I think AI has a place in this world. As does virtual reality, the previous hype. The problem with these hypes is, the overstressed business types that think it is the key to the future for everything. Almost nothing is the next internet. And in a year or so when they don't see their 2000% payoff, they will consider it a flop, which will also harm the genuine efforts that were made and usecases where the tech does add value. It's the overexpectations that hurt it.
The problem starts happening when you shoehorn it into a bunch of shit for the sake of it, where it adds no value and often even degrades it. Like what everyone is now doing with AI. Especially Microsoft.
It's great for some stuff, like making summaries. It's not GenAI and if we try to use it as such (as Nadella is doing) the bubble will burst sooner rather than later and that's bad for the tech community as a whole. I find the journey super interesting however from a personal tech interest point of view and I love playing with it locally. But I'm not blind to its glaring limitations and I don't care whether it makes money or not, I'm just into it for the tech. It's the money boys that keep blowing good stuff up.
It's almost like capital has become so big that the investment money sloshing around looking for high returns at the expense of anything else, does not care if excessive capital ruins the early dot.com companies, real estate, crypto, generative AI or anything else.
We need an investor class that just wants to get their 50 pounds a year to maintain the country estate, not one that wants to vacuum up 80% of the economy in short term speculative bubbles.
It's ultimately a lack of "class". The scenario you're describing requires that the wealthy maintain a set of social virtues that are more important than money. One of those virtues must then be that greed is seen as very low class. It's the stereotypical depiction of new vs old money. It does exist in the US, but it's mainly in certain industries and the uber wealthy are generally shunned / excluded because to be focused on the pursuit of money is taboo. It's literally the primary differentiator, "I'm so rich we don't care about money." Even though they are nowhere near as rich as billionaires. To be seen as concerned about making money shows a lack of class and even if you have billions of dollars from a social standpoint your no different than any random poor person working paycheck to paycheck.
So that investment class certainly is out there, but it's not really in places like California, New York, Florida etc. Those areas and the industries spawned in them are dominated by the profit obsessed social pariahs.
Of course money and investments are a major aspect but it's never about how much money you can make, all the pursuits are profitable, but it's about how much importance and control they will generate.
Most Tech, Crypto, AI, anything like that, if it gets shut down tomorrow, the impacts are minimal and easily mitigated. People involved lose money, but everyone else carries on, possibly somewhat inconvenienced. If a regional cold storage facility, railroad, pipeline, quarry, or container yard decides to shut down you have real impacts that start to get serious quickly.
Crypto mining is where solar system companies will go as states start letting grid operators only net meter instead of paying you for power your system puts in.
They kind of were at one point. It’s sort of been memory-holed now, but some years back, everyone was trying to hawk a private blockchain, or their own cryptocurrency, or whatever. Even very big companies.
The problem starts happening when you shoehorn it into a bunch of shit for the sake of it, where it adds no value and often even degrades it. Like what everyone is now doing with AI. Especially Microsoft.
It's great for some stuff, like making summaries. It's not GenAI and if we try to use it as such (as Nadella is doing) the bubble will burst sooner rather than later and that's bad for the tech community as a whole. I find the journey super interesting however from a personal tech interest point of view and I love playing with it locally. But I'm not blind to its glaring limitations and I don't care whether it makes money or not, I'm just into it for the tech. It's the money boys that keep blowing good stuff up.