Oari
The video is too centered around the economic cataclysm, however I believe what was the fall of Gaia was the lack of updates/new content paired with the decline of forums in general and the fact that Gaia didn't offer anything that couldn't be found somewhere else.
Plus, it didn't focus on feature set disappointment and just waved it away as "a multitude of factors", but this was absolutely a big reason. It wasn't just gaia corp ruining the economy, it was Gaia as a company also putting a lot of focus almost exclusively on either the economy (and soon after gaia-exclusive economy) or stuff external to this website.
I think the last time they did something with lot of effort that was also strictly done out of interest in making a fun experience was Frontier Skies. After that, we went down the era of Gaia making games for facebook (remember the Pokemon clone?), and over here, working on stuff like ALCHEMY, an unecessary crafting system with returns so bad not even rich people were interested on it. Man, I can think of 20 different ways to do that one better. In other words, their developers were busy making a lot of things that were ultimately of no interest to the general users. And when their supposedly big release of something they had been working on for a long time, when we finally got this rumored thing "Towns v. 2.0", and it ended up being a messy whimper... Well, all hope was lost. Anyone on the site for anything else other than mindlessly wasiting away words on a forum basically had no reason to stay, and I mean... Mindlessly wasting away on a forum doesn't really fit the Smartphone experience.
Of course, that would have required knowledge of these things that someone who left in 2011 wouldn't have, so it makes sense that they wouldn't be able to describe it in the video.