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This image was lost some time after publication.

Most irritating about the Jason Calacanis brand of internet enthusiasm: he actually knows his facts. The Netscape.com boss — who founded Weblogs Inc before being bought out for around $25m by Netscape's parent, AOL — lists five reasons why we're experiencing a spike and not a bubble. All accurate, unfortunately, which makes it difficult to pick holes in the Calacanis argument. It's only the language of the conclusion I'd take issue with. "The first 10 years of this industry have been amazing, but the next 20 are going to be insane." For Calacanis, insane is interchangeable with wonderful. Sorry to be such a downer, but I'm thinking just insane, literally insane, like last time. Routine disclosure after the jump:Jason's former company, Weblogs Inc, is Gawker Media's main rival. We've feuded, endlessly, in the past, though, as Calacanis likes to preface these feuds, we're friends, by which he means that we josh eachother in public.