A few days ago, I read an article about people who have reached a million dollars at a very young age. One person of course, is the founder of facebook. The other people on the list, one young lady created a myyearbook.com, where people can post pictures of themselves and friends in the current year of school. Others have started a bike shop on line, and on and on. Well, if a person wants to buy a bike, why not go to the bike store instead of waiting for shipping, if a person wants to see themselves in their current school year with a bunch of friends, why not buy a yearbook? What I am noticing about social networking, it only will attract who you want it to attract.
During the mid to late 90's, I was on this soap box. Why is the .Coms doing so well in the stock exchange today? History was not long ago Pets.com opened to the public at approx 45-65 dollars per share and in two short years they were out of a job. Today facebook is valued well over 33.7 billion dollars, when they do not have one public share. Why? They do not make anything, sell anything, fix anything. But, a place to put down weather you like a restaurant, movie, tv show, your blog, a place to play farmville, is worth more than the doctor who is treating AIDS? Yet again as in the 90's, this will come to a screeching and drastic halt.
Are we ready for large scale investors to open up their private investments and see they are worth nothing? The 401k's, IRA's took the hit with the dot com failures. This time it is individuals who say they have so much money they can tie it up. 2% share of a dot com like facebook is worth more than a hospital saving car accident victim's. The amount of money people pour into a myyearbook.com should really go to a place where we can appreciate it, the American Cancer Research, the NFL Youth Play for 30, or something that is useful. Not a place to say weather or not they like my blog.
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