This article describes the classic failure modes of a centrally planned economy, but for some reason calls it "overcapitalization" instead. Whatever you call it, the tech part is a distraction. This is what happens in any society, at any time when money is assigned by capricehttps://twitter.com/ahcastor/status/1194340426511273984 …
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The untold part of the story is how the move to central planning destroyed the greatest seedbed of innovation in American history, the tech startup economy. The startups are still there, but the only thing they innovate in is telling investors compelling stories
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It's not like Softbank came along and ruined everything, either. We've had this pathology for a decade now. Remember Color, with 41M in funding for nothing? Yo, a joke company that raised $1.5M? Secret, whose founder looted a fair chunk of $35M?
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The whole tech economy since 2008 has been trickle-down economics disguised in a robot costume
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Replying to @Pinboard
Why must you continue to neglect Magic Leap with appropriate ridicule, another We-alike squandering untold billions?
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Replying to @Pinboard
Oh man, you'll have some exciting bedtime reading. It's the same old cast, a charismatic founder, the Saudi sovereign wealth fund, a Japanese conglomerate, a potentially world changing technology. The latest: https://www.miamiherald.com/news/business/article237257639.html …
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Just feed it right here into my veins. Thank you!
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