In the late 1990s, as speculators woke up to the guarantee of the web, shares in any organization with dot.com after its name took off to wired statures.
At that point the air pocket burst.
Presently there are notices of another innovation speculation bubble - this time identified with the interest with digital forms of money, for example, Bitcoin.
On the Tech Tent podcast this week, we inspect the marvel of ICOs - Initial Coin Offerings - which have seen over $1bn raised so far this year from financial specialists who get minimal more than a token and an obscure guarantee of inclusion in another business.
The term ICO - intended to reflect the IPO that sees a firm issue offers and buoy on a stock trade - appears to mean changed things to various individuals. Early forms were essentially methods for getting another cryptographic money off the ground, yet now many are promising to utilize the blockchain innovation that supports Bitcoin and comparative monetary standards to make organizations.
Among the ICO ventures recorded by Smith + Crown, which investigates the cryptographic money scene, is a business raising cash to make the world's most lucrative lottery in view of blockchain, and another that guarantees to lease brilliant office space utilizing computerized tokens.
On Tech Tent, we converse with a business visionary who is strongly going into an unknown area with this new speculation system. Pavlo Tanasyuk is the originator of Spacebit, which expects to make what he calls "a circulated space organization unshackled by state or national sponsorship".
One month from now, he will welcome financial specialists to take a stake in this wander, which he portrays as a crypto variant of Elon Musk's Space X. He will just acknowledge installment in Bitcoin, Ethereum or other digital forms of money and consequently patrons will get tokens and a part in choosing how the business is run.
However, the back blogger Frances Coppola has contrasted ICOs with the tulip fever of the sixteenth Century and other speculation bubbles.
"The eagerness for ICOs is returning off the of the Bitcoin and Ethereum blasts," she says.
She cautions that such plans are totally unregulated, and fears that numerous who put resources into them essentially won't comprehend what they're getting into.
"There will be tricks in this - I'd be flabbergasted if controllers aren't taking a gander at this."
Indeed, even Pavlo Tanasyuk yields there is a lot of hazard connected to this sort of speculation. "Ninety-five for every penny won't convey - however we will. It's vital to set a case. We're accomplishing something genuine and have a solid administration group set up."
At the point when the dot.com bubble burst, it turned out to be evident that numerous financial specialists had not by any stretch of the imagination comprehended what the organizations they were backing really did or the idea of the mechanical difficulties they confronted. Today, the universe of digital forms of money and the blockchain looks considerably more invulnerable.
Consider this depiction of one anticipate, Neverdie, which has officially raised more than $2m (£1.5m) in an ICO: "A virtual reality framework stage that extensions virtual universes with well known MMORPGs [massively multiplayer online pretending games] on the Ethereum blockchain."
Certainly the individuals who have purchased the coins that are intended to subsidize this vision have perused the white paper portraying the venture, and the disclaimer toward the end: "Neverdie Coins and Teleport Tokens don't speak to proprietorship in any true organizations. These tokens are intended to enact virtual utilities."
Genuine cash is going into a virtual world and on the off chance that it vanishes in a puff of virtual smoke, no controller will be there to cry foul. How about we trust the individuals who back these sort of endeavors are going into them with their eyes open.