I think it was easier back then to make money starting from zero - with no start up capital, no knowledge, no connections. I agree there have always been a lot of failures but I still think it is more difficult today to get started without business experience or starting capital.
I once used a backdoor submission password to get a simple freesite into Yahoo. I think I got that from Mojo (?). That site made more than $5k/month for years from that one link.
There was a lot of "free money" lying around back then.
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