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AI Is Starting to Look Like the Dot Com Bubble
(futurism.com)
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this post was submitted on 13 Aug 2023
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Just a reminder that the dot com bubble was a problem for investors, not the underlying technology that continued to change the entire world.
That's true, but investors have a habit of making their problems everyone else's problems.
Lots of everyday normal people lost their jobs due to the bubble. Saying it only impacted the already rich investors is wrong.
Lots or some? I'd say "some".
edit: Really, though. How many people lost their jobs? Obviously, this being a techy space, anecdotes will lean towards people knowing someone personally. Tech people know other tech people.
But in a country of 300 million, how many people was it? Was unemployment significantly moved by it? No, it was not, because for the most part the websites that failed did not employ very large numbers of people, and there were other jobs available in the field.
There really isn't much that can harm rich people that won't indirectly do splash damage on other people, just because their actions control so much of the economy that people depend on for survival.
Good for you. But perhaps fuck off, because some of us lost jobs, homes, and financial stability.
The dotcom bubble was one of the middle dominos on the way to the 2008 collapse, the fed dropped interest rates to near zero and kept them there for years, investor confidence was low, so here come mortgage backed securities.
In addition, the bubble bursting and its aftermath is what allowed the big players in tech (Amazon, Google, Cisco etc) to merge to monopoly, which hasn’t been particularly good
Yeah. Note how we're having this conversation over the web. The bubble didn't hurt the tech.
This is something to worry about it you're an investor or if you're making big career decisions.
If you have a managed investment account, like a 401(k), it might be worth taking a closer look at it. There's no shortage of shysters in finance.
In Canada, a good example is cannabis industry. Talk about fucking up opportunities.
Why would it be any different with tech?
It’s about the early cash-grab, imo.