Under the Emperor’s New Clothes
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Looking at the current economic crisis reminds me of: 1. the dot com bubble of late 1990s 2. the telecom crash and the collapse of telecom industry in the early and mid 2000s 3. the subprime mortgage scandals in 2008 Looking back, we could see clear signs of the collective wrongdoings and illusions that proceeded each crisis, but we all thought it could last a little longer, or “it is different this time!” When we went nuts in hiring frenzy as an industry; when we poured billions of dollars into products and business models that produced no profit and have no means to become profitable; when people who have no ideas about cryptography, distributed system or currency exchange system became millionaires or billionaires overnight, because they invested in CryptoXXX, deep in our head we all knew something was fundamentally wrong. It is like a party that went out of control: people got drunk, people got high, people got illusional, people were hurting each other ... but we kept it going and murmured to ourselves: “All is well. We are happy, aren't we?” “It will be different this time!” When we lost our collective intellectual honesty and integrity, we were all wearing the emperor’s new clothes. But history never follows a straight line. All bad things have their bright side and all good things have their darkness. Out of the the dot com bubbles the internet companies: Google, Amazon etc. rose up. The telecom infrastructure investment mania made the smart phone age possible, and there came iPhone. So what is next after this round?