While it’s easy to tell people things, it’s much more powerful to learn things. And, as I get older, I see the same lessons being learned by subsequent generations. While this isn’t a post that says “everything is the same as it was before”, there are foundational lessons in life that play out over and over again.

I spent the weekend with a friend from the last 1990s who was the lead banker on the Interliant IPO (I was a co-founder and co-chairman.) Last night, at the Aspen Entrepreneurs event, I was asked to describe several failures and I rolled out my story about Interliant, which, for a period of time (1999 – 2000) appeared to be hugely successful before going bankrupt in 2002. If you like to read IPO prospectuses, here’s the final S-1 filing after INIT went effective and started trading on July 8, 1999.

A few days ago, Fred Wilson wrote a post titled Capitulation? In the middle, he’s got a sentence about the theme of the post.

“Now, the crypto markets are in the eighth month of a long and painful bear market and we are starting to see some signs of capitulation, particularly in the assets that went up the most last year.”

On January 16, 2018 (almost seven months ago) I wrote a post titled It Can All Go To Zero. While I included a lesson from the Interliant experience, I highlighted the top 10 crypto prices, which had already fallen 30% – 50% from their high points a few weeks earlier.

Compare those to the prices right now.

Bitcoin is down another 50% (from 12,001 to 6,157). Ethereum is down over 75% (from 1,118 to 264). XRP, holding strong as the third most valuable cryptocurrency, is down 81% (from 1.37 to 0.26). Stellar, which rallied from #9 to #5, is only down 55% (0.49 to 0.22).

My guess is there are a lot of people who wish they sold their XRP at 1.37. Or, maybe around its all time high of 3.83 on January 4, 2018.

Capitulation in markets is one of those endless lessons that gets learned over and over and over again. My first moment with this was Black Monday in 1987. But that’s not when I learned the lesson. My foundational moment, where I really learned the lesson, happened during the collapse of the Internet bubble in 2000 and 2001.

It’ll be interesting to see if this is the crypto generation’s capitulation lesson moment.