There were some other guys who got caught in that kind of hype cycle, too, but they were running a public company. The guys at WorldCom -- several of whom are now in jail for their lies -- were possibly more responsible than anyone else for the inflation of Bubble 1.0 with their made-up claim of "Internet traffic doubling every 100 days."
"It was an essential ingredient of dotcom business plans and conference slide-shows: Internet traffic, went the industry's favorite statistic, doubles every 100 days. The claim assumed unimpeachable status when it appeared in a report published by America's Department of Commerce in April 1998. Unfortunately for the telecoms firms that rushed to build networks to carry the reported surge in traffic, it wasn't true. So where did the claim come from?..."folks from WorldCom”, typically Bernie Ebbers, its recently departed chief executive, or John Sidgmore, his replacement."
Web 2.0 is all about disruption of the existing media and creation of the new. It doesn't require magical thinking or puffery. The revolution really is here.