So far, the Internet has only experienced one major crash: The very poorly named “Dot Com” crash of 2001. This had nothing to do with the “dot com” top-level domain per se. It had much more to do with a much more general and very much premature hyping of all things Internet — and then when it became clear that 9 out of 10 ideas were hare-brained, 9 out of 10 online business models went out of business. Note, however, that by this time the Internet had already become — or at the very least it had started to become — a force to be reckoned with. This was the first heyday of bloggers and wikis — for example, consider what happened when Trent Lott spoke on December 5, 2002 at the 100th birthday party of Sen. Strom Thurmond of South Carolina:
In the wake of controversy, Lott resigned as Senate Republican Leader on December 20, 2002, effective at the start of the next session, January 3, 2003. Bill Frist of Tennessee was later elected to the leadership position. In the book Free Culture, Lawrence Lessig argues that Lott’s resignation would not have occurred had it not been for the effect of Internet blogs. He says that though the story “disappear[ed] from the mainstream press within forty-eight hours”, “bloggers kept researching the story” until, “finally, the story broke back into the mainstream press.