This is a perfect example of private sector "waste, fraud, and abuse." Markets don't prevent misallocation of resources, they amplify it when only a few people control where capital goes
Great article demolishing the capitalist meritocracy myth and forensically picking apart Zuckerberg's Metaverse folly. I've only just been introduced to JoeWrote and I like what I'm reading.
I had been wondering about the metaverse had been up to recently so this was a great article to catch up on! $80B failures would crater most fortune 100 companies, so do you think that anyone benefited from the metaverse? Did it help Meta sidestep monopoly accusations? Was the failure eligible for tax write offs?
Not trying to suggest that failure = genius, but more so thinking of it as “less risky” of a gamble due to the billionaire class being insulated against the consequences of their actions
That's a good point. I would think so, but I'm having a hard time finding any benefit. $80B is too much to be a loss leader, and I don't see how it increased any use of Facbook or Instagram. I honestly just think it was a flunk.
Thanks for responding! Reading the Careless People memoir was making me wonder where the vanity project ends and the corporate strategy starts.
And intended or not, do you think there was any correlation with the current AI bubble in the way of “how much money can ‘the next big tech thing’ attract”?
I definitely think the AI investment race is probably why they decided to nail the coffin closed on the Metaverse. It's been useless for years, and this was their opportunity to free up investment.
Good article. I'm reminded of the years as spent working as a realtor. I would go to "trainings" for new agents where experienced agents taught us all about how they were in the right place at the right time and that's all it takes to be successful! I finally came to my sense and left that "profession" behind. Seriously, do not trust realtors. "But I have a friend who's a....." You're a number to them. Future business. Nothing more.
People don’t realize how much circumstance plays into their success. I imagine many of those people had the benefit of low home values after 2008. It doesn’t mean they don’t work hard. Just that hard work isn’t the determining factor.
The difference is that Meta was mainly promoted by Mark Zuckerberg, and others just followed behind hoping it will succeed - but AI is being promoted by the whole class of billionaires who see it as their last hope to make some money, and they can pay all the media and the governments to promote ot and shive it down our throats. So when the AI bubble bursts, all of us will be caught in it, unlike the Metaverse where only the dumb ones where involved...
This is a perfect example of private sector "waste, fraud, and abuse." Markets don't prevent misallocation of resources, they amplify it when only a few people control where capital goes
Exactly. The Metaverse was really an attempt to create a new market. But because no one wanted it, it failed.
Great article demolishing the capitalist meritocracy myth and forensically picking apart Zuckerberg's Metaverse folly. I've only just been introduced to JoeWrote and I like what I'm reading.
I’m thrilled to hear that, Stephen!
Musk has been singlehandedly disproving the meritocracy buIIshît for years now. And that commercial, or whatever it is, is AWFUL
His twitter feed disproves capitalist meritocracy better than I ever could
I had been wondering about the metaverse had been up to recently so this was a great article to catch up on! $80B failures would crater most fortune 100 companies, so do you think that anyone benefited from the metaverse? Did it help Meta sidestep monopoly accusations? Was the failure eligible for tax write offs?
Not trying to suggest that failure = genius, but more so thinking of it as “less risky” of a gamble due to the billionaire class being insulated against the consequences of their actions
That's a good point. I would think so, but I'm having a hard time finding any benefit. $80B is too much to be a loss leader, and I don't see how it increased any use of Facbook or Instagram. I honestly just think it was a flunk.
Thanks for responding! Reading the Careless People memoir was making me wonder where the vanity project ends and the corporate strategy starts.
And intended or not, do you think there was any correlation with the current AI bubble in the way of “how much money can ‘the next big tech thing’ attract”?
I definitely think the AI investment race is probably why they decided to nail the coffin closed on the Metaverse. It's been useless for years, and this was their opportunity to free up investment.
Good article. I'm reminded of the years as spent working as a realtor. I would go to "trainings" for new agents where experienced agents taught us all about how they were in the right place at the right time and that's all it takes to be successful! I finally came to my sense and left that "profession" behind. Seriously, do not trust realtors. "But I have a friend who's a....." You're a number to them. Future business. Nothing more.
People don’t realize how much circumstance plays into their success. I imagine many of those people had the benefit of low home values after 2008. It doesn’t mean they don’t work hard. Just that hard work isn’t the determining factor.
In solidarity with you, Joe. Keep up the good work.
Thanks Stanley!
Where is "Deb" now?
Hi,
A meritocracy is a pejorative term. Michael Young coined it. He did not like the system. He thought it would lead to ruin.
You may want to reexamine your use of the term, which seems to take it positively.
The difference is that Meta was mainly promoted by Mark Zuckerberg, and others just followed behind hoping it will succeed - but AI is being promoted by the whole class of billionaires who see it as their last hope to make some money, and they can pay all the media and the governments to promote ot and shive it down our throats. So when the AI bubble bursts, all of us will be caught in it, unlike the Metaverse where only the dumb ones where involved...