One bit of advice from this 40 something is to take care of yourself. Sweat every day for an hour. Go for a run, go to a yoga class, lift weights, ride a bike, swim, or take a walk. Make time to hang with your friends at least once a week for an hour to catch up. Read more books. Put down the phone and actually engage with your family. Spend less time on Twitter spaces listening to bullshit (especially listening to NFT influencers). I will update the bulletin 2x per month. The purpose of this initial bulletin is to say hello. hi.