Was it simply a lack of faith?

So why did Skyfish.com fail? Why did any of the dot-coms fail? We stopped believing in the phenomenon, and once you stop believing, there's no going back.

Or so claims Shelly Powers in Death of a Dot-Com over at O'Reilly. I don't buy it. It's too simplistic to summarize what's happened as a lack of faith; heck, I don't know anyone who simply stopped believing in the phenomenon. Perhaps that's because I didn't know anyone who believed in the "phenomenon" in the first place; who believed that everything should be web-enabled; should be put up, invested in, sold, with no sustainable revenue model in place; who believed they'd just get rich after sixteen months of eighteen-hour days in new media blue shirts. The only phenomenon I believed in was the Web. And my faith is a strong as ever.