Goes back to email. Easier to create a machine that churns out digital messages than find humans to do the work manually. So you get increasing loads of spam and gibberish, attempting to out-shout one another in a digital space with no bureaucratic regulation or material limits.

That said, one thing that made early social media like Facebook and MySpace and Livejournal appear valuable was the degree of human interaction. What’s more, the interpersonal networks that formed between verified humans gave enormous value to communications across the platform.

Facebook did a pretty good job, early on, of limiting who could join based on authentication through college admin offices. MySpace had a large cohort of real human artists producing real human music, which attracted a real human following. Livejournal predated a lot of advertisement-by-blogging. After the Dot-Com bubble burst, this is where you could see green shoots of economic value in a digital space.

We’ve demolished all that chasing fictitious capital. How valuable it was in practice is debatable, of course. But it’s all gone now.